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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 90269
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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In my stepfathers last will and testament in article III. Residuary

Resolved Question:

In my stepfathers last will and testament in article III. Residuary estate I was given the house that my parents lived and that I also have lived for the past 4 yrs. I wrote ocwen loan services and submitted the recent death certifcate asking to assist me in getting a loan modification so the interest on the said property is congruent with the going rate. The mortgage has been paid on time up until Oct and Nov. He past away the middle of Sept. Now I am waiting for the mortgage company to contact me. What advice can you give me?
I dont know if the questions I need answered in family,estate or rea estate law please help.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  INFOLAWYER replied 1 year ago.
Hello and thank you for the question. I am sorry to read of this dilemma. What outcome are you seeking and what can I answer you in connection with the mortgage and the inheritance?
Customer: replied 1 year ago.

Im seeking to take over the property per my recent phone converstion with Ocwen they requested a death certificate befor a representive can assist me. I sent the death certificate Oct 24,2012 asking for a loan modification so the interest on the said property is congruent with the going intrest rate. The present bal is $70,434 Int.rate 8.85% and the monthly payment $573.80.


I checked the county records and the current mkt. value total is $32,670


the house payment is going on 2 months behind and I have yet to hear from them. I'm in limbo not knowing what to do or what is going to happen please help.

Expert:  Law Educator, Esq. replied 1 year ago.
Have you gone through probate yet and has the deed of the house been placed into your name yet?
Customer: replied 1 year ago.


No I have not gone to probate court and the deed is not in my name. I have all the original papers pertaining to the house and the last will and testament signed by my stepfather Feb.18,2011.

Expert:  Law Educator, Esq. replied 1 year ago.
You have to probate the will to have the deed placed into your name before you can do anything with the property. They will not refinance a property that is not in your name. Even with a will you have to go through probate for the court to order the recorder of deeds to transfer the property into your name. Once your name is XXXXX XXXXX deed, then the mortgage company can discuss a refinance because the deed will be "clear." They can discuss the mortgage with the executor of the estate, but cannot change or modify or refinance with the executor. By law all wills must be probated when real property (real estate) is involved.


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Customer: replied 1 year ago.

I dont know when I have to go to probate court. Do I save my money untill then or should I pay the house note?

Expert:  Law Educator, Esq. replied 1 year ago.
If the house is in danger of being foreclosed upon, then paying the note to stop the foreclosure is a wise decision, especially because of the court delays. I know money is tight but you do not want the foreclosure to happen if possible.
Customer: replied 1 year ago.

I appreciate your answer now I know what I have to do. Can you tell me what kind of laweyer i need that can help me implement this.


 


Thank you!

Expert:  Law Educator, Esq. replied 1 year ago.
You need a probate law attorney and generally they charge you only about 3%-5% of the total value of the estate for probating the estate.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 90269
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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