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unleashedfury

taking over a mortgage?

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I'm curious as to what options I have here.

 

Make the story short. I moved for a job hace some friends and family here. And my friends relative passed away last year. Suddenly no warning. His daughter and her husband were keeping up on the home. Until recently where they had given up. The notified the bank of his untimely passing. And of course the bank wouldn't grant them any information as far as insurance, payments etc. Anything about the loan was not released to them.

 

The home LTRV is significant in the property owners favor, and considering the location size and payment I hace considered to make a deal to take over the mortgage and secure my own mortgage on the property for the remaining balance due on the current one.

 

This is where it leads to a sticky. I'm presuming he had no will. And I'm not sure if this would end up in probate, I'd hate to start working towards this and it get shut down.

 

Any one have any ideas? State is PA?

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The state has rules if there was no will I don't know what PAs is but I am sure Google does. I am not sure how this benefits the daughter but you can look at the mortgage note to see if the loan is assumable or not if not she once she proves she is the successor in interest can sell it to you. She should also be able to get the loan information from the bank once she proves that. Too many variables right now to really know the outcome.

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I did do some of my own research and things I learned.

 

If you die with a mortgage or a home. You and no co guarantor, if a spouse,is surviving they are next.

 

If no spouse the child(ren). Which leaves,the option of continuing the mortgage as,is or refinancing. If sold payment in full is required. However it must go through probate if no co-owner is,listed to ensure all debts are paid before releasing the,property

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Are the house payments current? If not, how delinquent are the payments?

If the house payments are delinquent, have there been any foreclosure processes started?

You will have to take out a mortgage for the balances owed, in any event and then buy the property from the estate/wife. If there is no will and the property falls into Probate, then you'll have to wait until the dust settles.

You don't mention whether or not the wife is a signor on either the Mortgage or the Note.

Three's another fly in the ointment for them,and you might want to let them know. As of December 30,2016, the Treasury Department will no longer be offering any type of Loan Modification assistance, this includes relocation assistance of up to $10,000.00 for short sales. You will be doing your friend a favor by having her contact the bank or whomever deals with the payments and speaking with them about it, as there might be time to see if there is any possibility to salvage something from this.

One thing you cannot due, is have her sign a quit claim over to you, and then you simply take over the payments. This will invalidate the terms/conditions of the mortgage, and the holder of the Note/Mortgage, will be well within their rights to demand payment in full of the entire balance; not from you, but from the wife.



I'm curious as to what options I have here.

Make the story short. I moved for a job hace some friends and family here. And my friends relative passed away last year. Suddenly no warning. His daughter and her husband were keeping up on the home. Until recently where they had given up. The notified the bank of his untimely passing. And of course the bank wouldn't grant them any information as far as insurance, payments etc. Anything about the loan was not released to them.

The home LTRV is significant in the property owners favor, and considering the location size and payment I hace considered to make a deal to take over the mortgage and secure my own mortgage on the property for the remaining balance due on the current one.

This is where it leads to a sticky. I'm presuming he had no will. And I'm not sure if this would end up in probate, I'd hate to start working towards this and it get shut down.

Any one have any ideas? State is PA?

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If he had a will, the executor will dispose of the property. If had no will, the court will appoint a executor who will dispose of the property. What you need to do FIRST is ask the bank if they will waive the due on sale clause ( the clause in the mortgage which allows them to ask for payment in full if the deed changes name in any way by sale). If they will, then ask the whoever the executor will be if you can then get permission from the daughter to take over the payments. Ask the executor and the bank how you can then go about getting permission to access the account information so that you know what is going on with that.

Edited by moorman

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No wife, divorced in the late 90s, no will he didn't expect to die at 52. As far as I know rhey are a not behind yet. She had contacted the bank to notify them of his passing and sent in a death certificate. All while still making payments on the home, yet the bank will not give them any information. I was figuring that in the event of a deed transfer the full amount would be due. We discussed the possibility of continuing his mortgage until we have a straight answer yet, I don't want to start a mortgage payment until I know the bank isn't going to foreclose in the end anyway

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If current they will not foreclose. The daughter just needs to prove she is the successor in interest for the estate and she can get info from the bank. She needs to talk to them what they need.

 

Also I am single in my mid 30s and have a will. Always better to be safe than sorry.

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