Legal Question in Real Estate Law in New York

When my father died my brother-in-law settle the estate and assumed my dad's home equity loan still in my dad's name.I have been renting to own the home and there is only $2500 left on the loan from my dad.Can my Brother-in-law Quit claim deed the house to me and then I could go for a home equity loan to remodel the house.Also does the $2500 have to be paid first or can I include it in the home equity loan.Thanks!

Asked on 7/30/13, 8:07 am

1 Answer from Attorneys

Walter LeVine Walter D. LeVine, Esq.
0 users found helpful
0 attorneys agreed

Normally the home equity is a first lien, so the existing mortgage must be paid from the proceeds. If it is to be a second lien, the existing mortgage can stay in place. Yes, the proeprty can be deeded to you, and you can take over the loan.

Read more
Answered on 7/30/13, 11:46 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in New York

Looking for something else?

Get Free Legal Advice

88423 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Michelle ScopelliteGoldstein & Scopellite, PCTucson, AZ
Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now