If the borrower is deceased then we will ask if the deceased borrower left a will and to whom did they will the property to. If there is no will then the property be given to the next of kin, either a surviving spouse or child. They will have to begin probating the estate and take the steps to get the deed recorded into their name. After the deed is recorded in their name they can pursue an assumption/modification. If the new owner has good credit standing and the house has equity, another option is to refinance the mortgage into their name.
What options are available if the borrower is deceased?
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