New to Real Estate 路 Ogden 路 Member since 2014 路 107 posts 路 19 votes
Hi, I recently ran into an old friend, whose mother just died. She is a single mother to two kids. Her mother left the bank accounts, post office box and a car with her name. She's the only child and she said she thought her name was on the loan. The bank the loan is through says she's not on it. Anyways, she's in preforeclosure status and needs to sell the home. What are her options????馃槖 is there another place her name may be located? SHE HAS NO EXECUTOR OF ESTATE OR ANYTHING LIKE THAT.
Commercial Real Estate Broker 路 Scottsdale, AZ 路 Member since 2013 路 31 posts 路 14 votes
10y
Henrietta:
Since your friend's mother died without a will of any kind, my best advise for your friend to hire a estate or probate attorney. Since she is the only child she will receive all of her assets, but it will have to go through probate court. Let's assume there is equity in the house. If your friend does not have the money for an attorney I think the attorney would take payment after title to changes to her and the house sells. I think he also can get the foreclosure process stopped until the probate in the court is settled.
If you just want to find out title of the property and if your friend's name is on the loan. just have title company do a search for her. I believe Utah is a deed of trust state so names of trustors (debtors) will be on documents. Title to the property will show on the title.
New to Real Estate 路 Ogden 路 Member since 2014 路 107 posts 路 19 votes
10y
BTW, EVERYTHING ELSE WAS LEFT TO MY FRIEND, BY HER MOM. IT WAS NOT MUCH AND MY FRND SAID SHE DISCUSSED HER MOM PUTTING HER NAME ON THE HOME AS WELL. THIS IS WHY SHE THINKS HER NAME IS ON IT.
Commercial Real Estate Broker 路 Scottsdale, AZ 路 Member since 2013 路 31 posts 路 14 votes
10y
Henrietta:
Since your friend's mother died without a will of any kind, my best advise for your friend to hire a estate or probate attorney. Since she is the only child she will receive all of her assets, but it will have to go through probate court. Let's assume there is equity in the house. If your friend does not have the money for an attorney I think the attorney would take payment after title to changes to her and the house sells. I think he also can get the foreclosure process stopped until the probate in the court is settled.
If you just want to find out title of the property and if your friend's name is on the loan. just have title company do a search for her. I believe Utah is a deed of trust state so names of trustors (debtors) will be on documents. Title to the property will show on the title.
Real Estate Agent 路 Spring, TX 路 Member since 2015 路 109 posts 路 25 votes
10y
Contact your local title company and see what they will need to close it. I know many times in situations like this our title company can handle it with out needing to go through the court system or probate. Usually involves heir-ship affidavits and some other forms showing they have right to sell. Every state is a little different.
New to Real Estate 路 Ogden 路 Member since 2014 路 107 posts 路 19 votes
10y
thank you for both of your advice. There is not nearly enough money for her to hire an attorney. What is very strange is her whole story on how her name was mysteriously on the title in the beginning. I just really feel bad for her situation. Thanks again
Developer 路 Provo, UT 路 Member since 2015 路 141 posts 路 89 votes
10y
@Henrietta M. I would recommend speaking with a few people at UVREIA or a real estate broker in the area who can connect some of the dots and see if there is a way for your friend to navigate through this with some profit if that's a concern to her. The estate will be in probate, but the bank does NOT want to foreclose. They would much rather settle typically unless there is a good amount of equity. In either case it would be wise to have a local professional that can look into it. Most professionals will do an initial lookover for free in an effort to build good-faith in a client relationship. I am happy to have someone on my team assist you, but you can also get recommendations from the local assocation of REALTORS or by calling local title companies with good reputations who may have a referral for you as well.
Lender 路 Greater LA/Orange County area, CA 路 Member since 2012 路 3k+ posts 路 3k+ votes
10y
You can't sell what you don't own.
Without record title she'll needs to determine what is required to pass marketable (insured) title. Local title insurance company will provide the essentials of what they will require and perhaps a few attorney referrals who could assist and determine whether probate and court powers are required.
Having the loan in one's name doesn't occur merely because a borrower verbal intended it to be so. Even if it were the case, the arrearages must be paid if it's a curable breach.
By not being a co-borrower, the successor may have averted the default being noted on her credit as a derog, perhaps compensating for the hassle of reinstating.