Real Estate Law
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Hello: This is Attorney Phillips. Welcome to Justanswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.
You have to find out from your sibling whether the mortgage is assumable. If the mortgage can be assumed, then the mortgage company can transfer the mortgage in your name so long as you have good credit and show that you can afford the mortgage. Simultaneously, your sister can convey the deed to you. If the mortgage is not assumable and/or if you do not have good credit, you have to refinance the mortgage.
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Thank you. So would finding out if the loan is "assumable" be the only option?
Response 1: Yes, apart from refinancing the loan and putting the deed and mortgage in your name.
And being that this is currently an active Chapter 13 case(ends in November 2016) would taking this route affect the bankruptcy in anyway?
Response 2: The assumption would happen after the bankruptcy case has concluded. Otherwise, it would muddy up the bankruptcy case.