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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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My parents both died within the past year. Neither had any

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My parents both died within the past year. Neither had any assets to distribute to their 5 children nor did they have a will. Our family home currently has a mortgage. I want to assume the mortgage and have the property re-titled in my name. I understand I can petition the probate court to have this done. I was also told that I would have to wait one year before I could refinance the current mortgage. Is this true? The property is located in Mississippi. If I have to wait one year, is it one year from the date of death of my parents or one year from when the estate is closed?
Submitted: 3 years ago.
Category: Legal
Expert:  Richard replied 3 years ago.
Does the family home have any value in excess of the mortgage? Thank you!
Customer: replied 3 years ago.
Yes, but very little. Probably not more than $ 5,000 - $ 10,000 in equity. The property in question is a house and 29 acres of land.
Expert:  Richard replied 3 years ago.

Thanks! First of all, because your parents died intestate (i.e., without a will), any property your parents had would have to be distributed pursuant to the Mississipi intestate succession rules. These rules require that the property be distributed equal to all 5 children...thus you would have to get the other 4 to agree to disclaim their interest in the property. In any case, you need to petition the probate court to appoint you as representative of the estate of the last parent to die. At that point, you have the authority to act on behalf of the estate and you can transfer the property to yourself, if the others disclaim, and to the five of you if they do not. Once ownership of the property is transferred, it can be refinanced at any time.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard, Attorney
Category: Legal
Satisfied Customers: 45500
Experience: Attorney with 29 years of experience.
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