Posted on: 11th Jun, 2010 08:09 pm
My father had a loan with GMAC. He was given the 30-year loan when he was in his eighties at 7%. The deed was in my father and mother's name and my mother passed away. That is when my father refinanced de home. My name was also on the deed, and now my father passed away. I have been trying to assume the loan and get a better rate so that I can keep the home, but the finance company said that HAMP had turned me down because this was an estate (I have sole survivorship), the loan now appears as the estate of my father, and I have been turned down for a loan modification. The loan is not in my name, but I understand that they have reported me to the credit bureaus. Is this legal? What can I do to get the loan modification. Will another mortgage company give me a loan so that I can keep the home? I am desperate. This has been my home for the past 14 years.
As the mortgage is not in your name, you won't be able to qualify for a loan modification. It is borrower of the mortgage who has to apply for the modification of the mortgage. If your name is not on the loan, then they cannot report it to the credit bureaus as well. If you have equity in the property, then you can refinance the mortgage with some other lender and save the property.