Posted on: 17th Aug, 2011 06:41 am
my dad passed away last year w/o a will. i told by boa to try to modify the loan, but the mortgage must be behind to requalify. now the mortgage is 8 payments late and i was told that i do not qualify for the modification b/c the mortgage is in the name of my dad's estate. i was told that i can not refinance or assume the loan because there is a balance. i have the deed showing that the property is now in my name. what can i do? i don't want to pay the past due balance and don't qualify for the refinance. but i want to keep the house. any suggestions?
the problem lies with the lender, your dads name is the sole person who is responsible for the debt. now that he is past, you will have a tough time to reconcile this. the lender should have told you upfront that they would not help you due to you are not on the loan. being on title is one thing. can you rent the home for what the payment is? try to ask the bank to allow for a short sale, or a deed in lieu of foreclosure. if you cant get a loan, and you cant pay the past due, your best option would be the short sale or dil