How can I assume the mortgage on a house that I reside in if I inherited from my late parents?

UPDATED: Sep 30, 2022

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How can I assume the mortgage on a house that I reside in if I inherited from my late parents?

My Dad’s name is on the mortgage that I

live in. The deed was changed a few

years back into my husband and my name.

I read that I would be able to assume

th e mortgage if I were a relative of

the deceased. How would I do that?

Asked on April 3, 2016 under Estate Planning, Michigan


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

A mortgage is a contract. You can only assume it if either 1) the mortgage itself, by its plain terms, gives you the right to assume it (or at least does not have any terms or provisions stating that it cannot be assigned or taken over); or 2) if the mortgage does state you can't take assignment of it, the bank voluntarily chooses to waive that provision and let you assume the mortgage. There is no automatic right to assume the mortgage; it depends on what the mortgage and/or the bank/lender says.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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