Posted on: 02nd Nov, 2009 05:06 am
A mother adds her son's name to a property deed in Ohio, and at the time of that addition to the deed the property has an existing mortgage in the mother's name only. Subsequently, the mother passes away. Apparently the lender is not aware of the mother's death until 1 1/2 years after she passed. During that time the son continues to send payments in on the mortgage (late payments or non payment is not an issue here). Once the lender becomes aware of the death they refuse the next mortgage payment and have stated that they intend to proceed with foreclosure on the property.
Does the son have any legal ownership in these circumstances, or does the fact that his name is on the deed but not on the mortgage preclude him from having any authority in stopping the foreclosure?
Thank you
Does the son have any legal ownership in these circumstances, or does the fact that his name is on the deed but not on the mortgage preclude him from having any authority in stopping the foreclosure?
Thank you
hi,
it's strange that the lender wants to go ahead with the foreclosure even though you have been making the payments on time. after all, a foreclosure is going to cost him some amount of money. given the depression in the real estate market, it is also not certain whether he would at all be able to recover the outstanding balance on the loan plus the foreclosure costs.
as you're on the loan, you definitely have an ownership interest in the property. but that does not give you the right to stop foreclosure on the property. what you can do now is, refinance the loan in your name and pay off the mortgage. this will help you keep the house and pay off the existing mortgage.
it's strange that the lender wants to go ahead with the foreclosure even though you have been making the payments on time. after all, a foreclosure is going to cost him some amount of money. given the depression in the real estate market, it is also not certain whether he would at all be able to recover the outstanding balance on the loan plus the foreclosure costs.
as you're on the loan, you definitely have an ownership interest in the property. but that does not give you the right to stop foreclosure on the property. what you can do now is, refinance the loan in your name and pay off the mortgage. this will help you keep the house and pay off the existing mortgage.