Inherited real estate

[Shawn Jorgensen]

I inherited a piece of real estate. Would I be able to keep the mortgage in the deceased owners name and continue to make the payments or do I have to transfer the mortgage?

[Suzy Sevier]

@Shawn Jorgensen From what I understand and from the information I found, The Garn-St. Germain Depository Institutions Act of 1982 gives relatives inheriting a mortgaged home certain rights. If inheriting a mortgaged home from a relative, the beneficiary can keep the mortgage in that relative's name, or assume it. However, relatives inheriting a mortgaged house must live in it if they intend to keep its mortgage in the deceased relative's name. Only related inheritors can keep mortgages in the names of the deceased borrowers.