Q: Would the executor of an estate be notified or allowed to inquire if the assumption of a mortgage was obtained or denied
I am the executor of my mothers estate. My father is the beneficiary of a home with a mortgage. He is working on assumption of the Loan but it has not happened. Initially as his power attorney, I was also communicating with the company on his behalf. For different reasons, I am considering having someone outside of the family assist him on this (gathering mortgage documents for the company, communicating, etc. maybe an attorney to help him with that process) My father was granted successor of interest status.
As the executor , my only concern at this point is to know whether or not he was approved to assume loan or if he was denied so I can sell the property. Would I be allowed to inquire if that was accomplished ? How would I be notified?
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A: There is no need for your father to assume the loan. As the legal heir/beneficiary he can simply keep making the mortgage payments, and the lender is obligated under federal law to provide statements and other loan information to him. He is what is called a legal "successor in interest".
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