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Did You Inherit A House In Kentucky?


For information about what to do when you inherit a house that still has a mortgage – check out our comprehensive guide below


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Inheriting A Home In Kentucky


Disclaimer: The information on this page is intended to help guide homeowners and is provided as general information purposes. This should not be used as a substitute for professional legal council. We Buy Property In Kentucky is a local home buying company that can purchases inherited homes in cash even if they have liens or a mortgage.


We Buy Inherited Houses Kentucky

Frequently Asked Questions


Can I Take Over The Mortgage On My Inherited House in Kentucky?

What If There Are Liens On The Home I Inherited in Kentucky?

What If I’m Out Of State From My Inherited Property In Kentucky?

Can I Sell My Inherited House in Kentucky As-Is?


Can I Take Over The Mortgage On My Inherited House in Kentucky?

When a family member passes away their assets, including their property is transferred based on their will or next of kin, if a will is not in place. The heir(s) are able to take the place of their family member in the mortgage if desired. The heir(s) are able to take over the mortgage without triggering, the “due-on-sale clause.” The due on sale provision is written into mortgages as a way for the bank to secure their underlying asset, being the property. When the interest in a property is transferred, the due on sale clause accelerates the loan balance and requires the new owner to pay the loan off. Inheriting a property is one place where this does not hold true. When the owner dies and the property is transferred to a relative, a federal law protects the heir from this clause and allows them to assume the mortgage without the due on sale clause being enacted.

Let’s look at an example of this. If a deceased parent leaves a home to their child at their passing, the heir has the right to take over the mortgage and assume the loan without triggering the due on sale clause. The underwriter of the loan (bank/lender) is unable to accelerate the loan and demand full payment of the loan in this case. The heir of the property is certainly required to service the debt obligation and pay the mortgage per the loan agreement, but the transfer can happen without refinancing or a loan modification.

Furthermore, the Consumer Financial Protection Bureau (CFPB) helped heirs assume the mortgage when inheriting a house without the credit and financial checks through the consumer protection Act of 2010. Essentially, it helps heirs take over their inherited house mortgage without extensive checks and stipulations from the lender. Prior to this, lenders would look for a loan modification if the heir did not appear to have the ability to pay.

What If There Are Liens On The Home I Inherited in Kentucky?

We buy inherited houses in KY

When you inherit a property, the liens associated with that property are now tied to the owner of the property. This of course depends on the lien, but in most cases the new owner is responsible for the debt or lien. Liens can vary in degree and consequences. The worst of all would be if the house is in foreclosure. The lien holder can foreclose on your house in order to clear the debt. In this situation you would get to keep what is leftover – only if there is anything left from the sale.

Seldom is it a good idea to allow a lien holder to foreclose on you. It’s a lot of work for the lien holder and looks bad on your credit. It’s much better to service the debt that is owed or negotiate (if possible) a deal that works for both parties before it’s too late. If you want to sell your inherited house for cash to We Buy Property In Kentucky, we will ensure that all debts and liens against the property are promptly taken care of and settled during the closing process.


What If I’m Out Of State From My Inherited Property In Kentucky?

If you live out of the state from which your inherited property resides, that is not an issue. You can hold the house for the future, rent the place out, or sell your inherited home. The route you take with the property you inherited just comes down to your objectives and goals.

Sell My Inherited House In Kentucky

If the house payment is manageable and you enjoy visiting the property, perhaps for sentimental value, then you might want to keep the property. If you can see yourself visiting for a vacation or a weekend getaway and the payments fit within your budget then you may consider keeping the house. Keeping a house in the family for generations can be a special bonding asset.

On the other hand, if the house represents a financial burden then you might want to rent it out for the cash. You can use this new property as an investment vehicle. You’ll want to ensure you rent the home out for a price that is greater than your monthly mortgage payment to ensure there is cash-flow and it’s a profitable investment. There is a whole host of tips and tricks to being a landlord in Kentucky. Just keep in mind that although this can generate cash for you, it will also demand some or your time and perhaps additional money to upkeep.

If you don’t want to keep the house for yourself or to rent it, then you can sell it. It’s certainly harder to keep up with something when you are far away. It’s hard to keep your tenants in line and supervise your management company from afar. Luckily, selling your property from a distance is not an issue at all. At We Buy Property In Kentucky we take of everything from the offer – all the way to the paperwork and closing where you get a check! Selling your in Kentucky is easy and simple when you work with us. You don’t have to worry about doing all the work or figuring this out on your own. We’ll hold your hand throughout the entire process to ensure you’re making the best decision for you and your family.

Can I Sell My Inherited House in Kentucky As-Is?


Selling My Inherited House In Kentucky

If you want to garnish the highest possible price for your inherited property in Kentucky, then you will most likely need to put some time and/or money into fixing it up to bring it to full market value. The nicer your property looks, the more likely you are to attract a buyer. This will help you get the highest price for your house while it’s listed with a realtor on the MLS: but there are some important factors to consider with this route.

  • Can you afford the mortgage payments while you make improvements and your house sits on the MLS?
  • Do you have the money or time required to repair and update the house to full-market value?

If you list your house with a realtor it’s likely that you will be able to get the highest sales price, but it may not get you the most cash in your pocket. When you list your house with a realtor as the seller you’re are typically tasked with paying the agent fees and commissions. There are also closing costs to factor in.

We have a faster, easier, hassle free way to sell your inherited house in Kentucky without making costly repairs or dealing with open houses. Below are a just a few benefits of working with us.

we buy hosues kentucky with cash
  • We Pay cash – No uncertainty or delays waiting on bank approvals
  • We buy houses As-is – meaning you don’t need to make repairs or clean
  • We pay all closing coasts – Literally the entire process is free for you.
  • We can close quickly

If you’re interested in selling your inherited home in Kentucky to a home buyer that can close quickly then we hope you’ll consider us an option. We can take over the mortgage or purchase the property allowing you cash in hand and the freedom to move on. To get started fill out the form below.

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