Mother just passed & had equity line of credit (15k) w/c is not assumable. What is the best way to handled this (refinance into one loan with primary mortgage) or pay off. Will I be able to write this off even if not in my name (non-assumable)?
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YOU MAY STILL MAKE PAYMENTS ON THE LOAN, EVEN THOUGH IT'S NOT ASSUMABLE. THAT ONLY MEANS THEY WILL NOT REWRITE THE LOAN DOCUMENTS INTO YOUR NAME. IT'S YOUR DECISION TO REFI IN YOUR NAME ON A 1ST OR CONTINUE TO MAKE THE PAYMENTS. BUT DO SO ASAP- THE LOAN COMPANY MAY FORECLOSE IF THE LOAN GOES INTO DEFAULT- IE, A PAYMENT IS MISSED!
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