Video Transcript:
When you inherit a house with a mortgage, many people feel scared. They think they must get approved for a brand new loan. This is a common myth. I'm David Ghazaryan. I help families with these rules. A law says you are the new person in charge, so the lender must work with you. A special law called the Garn-St. Germain Act protects you. It stops the mortgage company from making you pay the whole loan back at once. This means you can keep the original loan's great interest rate. Even if today's rates are high, you can keep paying the old, lower monthly amount. The most important rule is to make every single payment on time. If you cannot afford it, you have good options like selling or renting out. A special tax rule also helps you a lot if you decide to sell. For more on this, check the full guide linked down below.
Read Blog Here: https://www.iqratemortgages.com/blog/inheriting-a-home-with-a-mortgage-in-texas-a-guide
