Canon City, CO asked in Real Estate Law and Probate for Colorado

Q: what is/how to get: Letter of successor's interest

Please help.. my family's and I home is at risk!!

This is turning out to be a mess.. I'll try to keep simple:

Jim purchased the property in 1985 and was the only name ever on the loan with US Bank. When Jim moved from the property he gifted the property to his daughter-Andrea in 2003. The deed of trust went from Jim to Andrea's name. The loan with US bank remained in Jim's name only. In 2007 Jim died. In 2011 Andrea moved out and gifted the property to her brother Aaron (son of Jim's and my husband). The deed of trust went into my and Aaron's name. Since 2011 when we took sole possession of the property and sole responsibility. Bank is requesting we show we are the interest holders of this property.. how do we do this? What do we get to provide proof?

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2 Lawyer Answers
Kenneth V Zichi
Kenneth V Zichi
Answered
  • Estate Planning Lawyer
  • Howell, MI

A: Are you saying that after 32 years that there is still a mortgage against this property? Absent refinancing or a 40

year loan (or worse, an interest only loan!) this would not happen. Something isn't adding up.

You REALLY need to consult with a local real estate attorney to figure out what is going on here. You SHOULD just be able to show the chain of deeds you describe to make this clearer, but there is likely a 'due on sale' clause that may cause issues.

Seek local legal representation! Do this yesterday. Don't think you can do this yourself as there are many pitfalls for the unwary!

--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!

Tristan Kenyon Schultz agrees with this answer

Jim Ed "Jed" Franklin
Jim Ed "Jed" Franklin
Answered
  • Probate Lawyer
  • Denver, CO
  • Licensed in Colorado

A: What you want are Deeds, not a Deed of Trust. A Deed would be in the form of a quitclaim deed or warranty deed. This creates a "chain" of title that you can show the bank. A to B, B to C, C to D. If there are no deeds for the gift, then you are going to have a much tougher time and will definitely need an attorney. If their are deeds, then you should show the bank the chain of title. The deeds of trust won't get you there--you need conveyance documents like a Warranty Deed or Quitclaim Deed.

Tristan Kenyon Schultz agrees with this answer

1 user found this answer helpful

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