Q: I own property from a deceased relative who still owes the bank. The estate is insolvent. No executor coming forth.
Property was in modification status prior to relative's death. I pay the loan. Chase refuses to give me the balance or confirm when the payments go back to original amount. I have the loan mod. packet given to me prior to my grandparent passing. What rights, if any, do I have? I just want to keep the property in the family, but I must know what to pay. I do not get a receipt each month,nor a statement. The property is out of state. The executor is angry that our relative deeded it to me several years before passing away. Thus, he refuses to become executor to get the info from the bank for purposes of me paying off the loan, etc.
A: There are basically two issues here; the loan modification and an estate without an executor. You can petition the court to appoint an different person to become the executor of the estate if the person, I assume was mentioned in the will, refuses. As for getting the property loan modification, all I can say is that it seems the bank is more interested in its money than having to foreclose on the property. You will have to wait for an executor to be appointed and letters of administration issued before anyone can attempt to modify the loan. After that, you will have to work with the bank to see what can be done.
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