Posted: Mon Mar 02, 2009 9:06 pm Post subject: mortgage current but not in title holders name
I have a title to a property which was bequeathed to me by my late brother. However, the mortage is still in his name. The loan is in good standing as I am depositing payments into it. I am having a difficult time transferring the mortgage to myself because I do not live in the U.S. Can I sell the property? Do the banks care whose is the owner of the account if the house is sold?
I agree with Eugene. You will definitely be able to sell off the property as the deed is in your name. You will have contact the lender and inform him that you want to sell the property. Then you can list the property in the market. _________________ Procrastination is the enemy of your financial success
Thanks for the answer. I kind of heard that they don't care as long as they get the payment (and of course because I am the title holder anyhow). The estate is closed and there is no executor anymore so I don't know if I have the authority to talk to them regarding the loan, not being the formal account holder.
Alessandro Guest
Posted: Tue Mar 03, 2009 4:55 am Post subject:
Hi corinnas,
As you are on the title, you definitely have the authority to talk to the bank regarding the loan as well as the sale of the house. Unless you talk to the bank you will not be able to go ahead with the sale.
Alexwebmaster Guest
Posted: Tue Mar 03, 2009 7:44 am Post subject: Hello webmaster
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corinnas, contrary to what alessandro told you, it is not necessary for you to contact the lender prior to selling that house. the only needed contact will be to arrange for payoff of the mortgage, and that should be handled by the attorney handling the transaction. of course, they'll need the information about the mortgage (account number, etc.). _________________ George M. Akerley
Loan Consultant
860-221-5044
corinnas
