Q: I've been paying the mortgage on an inherited property. Want to sell. Bank will only deal with the executor.
Title is in my name. Probate has been closed for 3 years now. The Executor still gets all the Bank's correspondence addressed to 'The Estate Of...@
So, at closing what will happen? Money wise? Is there anything I need to do?
Thanks!
A:
It 'smells like' there may have been a due on sale clause that would have been triggered by a transfer, and the bank either wasn't informed or 'didn't understand' that the estate is no longer the owner of the property. This is FAR too complex a matter to provide any guidance in a forum like this. You really need to consult with a local real estate lawyer to review the paperwork to insure you ARE the owner, and that the MORTGAGE and not just the property was transferred to you.
If that didn't happen, you may need to re-open the estate to transfer the mortgage, or (probably simpler) just refinance with a different lender and pay off the old loan to 'get rid of the problem' ....
Seek local legal analysis to see if maybe there isn't a third option that would be better but isn't immediately obvious.
-- 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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
