Every night when I hit the sack my mind goes into overdrive and all these questions pop into my head, inhibiting my sleep.
Anyway, this was last night's question:
If my friend dies and she has a unit valued at $350k, but has a loan for $340k (for example), and she has left the unit to me in her Will, how does this affect the finance for the unit?
Do I, being the new owner of the unit, have to go through all the approval processes of the bank to continue the finance on the unit?
If yes, what happens if the bank thinks I can't meet servicability? Will I be required to sell the unit just to clear the loan?
Anyway, this was last night's question:
If my friend dies and she has a unit valued at $350k, but has a loan for $340k (for example), and she has left the unit to me in her Will, how does this affect the finance for the unit?
Do I, being the new owner of the unit, have to go through all the approval processes of the bank to continue the finance on the unit?
If yes, what happens if the bank thinks I can't meet servicability? Will I be required to sell the unit just to clear the loan?