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If I inherit a house, a party house, located on 2 acres of…

If I inherit a...

If I inherit a house, a party house, located on 2 acres of land. It has an outstanding loan of approximately $70,000. How would be the best way to handle this if I have to borrow money to pay off the mortgage on it.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Gergia

Lawyer's Assistant: What documents or supporting evidence do you have?

Nothing at present. Only know I am named in will to receive it.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I do have a plat of two acres where it was sold to owners from my tract of land.

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Answered in 2 minutes by:
3/24/2018
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,951
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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You can assume the existing loan.Federal law allows you to do so.It will not be a problem, you would probate will, transfer title and le them know and assume existing loan.

Federal law requires them to allow you to assume it

http://articles.latimes.com/1989-12-24/realestate/re-1882_1_many-mortgage-lenders

I appreciate the chance to help you tonight.Thanks

If you can positive rate 5 stars it is much appreciated.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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