What will happen to this house if I choose to move?

UPDATED: Oct 1, 2022

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What will happen to this house if I choose to move?

When my parents passed away, their house title was passed to me. The house title only is in my name. However, there is still a mortgage specifically, a line of credit with the house as collateral. The executor has a letter on file with the bank stating that they can speak with me about the loan, since it is still in the estate’s name. The bank did not go after the estate to collect while it was open. I have consistently made payments on the house for the last few years since their deaths and I love the house I am living there with my family now. However, we are looking into building a house closer to my husbands family and eventually move. I was wondering 1 what sort of complications I will have in trying to move regarding my parents house, 2 should I get the house transferred to a mortgage in my name first I have heard that I have a horrible rate on the house and will get a lower rate if I go anywhere else at all, 3 I guess, just what all moving from my parents home to a new home will entail, due to the line of credit that isn’t in my name but owning the title.

Asked on November 26, 2017 under Real Estate Law, Ohio


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

So there are a whole lot of issues going on here and you should really consult with someone face to face once you decide your new path.  I can, though, give you some info on the mortgage.  If you inherit a house with a mortgage you do NOT have to refinance the mortgage in the decedent's name.  The death and subsequent inheritance do not trigger the "due on sale" clause.  So you can continue to pay the mortgage until it is paid off.  If the house is still in the estate - i.e., if the estate is still open and not closed and no new deed recorded - techinically the estate should be paying the mortgage but since I do not know the finances there or the deals made I can not comment on that. Now, refinancing the house can be an advantage to you to pay a lower rate and lower amount of money or if you want to take equity out.  You can not do that if it remains as is.  You need to figre out a plan of where you are headed before you decide anything.  Perhaps you could rent the house out if you decide to move?  Good luck. 

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