Q: Does Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-in-Interest apply to me, in GA?
I am seeking clarification of the Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-in-Interest, pertaining to Successors-in-Interest who do not have the title to a property. It is my understanding that this rule was intended to prevent predatory lending. I am feeling as if I may have experienced predatory lending. I was told that because I am a Successor-in-Interest, the mortgage servicer did not have to determine my ability to repay. But there were 4 other heirs. And I never had and still do not have the title to the property, when they approved my loan assumption and modification in 2016. I'm just trying to determine if this rule applies to Successors-in-Interest who have the title already, or not. I am trying to sell the property, and my realtor's attorney is wondering how I could have assumed the mortgage without having the title. It is still in my deceased mother's name. I thought the loan assumption would have transferred the title.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (931) 250-8585
- View Profile
- Answered
A:
Loan assumptions absolutely do not transfer title. You probably need a probate for that, but this is state-specific and you did not say what state the property is in. You also did not say whether the property is residential or not, and that matters too.
Lenders are all too happy to accept anybody who wants to agree in writing to pay a loan, whether or not the person assuming the loan is in title. You should have contacted an attorney before assuming the loan. An attorney would have told you that if you truly are a successor-in-interest of residential real property of a decedent, then you have no obligation to assume the loan and the lender is still obligated to send mortgage statement to you so that you can choose to voluntarily pay them in order to avoid foreclosure.
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.
