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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42285
Experience:  Texas Attorney for 30 years dealing in real estate
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I inherited property through a Will, my name is on the Deed.

Resolved Question:

I inherited property through a Will, my name is XXXXX XXXXX Deed. The home went to foreclosure. I have been trying to get a loan modification for almost 1 year. A Chase representative has now informed me I have to assume the Note in order to go through a loan modification request. He stated because the deceased is on the Note, and I am not, therefore the Note has to be in my name to sign papers. I am the personal representative of the estate. The estate has never been served any papers.

If I assume the Note, that is in default will my credit, if not already ruined by this mess, be hurt? Do you know if I could purchase as a short sale? (probably not, but thought I would ask).

I secured an Attorney, had a conciliation conference last May and Chase accepted me into the loan modification, they didn't process the modification, I had to start all over. Chase recently informed me they could not work with me because I had an
Attorney, so I terminated my agreement.

I feel like I'm in quicksand, I can't borrow money on the property because it's in foreclosure status. Do you know any alternatives to securing the property with minimal cost and hopefully not ruining my credit? Fortunately I have a secure job and some savings through life insurance proceeds as well as putting money aside for this problem.

I would have walked away but I've invested too much, and the home does have value.

Lastly, there is a 2nd note that I have been paying interest only, roughly $50 monthly, through the Estate funds, which is obviously not enough to pay the mortgage payment. Should I stop paying the 2nd Note? Do you know if the Bank, which is not Chase would settle the 2nd Note for a lesser amount?
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Ray replied 6 years ago.

RayAnswers :

Thanks for your question and good morning..If your name here is not on the note or notes and it sounds like it isn't you may want to walk away here or negotiate reduction..You certainly can purchase the house at foreclosure or even short sale at a much better price I would imagine.I would not agree to assume these loans unless they are favorable to you.If the house here is underwater or burdened with high debt thy cannot force you to sing onto notes.There only claim and liability is against the estate.You can certainly negotiate here because the person on the note is deceased.I would seek to negotiate reduction here if at possible.As long as you do not sign here your credit is not at risk.As I understand it you are not on any notes at the present.

RayAnswers :

I do think that the bank here would be wise to settle the second for a lesser amount since you are agreeing to assume the debt for the deceased.

RayAnswers :

If you have follow up here please ask.




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