[WSBAPT] Mortgage Assumption Question

[Jacob Menashe]

I have what I think is an interesting one. Husband and Wife each have a 50% separate property interest in a $400,000 residence subject to a $200,000 mortgage. Both Husband and Wife are on the mortgage. Husband dies and wants to leave Wife a life estate in his half of the residence residence, remainder to his kids. What happens to the mortgage? Can Wife keep on paying? I can't tell if Garn St. Germain will apply. I also realize there's a question about who should get what if Wife pays the mortgage, but that's beyond what I am thinking about now. My concern is what will happen to the mortgage - i.e., Is Husband leaving Wife a life estate in his half even an option?

Thanks for any thoughts on this one!

Jacob Menashe

Hickman Menashe, PS
4211 Alderwood Mall Blvd., Suite 202
Lynnwood, WA 98036
(425) 744-5658 phone
(425) 744-6078 fax
Satellite Office in Bellevue
www.hickmanmenashe.com

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