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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35406
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My wife's mother owned a house with a home equity loan. She

Customer Question

My wife's mother owned a house with a home equity loan. She passed away last year but we didn't do a succession yet. The home equity loan is about to mature and we need to negotiate the terms of the payoff. The bank does not know of her death. How should we proceed?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 4 months ago.

Good afternoon Alex,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

You need to immediately comply with state law and file for a Succession Proceeding. Only your deceased mother-in-law, or the court appointed representative of her estate, has the legal ability to negotiate with the lender. In fact, the lender cannot even legally discuss the matter with you or your wife until you file for Succession.

If you don't move quickly, you may find that when the payoff is not made that the lender will begin foreclosure proceedings and you/the estate could lose the property entirely.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 4 months ago.

Good evening,

This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge I can offer you a private phone conference as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

Please know that I answered your question in good faith, and with the expectation that you would act similarly and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,

Doug

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