[WSBAPT] Mortgage in different name than Owner at Death - What happens?

Fri Apr 19 16:53:15 PDT 2019

The bank can legally force the sale, but in any event, have the elderly person give a power of attorney or authorization related to the mortgage to your client. If something were to happen to the elderly person, the bank will only speak to the PR of the estate, and your client will be in the dark.

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

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From: wsbapt-bounces at lists.wsbarppt.com <mailto:wsbapt-bounces at lists.wsbarppt.com>  <wsbapt-bounces at lists.wsbarppt.com <mailto:wsbapt-bounces at lists.wsbarppt.com> > On Behalf Of Brent Williams-Ruth
Sent: Friday, April 19, 2019 4:31 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com <mailto:wsbapt at lists.wsbarppt.com> >
Subject: Re: [WSBAPT] Mortgage in different name than Owner at Death - What happens?

My read of the statute is that the BANK can force refinance when inheritance is not family. But I don’t recall anything of the family being able to force it. Will be interested in the learned opinion from those who have fought this. 

Brent Williams-Ruth

Founding Member

BWR Consulting, PLLC

Office & Scheduling: (425) 830-5134

Direct Mobile: (206) 889-7919

e-mail: brent at bwrconsults.com <mailto:brent at bwrconsults.com>  / website: www.bwrconsults.com <http://www.bwrconsults.com> 

On Apr 19, 2019, at 3:59 PM, Jen Doehne <jdoehne at bgwp.net <mailto:jdoehne at bgwp.net> > wrote:

Hello all,

I have a client who owns a house, it is subject to a mortgage in the name of the prior owner.  My client cannot afford to refinance (poor credit, etc) but has been paying the mortgage for over two years now. 

The prior owner is elderly and in poor health (and incapacitated).  The prior owner’s daughter is pestering my client telling him that he MUST refinance before her father passes or the mortgage company will force the sale of the house. She also seems to be implying that my client’s only other option is to give the property back to the prior owner…

Other than the fact that the daughter is attempting to stir up trouble… What actually happens if the prior owner dies if my client is unable to refinance? I have done a bit of research and see that the lender cannot force an acceleration for family beneficiaries.  My client is not related to the prior owner. I have taken a look at all the transfer paperwork and it does look to be a valid transfer.  

I have a hard time believing that the lender will force the sale of a home when the mortgage has been timely paid for years. Is it likely that nothing will happen and the lender will go on continuing to accept payments?

Thanks so much for your help!

Jen

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