QUESTION
Do I need to obtain a quit claim deed to remove my deceased husband off the deed so that I can assume the mortgage?
Asked on Dec 26th, 2021 on Real Estate - Pennsylvania
More details to this question:
My mortgage company is taking me through hoops. My husband passed away recently and we were on a COVID mortgage assistance plan. When I went to get off of it they told me that I cannot get of it until I assume the loan. See the loan is under my husbands name while the deed is under both our names. Then they said that I had to go through probate in order to assume the loan but that is the only asset we had and I was told by a lawyer that I did not have to go through probate since I was on the deed. Now, they want the law stating that in PA , I do not have to go through probate. Then they want me to get a quit claim deed to remove my husbands name off the deed and file. new deed with just my name.
1 ANSWER
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Assumption is not common and may not even be available. If the deed is in joint names as husband and wife, you are clearly the sole owner now that your husband passed away. Since assumption requires that you essentially qualify as if you are obtaining a new mortgage, I suggest a refinance makes the most sense. If you don’t have enough equity, perhaps a family member can act as co borrower.
I trust this answers your questions and, if you live in the Delaware Valley, feel free to call or email me on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Dec 31st, 2021 at 10:52 AM