Posted on: 08th Feb, 2008 07:23 pm
my mom passed away in 2000. her and my father had recently got divorced, she was just starting her new life, so she did not exactly have her affairs in order. it was a sudden illness and unexpected, from start to finish she had approx 6 mo. try to sort things out. she gave me power of attorney to assist with bills etc. she had just purchased her home. me and my long time boyfriend and our children moved in to help her with bills and medical needs. the cancer took over rapidly so she never drew up a will, although she filed a quit claim deed adding me and my boyfriend. after her death i seeked the advise of a real estate attorney who told me that i should not have reported the death to the mortgage co. (something to do with possiable terms in her contract that my or may not allow quit claims or family transfers etc.) and to just continue paying the mortgage until it was paid off then i would assume the property. the problem is that i can't act on the mortg/insurance or anything to do with the loan because it's not in my name. i only make approx $21,000 per year so i don't know if i can get financed alone and i don't want to get married just to finance a home that i dont know that i will want to keep. do i have to refinance if i just decide to sell the home? florida
Hi Kellie,
Welcome to the forums.
Sorry to hear about your mom's demise. Hope you can get over it soon.
You need not refinance to sell the home. And, I don't think it's a good decision not to inform the mortgage company about your mom's death. If they come to know of it somehow later on there might be problems with the loan. So, the best thing would be to inform them and ask them if they would allow you to sell and pay off the loan.
Your attorney is correct in saying that the quitclaim if done without the lender's knowledge may contradict with the terms and conditions of the loan. But that does not mean you should hifde it and make things worse for you later on. And, if at all, the lender calls the loan due, you can request him for some more time so that you can sell the property and use the proceeds to repay the loan.
Take Care
Welcome to the forums.
Sorry to hear about your mom's demise. Hope you can get over it soon.
You need not refinance to sell the home. And, I don't think it's a good decision not to inform the mortgage company about your mom's death. If they come to know of it somehow later on there might be problems with the loan. So, the best thing would be to inform them and ask them if they would allow you to sell and pay off the loan.
Your attorney is correct in saying that the quitclaim if done without the lender's knowledge may contradict with the terms and conditions of the loan. But that does not mean you should hifde it and make things worse for you later on. And, if at all, the lender calls the loan due, you can request him for some more time so that you can sell the property and use the proceeds to repay the loan.
Take Care
Hi Kellie,
Sorry to hear about your mom's demise.
Your attorney is wrong in telling you not to inform the mortgage company. Immediately inform the mortgage company, tell them about your financial crisis so that you can re-finance the loan in your name. The lender will provide you easy re-payments plan as per your financial condition. You can also sell off the property but, it depends on the lender to allow you to do so. Consult with a good attorney who can guide you better.
Sorry to hear about your mom's demise.
Your attorney is wrong in telling you not to inform the mortgage company. Immediately inform the mortgage company, tell them about your financial crisis so that you can re-finance the loan in your name. The lender will provide you easy re-payments plan as per your financial condition. You can also sell off the property but, it depends on the lender to allow you to do so. Consult with a good attorney who can guide you better.