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How long will it take to close on a USDA loan?

Can i take over the estate of my parents who have passed away.[usda.rd loan]?

  • My parents owe about 11,000 on thier property which is thru usda.rd program.i"m the only child and was wondering do i have to give the home back or can i pay it off and keep or sell it.[parents are deseased]and i"m head of the estate thru the court.TYVM

  • Answer:

    you may not qualify for USDA loan. Then there may be a recapture clause in the note. The fact that you have suffered a loss has nothing to do with the legal aspects here. Once the estate is closed then you inherit this home it triggers the due on sales clause in all mortgages. You need to get this home ready to refinance in your name so you can close the estate properly. The title company will need the wills and death certificates to place the property in your name so you can refinance it. With just $11000 owed most lenders will look at this as a no brain er if your credit is in decent shape I am a mortgage banker in TN & KY

Ann B at Yahoo! Answers Visit the source

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You do NOT have to qualify for the loan, it can be taken over by you in the event that everyone names on it has deceases and there are no other heirs. Golfer is pretty smart, but he apparently is unaware of laws designed to keep wifes and children from becoming homeless at the death of the husband (not long ago all debt and property belonged to the males). However, if your parents have any outstanding debts and there is no cash to pay them the property has to be sold. You can not keep assets if there are outstanding debts.

Landlord

I think as long as the bank gets paid back, it's yours

Brown Eyed Beauty

As executor of their estate, you make all the decisions. I'm sorry for your loss but be glad you are an only child.

suellenh

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