My question involves a mortgage in the state of: South Carolina
My sister and I are about to close the probate for my mom's estate later this year. My sister wants to buy out my 50% of the house. But the house still has a mortgage, and her credit score is in the 440-515 range.
I've read that Garn-St. Germain can prevent a lender from calling the mortgage. But do they have to allow someone with terrible credit to assume it? Can we just leave the mortgage in the name of Grandma's estate (or mom's estate) until it's paid off circa 2035?
My sister and I are about to close the probate for my mom's estate later this year. My sister wants to buy out my 50% of the house. But the house still has a mortgage, and her credit score is in the 440-515 range.
I've read that Garn-St. Germain can prevent a lender from calling the mortgage. But do they have to allow someone with terrible credit to assume it? Can we just leave the mortgage in the name of Grandma's estate (or mom's estate) until it's paid off circa 2035?
Mortgages: Inheriting a Mortgaged Home with Very Bad Credit
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