Home owner died a few weeks ago. They were about 8 years into their mortgage. If a relative (friend) of the owner wants to live there do they just get the bank to transfer the name and that person just picks up the same mortgage payment of the deceased? Or can they refinance for a different pay off date, interest rate, etc.
Same question for someone who does not even know the deceased family. Can they speak to the bank and take over the mortgage? Based on public records the owner had paid on the mortgage for almost 8 years. We estimate that if the interest rate was 4 per cent on the 90 thousand dollar purchase price that they were paying about 300 a month in interest and about 250 was going toward the principal which should leave them with a balance of around 66 thousand on the principal. How would a non friend or relative buy this house? Thanks.
Read more: All options for buy or sell when owner dies?
