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Hello,
I am in desperate need of help. My mother passed away 7 months ago. Before she passed away, the house was put in my name at the court house. i called chase to try to assume the mortgage. they said i didnt qualify but i can keep paying the mortgage and when it is paid off they will send a satisfaction of lien to the courthouse. I dont know if I should trust what they are saying, or do you think they are lying and in the end, they will just steal my mom's home? Thank you so much for your help if you can please help me. She worked her whole life and I personally have put in about 50,000 into the principal.
Hello,
I am in desperate need of help. My mother passed away 7 months ago. Before she passed away, the house was put in my name at the court house. i called chase to try to assume the mortgage. they said i didnt qualify but i can keep paying the mortgage and when it is paid off they will send a satisfaction of lien to the courthouse. I dont know if I should trust what they are saying, or do you think they are lying and in the end, they will just steal my mom's home? Thank you so much for your help if you can please help me. She worked her whole life and I personally have put in about 50,000 into the principal.
Get everything in writing. Chase isn't some little neighborhood store that is going to close its
doors tomorrow, so if that was a real offer, take advantage of it - until you can qualify.
Actually, unless I'm mistaken, they're doing you a favor; not all lenders go along with that. While ownership passed to you, there is still a loan outstanding that has to be satisfied, and when signed, the note usually states that it's callable under certain conditions.
If you don't qualify for a mortgage, they could call the note, which means (unless you have enough money to pay all) you'd have to sell the house and you'd get what's left after closing costs and mortgage payoff are taken care of.
This happened to a coworker of mine. She was the executor of her mother's estate as well. The house was a mother /daughter but her mom had gone into a nursing home after only 5 or 6 years of owning the house. My friend let about 2 years go by after her mom passed away. Her credit was bad and she didn't think the would qualify for a mortgage.
She went to a local non profit that helps people with mortgage problems. They helped her get a few things off her credit report and recommended a mortgage broker that has dealt with stuff like this.
She was able to refinance the house, keeping the deed in her name and transferring the mortgage to her. She actually got a lower interest rate and the house appraised well so she's got a lot of equity now.
Good luck!
They don't steal homes, they foreclose if they mortgage is not paid. They they sell it to get their money back and give the beneficiary the difference. If you don't trust them, they will certainly get the house.
My condolences for the loss of your mother. I have ran across this type of situation many times in the last 14 years working with Mortgages. Every situation is different and I do not know your details.
It is good your name was put on the title before your mom passed. This way you control the title. If not, the lender would and they could sell the property, and you would have to pay big $$$$$ in probate fees to get control.
Assuming the mortgage - this simply depends if this was an assumable loan. Two ways to check this - either contact the lender, or go through your mothers closing documents when she took out the loan. What Chase says is correct, since you are on the title and continue making the payments. They won't be looking to foreclose or take the home.
If you are late on the payments - you can enter into a mortgage modification providing there is a minimum amount of household income to support the mortgage. You will need to provide your mom's death certificate. Noting the lender (serviced by) is Chase Bank - your loan could be a Fanny Mae or Freddy loan. Plus your hardship is one of the top three -Death, Divorce or Disability, Your could easily qualify for a HAMP modification with interest rates as low as 2%. The trick is showing there is enough income, but not too much. Chase will require many documents, the will not give your any inclination on the final outcome (modified payment).
If you are on time and continue making on time payments. The only negative aspect is your credit. Nothing is being reported to the credit bureaus as you making the payments. This can hurt you down the road (later), if you look for future financing.
Another option to get the loan in your name - providing you have good credit and income is to do an In-House (Streamline) Refinance directly with Chase Bank. I know they do them, you have to ask for this type refinance. You can show payments were made through your canceled checks.
Again I to not know your details. If you are totally lost and want to speak your options in detail, send me a PM.
Thank you for all your help! i really appreciate it.
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