Posted on: 30th Aug, 2009 02:34 am
My fiance' cosigned a line of credit secured by property his mother deeded to him in 1999.
His signature is on the note and he wants to pay it off and close the line of credit. The loan is up to date on payments.
The property is a non-probate asset.
The bank refuses to give him a payoff amont or a payoff letter.
They insist it must go through probate.
We know the balance due is less then $600.00
State of Georgia
Can that be? Can they force him to put this through probate and if so why would they do that, especially for such a small amount?
We need to get this lien released to proceed with renovations needed on the property, so it is causing us quite a bit of heartburn at the moment. This on top of loosing his mom unexpectedly. :(
Any help would be appreciated.
His signature is on the note and he wants to pay it off and close the line of credit. The loan is up to date on payments.
The property is a non-probate asset.
The bank refuses to give him a payoff amont or a payoff letter.
They insist it must go through probate.
We know the balance due is less then $600.00
State of Georgia
Can that be? Can they force him to put this through probate and if so why would they do that, especially for such a small amount?
We need to get this lien released to proceed with renovations needed on the property, so it is causing us quite a bit of heartburn at the moment. This on top of loosing his mom unexpectedly. :(
Any help would be appreciated.
Sorry, I should have mentioned his mother was the other borrower on the note.
.
.
Hi Gwen!
Welcome to forums!
If your fiance's mother is on the property deed and if she has left a will, then the lender can ask your fiance to go through a probate. The will needs to be probated at any cost. Once the probate is complete, then you can pay off the debt and get a pay off letter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your fiance's mother is on the property deed and if she has left a will, then the lender can ask your fiance to go through a probate. The will needs to be probated at any cost. Once the probate is complete, then you can pay off the debt and get a pay off letter.
Feel free to ask if you've further queries.
Sussane
i can't imagine a situation in which a lender would feel the need to require a will be probated before it could "authorize" the payoff of a debt that is also owed by another party.
i think you need to speak to someone with a little more know-how in that lender's offices so that you can get a clear understanding of what they're talking about. i suspect someone with little understanding and little experience has probably gone ahead with an answer that has no basis in reality.
i think you need to speak to someone with a little more know-how in that lender's offices so that you can get a clear understanding of what they're talking about. i suspect someone with little understanding and little experience has probably gone ahead with an answer that has no basis in reality.
I'm not surprised at all. I have a listing, with an offer, cash at the title company to pay a lender in full and they refuse to provide a payoff amount. It has now been over a month.
a lot of the turmoil in the marketplace could be avoided or averted if lenders had a few more level-headed people in place. man, i'd work for one of them for a reasonable salary to bring some rational thinking to their workplaces if they had sense enough to hire me.
that, of course, is the problem. they lack sense to the point that they'd rather hire the knuckleheads who've put other companies in peril before they'd go look for someone with a clean track record.
i shoulda hung up a consultant shingle years ago.
that, of course, is the problem. they lack sense to the point that they'd rather hire the knuckleheads who've put other companies in peril before they'd go look for someone with a clean track record.
i shoulda hung up a consultant shingle years ago.