The property has a loan from the mortgage company that I pay monthly, taxes, insurance, etc.. A relative died with no will and the property has her name solely on the deed. Is my only alternative probate court to get my name on the home? Can the mortgage lender "take the property"
2007-03-06 10:18:28 · 7 answers · asked by bestlggs 2 in Business & Finance ➔ Renting & Real Estate
The motgage company cannot take the home directly.
The relative died "intestate" and therefore will go through probate.
However, the lender will most likely have a first priority lien.
Now you're in legal territory.
Consult with one before you write another question.
If you don't have one, look in the Yellow Pages for "Attorney Referral Services". Request 3.
Good Luck !!
2007-03-06 10:35:18 · answer #1 · answered by Bob 3 · 1⤊ 0⤋
This probably depends on the fine print in the mortgage agreement. Many are not "assumable". You need to talk to a lawyer to find out what your rights are. You might have to find a lender to give you a mortgage on the property, and pay off the existing mortgage, but obviously you can't do that unless your name is on the title, and with no will, you'd probably have to go to probate court to get that.
2007-03-06 10:28:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If there was no will, then probate is your best, and only option (note: the estate would have gone through probate even if there *was* a will -- a will just makes things a lot easier for the court).
It is usually *not* in the mortgage company's best interest to foreclose, so I'm sure they will be more than willing to make a deal with you.
.
2007-03-06 10:28:05 · answer #3 · answered by tlbs101 7 · 0⤊ 0⤋
The mortgage lender should not be able to take the property, especially if you have been keeping up with the payments. I think you need to contact a lawyer, even if it is one of the free ones from the legal aid society. NOW!
2007-03-06 10:22:46 · answer #4 · answered by bevrossg 6 · 1⤊ 0⤋
I would also check for life insurance on the mortgage. Usually when a mortgage is taken out it is insured in case of death and the insurance company pays off the mortgage so it might just be free and clear!
2007-03-06 10:37:46 · answer #5 · answered by glen s 3 · 1⤊ 0⤋
GET A LAWYER. Don't get chintzy about how much it will cost. Free answers on Yahoo Answers will probably lose you the house. GET A LAWYER.
2007-03-06 10:27:18 · answer #6 · answered by katbyrd41 7 · 1⤊ 0⤋
If their was no one named they sure can. Get an attorney.
2007-03-06 10:22:11 · answer #7 · answered by spiritwalker 6 · 1⤊ 0⤋