Q: As beneficiary & turning in all pprwrk to mortgage co.they refuse to acknowledge me as new payor on mortgage.What now?
My son died 3 yrs ago, left me as beneficiary to leave his older brother his house to make pymts.The Finance Co.REFUSES to Acknowledges ...my Older Son(that house was left to) nor Myself to Even Discuss this? What do You Suggest??
A:
Who owns the house and who is responsible for payments on the house maybe two different people. When your son passed away, I assume he had a will. That will left his house to you for his brother it seems. I assume you have probated his will and the executor has retitled the home into your name or into your remaining son's name. If this is so, then ownership has been properly transferred. However, the mortgage remains in your deceased son's name. The payments are the responsibilities of his estate.
However, anyone can make the payments on behalf of his estate. The mortgage company cannot recognize any different owner of the property and issue a mortgage to that person without that person qualifying for a mortgage. Usually the best outcome for a person like yourself is to make the payment to the mortgage company as required by the mortgage without ever undertaking the legal duty to make such payments. There may come a day when the home is worth less than the outstanding balance on the mortgage. If that is the case, it usually is best to allow the home to go in to foreclosure. The only one hurt by the foreclosure is your deceased son. And of course that does not matter.
Kenneth V Zichi agrees with this answer
A: You need to probate your son's estate and properly administer this property. Talk to an attorney about assisting you with this process.
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