Posted on: 05th Mar, 2009 10:31 pm
Situation:
I inherited property from my dear brother.
I am not resident of the U.S.
Estate is now closed. The title is in my name.
Mortage is in my brother's name.
If I sell the house, I need a payoff quote, will the bank talk to me? I am not the mortgage holder... but intend to pay the bank as part of the transaction.
I think I cannot tell the bank in advance (before a sell transaction) of the situation as they may consider it a default on the mortgage and force a complete payment. The estate is closed.
What are the implications of the situation?
I inherited property from my dear brother.
I am not resident of the U.S.
Estate is now closed. The title is in my name.
Mortage is in my brother's name.
If I sell the house, I need a payoff quote, will the bank talk to me? I am not the mortgage holder... but intend to pay the bank as part of the transaction.
I think I cannot tell the bank in advance (before a sell transaction) of the situation as they may consider it a default on the mortgage and force a complete payment. The estate is closed.
What are the implications of the situation?
Hi corinnas,
As you are on the title you have a right to the property and can surely talk to the lender. If you have decided to pay off the mortgage and sell the house, it's absolutely fine. I don't think the lender will have any objection. As long as the payments are timely made, the lender is happy. It hardly matters to them whether the primary borrower is paying the money or someone else is.
As you are on the title you have a right to the property and can surely talk to the lender. If you have decided to pay off the mortgage and sell the house, it's absolutely fine. I don't think the lender will have any objection. As long as the payments are timely made, the lender is happy. It hardly matters to them whether the primary borrower is paying the money or someone else is.
But will they give me a payoff statement? The actual payoff for the mortgage will be within the process of the real estate transaction. What I am worried about is that it might cause a delay and the buyer might back out. This is a bit different from "paying off then putting the house up for sale". Sorry for my ignorance.
Hi corinnas,
I think you should talk to the lender in this regard. If your intention is to pay off the debt, I don't see any reason why they won't cooperate with you. You can also consult an attorney who can guide you further. There are some good lenders participating in this forum. You can seek suggestions from them as well.
I think you should talk to the lender in this regard. If your intention is to pay off the debt, I don't see any reason why they won't cooperate with you. You can also consult an attorney who can guide you further. There are some good lenders participating in this forum. You can seek suggestions from them as well.
your intention is good to get out of debt by paying all the amount to the mortgage lender. in this case i won't find any difficult as the lender will get his money with interest so he should surely co-operate you. :arrow:
I don't know if this applies to you outside of U.S., but it should. There is a federal law that protects immediate family members when they inherit property. It makes the mortgage company allow you to do a "simple assumption" of the loan. This should not involve any refinancing charges or applications to qualify. I think I was quoted as needing to send in $100 processing fee.
If anybody else besides immediate family changes title, then yes, they have the right to immediately "call the loan."
If anybody else besides immediate family changes title, then yes, they have the right to immediately "call the loan."
THE MORTGAGE LOAN WAS IN HIS NAME ONLY & I JUST HAVE ENOUGH INSURANCE MONEY TO PAY IT OFF AS I DON'T MAKE ENOUGH TO CONTINUE PAYMENTS BUT THE COMPANY IS NOT COOPERATING WITH GIVING ME A PAYOFF. NO PAYMENTS HAVE BEEN MADE SINCE HE DIED AS IT WAS AUTOMATICALLY PAID FROM HIS CHECK WEEKLY.
Hi SHARON,
As the mortgage docs does not have your name on it, you're not personally liable for the loan. If you do not pay off the dues on time, the lender won't be able to come after you for the dues. However, if the mortgage payments remain delinquent, then the lender will foreclose the property. If you cannot afford the property any longer, then you can surrender it to the lender who can foreclose it to recover his dues.
Thanks
As the mortgage docs does not have your name on it, you're not personally liable for the loan. If you do not pay off the dues on time, the lender won't be able to come after you for the dues. However, if the mortgage payments remain delinquent, then the lender will foreclose the property. If you cannot afford the property any longer, then you can surrender it to the lender who can foreclose it to recover his dues.
Thanks
I know I am not legally responsible but what I can't understand is that they will never recoup what I was prepared to pay off. I live in a depressed area & have been flooded four times...no one will buy it. I realize it seems silly to want to stay but it was our life for 30 years and I am too fragile emotionally to want to start over at this point more than I have had to already. It makes no sense at all for them not to cooperate with me....how do they stay in business? Or is it more profitable for them to be able to write it off?
Look at it this way... You can go somewhere else with the money you were going to pay that off with and live in a place that doesn't flood. I know what cleaning up after a flood is like and it creates unhealthy conditions in the house. If they won't communicate with you, perhaps you can send them a death certificate????