Owner Died, willed home to Sister who in turn deeded it to her Son and

I have a buyer who wants to make an offer for a short sale on this home.  The son just signed off on the Authorization to Disclose info to me but the loan is still in the deceased owners name & they won't even talk to the present owner of record.  Bank of America scheduled it for foreclosure but withdrew it without explanation.  Do you think they'll talk to me without the deceased signature on the Authorization?

 

The owner of record is afraid to sign a contract without getting a clear "OK" from BofA.  I've never encounter one where the person on the loan was deceased.

 

Jim Beardsley

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Permalink Reply by Bryant Tutas on August 28, 2011 at 12:15am

Jim. They need an attorney. The property was transferred to the sister and then to the son subject to the mortgage. If the mortgage is not being paid then BofA can foreclose. But since the son is not on the mortgage I doubt seriously that the the lender will talk to him no matter what ya'll do. The state should have been settled when the original owner passed away.

This property is not able to be sold until an attorney sorts out the mortgage and who really owns it.

Permalink Reply by Kathleen Sheridan on August 28, 2011 at 3:34am

Jim,

If there was a Will, then there was an Executor of the Estate of the deceased. You need Authorization from the Executor of the Estate, before BofA will talk to you. It sound like the deed was changed without settling the estate. Before I would get involved with this property, I would refer the seller's to an Estate Attorney to clean up the mess that they have made. 

Permalink Reply by Scott Korbin on August 28, 2011 at 6:42am

Got one right now and all is progressing well. You'll need a copy of the death certificate and a copy of the will (or whatever other legal document you have to support the transfer by devise). Of course, the rightful owner must sign the 3rd Party Authorization.  If a subsequent transfer is made without prior approval of the mortgagee, you will not get the bank's cooperation and I suggest you coordinate with the Seller's Estate Planning attorney (or hire one if none) to help you address the matter.

Let me know how else I can help you.
[email protected]

 

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on August 29, 2011 at 3:58am
In addition if there is no will, then a probate estate would have to be opened and an executor of the probate estate would be appointed. In any case you are going to need an attorney.

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