[WSBAPT] refinance versus successor in interest

[Kerry Richards]

Dear Harkiran:
In my humble opinion, this is a matter of economics. There is no cost to continuing to make payments, however the rates may be higher if they the financing came from several years ago. Rates are fairly favorable at this time. Remember, however, that if your client refinances, they may obtain a new and better rate, however the length of the mortgage (10, or 15 or 20 years) will begin  anew, which may be more interest over time being paid. Finally, there is a cost to refinancing, so depending upon the amount being financed it could run several thousands of dollars. Your client receives the lesser rate, but it costs a certain amount to refinance. That is how I would suggest they approach it.
Yours truly,

Kerry A. Richards, Attorney
[cid:image001.png at 01D31B65.31A26710]
The Law Offices of Michael W. Bugni & Associates, PLLC
11300 Roosevelt Way NE, Suite 300, Seattle, WA 98125
EMAIL: krichards at lawgate.net
TEL: 206-365-5500
WEB: www.lawgate.net<http://www.lawgate.net/>



From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Harkiran Sekhon
Sent: Tuesday, July 06, 2021 11:26 AM
To: WSBA Probate & Trust Listserv; WSBA Elder Law Section
Subject: [WSBAPT] refinance versus successor in interest

Hi Listmates,

Wondering if anyone recommends any resources to learn more about the pros and cons of refinancing a property versus becoming a successor in interest for the mortgage of a property going through probate.

Thank you in advance.

Harkiran

--
Harkiran Sekhon
Attorney
Sekhon Law, PLLC
P: (425) 207-4866 | F: (425) 207- 4986 | W: www.sekhonlawpllc.com<http://www.sekhonlawpllc.com> | A: 707 S. Grady Way STE 600 Renton, WA 98057
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