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Does a bank have to contact the estate about an o/s mortgage?

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jeyre23400 Joined: 05 Oct 2008 Posts: 8 3.53 Dollars($)	Posted: Thu Nov 27, 2008 8:04 am    Post subject: Does a bank have to contact the estate about an o/s mortgage Like 0 Dislike 0 There is an o/s mortgage on the house. The estate is closed. If the bank did not contact the estate about the o/s mortgage does it have to be paid? located in Florida. Property has been deeded to heir. mortgage payments current
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Nov 27, 2008 10:38 pm    Post subject: Like 0 Dislike 0 Hi jeyre! Welcome to forums! Though the bank did not contact the mortgagor for the payments, I think it should be paid. Moreover you have mentioned that the mortgage payments are current, so, there is no need for the bank to contact the estate. As the property has been deeded to the heir, the heir should pay off the mortgage dues. Feel free to ask if you have further queries. Sussane
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Fri Nov 28, 2008 3:11 am    Post subject: Like 0 Dislike 0 Hi jeyre, I agree with Sussane here. The heir to the property should refinance the loan in his/her name and pay off the debts. Thanks, Jerry
Maryanne Guest	Posted: Fri Nov 28, 2008 8:35 am    Post subject: House Loan Like 0 Dislike 0 I understand all the niceties, and if I can sell the house I certainly will pay it off; however keeping the loan current has devastated my savings and I am unemployed and can pay no more. The bank is well aware of the death. I'm asking to see if they can foreclose and put me out of a home.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Dec 01, 2008 1:48 am    Post subject: Like 0 Dislike 0 Hi Maryanne, Non payment of dues may result in foreclosure of the property. You can check the loan docs and check out what can they do in case you default on the payments. You can also show the documents to a mortgage attorney who will help you to understand the legal terms and conditions in a better way. Thanks _________________ Good is the Enemy of Great.

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