Subject to and Probate

[Kyle Kufeldt]

I'm currently marketing to probate and have come across a lead that has a mortgage that is close to what the property is worth. The only question I asked was about the total of the remaining mortgage and was going to dig deeper to understand what the monthly payments might be. If the terms on the mortgage are good, is there an opportunity here if I wanted to buy and hold?

My question is if it's even possible to do a "subject to" for a mortgage where the person is passed away? Does anybody know what is required of the executor in this situation? Is there any opportunity for the executor to get the mortgage transferred without having to refinance?

The second part of the question is if there isn't any opportunity to do a subject to, does anybody have any other creative ideas for this? or should I throw this lead away?

The ARV likely worth somewhere between 70k and 80k and probably needs about 5k in renovations in order to rent. The remaining mortgage is right at 70k but I don't yet know the terms.

[Rick H.]

I want to be able to communicate with the mortgage lender/servicer directly. The authorization to release information permit them to speak to me directly as if I were the borrower, whether they're living or deceased.

Things I may want from lender:

1) information regarding loan balance, rate, term, etc.

2) information regarding loan status, next payment due, amounts in any tax or insurance escrow collection account

3) Change mailing address to my address

4) Obtain copy of note or other docs in file, because there may be a prepay penalty

Irrespective of the profit play you are anticipating, information is key to making intelligent, informed decisions.