really_bad_credit Posted April 29, 2005 Report Posted April 29, 2005 My mom passed away recently and left me with her condo and the mortgage. I want to keep the property and rent out the condo and pay the mortgage. My question is will the bank let me? Can I just keep making the payments as my mother? My goal is to get the mortgage transferred into my name so that I have a positive mortgage payment history. Will the bank (Wells Fargo) do this? Will they require a credit check (I won't pass -- previous BK)? Or can I refi (have to consider the cash flow of the property in this)?Thanks!
firstsource Posted April 30, 2005 Report Posted April 30, 2005 Very few times are loans assumable, so that probably is not an option. To clear up this other point, your mom left you the condo, but she can not "leave" you the mortgage. I would suggest that you do the following:Get a refinance lined up.Go to Wells and explain the situation. I don't deal with them, as have heard a lot of "interesting" stories from clients that tried to deal with them on a retail basis, but think that they will probably try to make it work. I am sure that they have a non-conforming side. If they say no, they will probably call the note due, and give you 30-60 days to get financing.Depending on what your situation is credit wise, you can probably get 80-100% financing, even with your BK. Charles
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