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lizrose
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 Posted: Mon Oct 12, 2009 12:14 pm Post subject: mother passed, loan in her name, home in my name.. |
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My mother signed the loan papers for me to get a land/home package (double wide). She made me power of attorney, so I could fill out any other papers I might need to take care of. Last year she wanted me to put the house in my name. I went to an attorney and he put it in my name by using a warranty deed..The loan is still in my mothers' name, and she has since passed on. Who is responsible for the loan now? Will the loan company put my name on the loan, even though I have poor credit? I'm very concerned that if something happened, like a fire or something, that the home owners insurance would not pay off, since the loan and the homeowners policy is in her name. Any help would be greatly appreciated.
I live in N.C.
Thank you.
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Oct 12, 2009 8:18 pm Post subject: |
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| Best option is to clal the lender and see if they will put yotu name on the loan with the same terms. Sicne this is a unique situation, they may put your name on the loan, if you have enoguh income to make the monthly payments |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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| Posted: Tue Oct 13, 2009 1:47 am Post subject: |
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If you want to save the property, then you will have to refinance the loan in your name and pay off the dues. If you do not refinance or if you stop paying the dues, then the lender will foreclose the property. Also, you will have to transfer the homeowner's insurance in your name in order to get it's benefits.
As you've a bad credit, I doubt whether or not you would be able to refinance the loan in your name. In that case, there are high chances that the lender would foreclose the property.
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