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Post by Incogayno. on Feb 17, 2020 12:04:18 GMT -6
So, lets say a family member dies. They have a house that is left to you in the will. There is a current mortgage on the house. Per info I have read online, the owners the house was passed in the will can can choose to assume the mortgage as is and just take over the payments.
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Post by NOTTHOR on Feb 17, 2020 12:33:21 GMT -6
That is the general rule. There is a federal law the prohibits acceleration clauses on mortgages at death, but the legatee is responsible for the mortgage. Does the will say anything about the repayment of the mortgage?
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Post by Incogayno. on Feb 17, 2020 12:37:38 GMT -6
That is the general rule. There is a federal law the prohibits acceleration clauses on mortgages at death, but the legatee is responsible for the mortgage. Does the will say anything about the repayment of the mortgage? It does not. But the bank has already said it is not willing to forward the mortgage. Claims it is not aware of this rule. |
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Post by BrainFerentz4Prez on Feb 17, 2020 12:47:01 GMT -6
That is the general rule. There is a federal law the prohibits acceleration clauses on mortgages at death, but the legatee is responsible for the mortgage. Does the will say anything about the repayment of the mortgage? It does not. But the bank has already said it is not willing to forward the mortgage. Claims it is not aware of this rule. Something to consider rates are under 3.5 on 30s right now anyway. |
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Post by Incogayno. on Feb 17, 2020 12:50:31 GMT -6
It does not. But the bank has already said it is not willing to forward the mortgage. Claims it is not aware of this rule. Something to consider rates are under 3.5 on 30s right now anyway. True. But there would be some advantages to just assuming the mortgage that’s already at a good rate. Besides, it’s more than half paid for. |
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Post by BrainFerentz4Prez on Feb 17, 2020 12:53:23 GMT -6
Something to consider rates are under 3.5 on 30s right now anyway. True. But there would be some advantages to just assuming the mortgage that’s already at a good rate. Besides, it’s more than half paid for. Shitty credit huh bruh. |
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Post by Incogayno. on Feb 17, 2020 12:54:23 GMT -6
True. But there would be some advantages to just assuming the mortgage that’s already at a good rate. Besides, it’s more than half paid for. Shitty credit huh bruh. Haha. Long story. |
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Post by NOTTHOR on Feb 17, 2020 13:33:32 GMT -6
That is the general rule. There is a federal law the prohibits acceleration clauses on mortgages at death, but the legatee is responsible for the mortgage. Does the will say anything about the repayment of the mortgage? It does not. But the bank has already said it is not willing to forward the mortgage. Claims it is not aware of this rule. Get a local real estate or trusts and estates lawyer. There is a federal law www.law.cornell.edu/uscode/text/12/1701j-3 on the subject. See clause (d)(5) - that seems like your case. Now perhaps the house was held by a trust or LLC or something or there is some other fuckery, then it wouldn't apply. I don't know. Maybe call the bank and show them that statute and see what they say. There could be some reason it doesn't apply. Fuck if I know. |
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Post by Incogayno. on Feb 17, 2020 13:45:46 GMT -6
It does not. But the bank has already said it is not willing to forward the mortgage. Claims it is not aware of this rule. Get a local real estate or trusts and estates lawyer. There is a federal law www.law.cornell.edu/uscode/text/12/1701j-3 on the subject. See clause (d)(5) - that seems like your case. Now perhaps the house was held by a trust or LLC or something or there is some other fuckery, then it wouldn't apply. I don't know. Maybe call the bank and show them that statute and see what they say. There could be some reason it doesn't apply. Fuck if I know. Thanks. We had an estate lawyer and he was shit. I had brought this up and he didn’t seem concerned with it. |
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Post by NOTTHOR on Feb 17, 2020 13:49:49 GMT -6
Get a local real estate or trusts and estates lawyer. There is a federal law www.law.cornell.edu/uscode/text/12/1701j-3 on the subject. See clause (d)(5) - that seems like your case. Now perhaps the house was held by a trust or LLC or something or there is some other fuckery, then it wouldn't apply. I don't know. Maybe call the bank and show them that statute and see what they say. There could be some reason it doesn't apply. Fuck if I know. Thanks. We had an estate lawyer and he was shit. I had brought this up and he didn’t seem concerned with it. The problem is you probably weren't his client. He likely represented the estate, which means once he gets the property out, he doesn't give a shit what happens to it. I don't know shit about this, so check with someone who does. If you're near IC maybe call U of Iowa legal clinic and if you're near DM maybe call Drake's legal clinic. It actually sounds like a moderately interesting issue for a kid to take on. Failing that, there has to be some real estate lawyer near you who actually knows that shit. There could be some major carveout that the banks slipped in and the law might not mean shit now. |
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Post by Incogayno. on Oct 20, 2022 5:30:17 GMT -6
So. Some updates on this fun ride.
Played the game to get more time to figure this out by submitting a request to the bank to delay the foreclosure. That went through fine.
Took some time to put things together but the bank posted the estate sale and with that date in mind was able to procure the funds when the bank decide to move the estate sale up a couple of weeks.
This threw a wrench into the loan process. Lucky was able to speed the process up and everything is fine now. Pulled all my accounts from this bank and will never touch them again. Sneaky snake motherfuckers.
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