QUESTION
Do I need to go through Probate or assume the mortgage to get off the plan?
Asked on Dec 09th, 2021 on Foreclosures - Pennsylvania
More details to this question:
My husband passed away while our mortgage was on a COVID relief plan and company is giving me a hard time to get off. He was the only one listed on the mortgage. We are both on the deed and I have been trying to get off the plan for 3 months to resume regular payments. Now the mortgage company is giving me a hard time and they are saying I have to assume the mortgage and making me go through probate to do it.
1 ANSWER
Bankruptcy Attorney serving Collegeville, PA
at
Nahrgang & Associates, P.C.
Update Your Profile
If your name was not on the deed when the mortgage was obtained, but added later, the entire balance is due pursuant to a due on sale clause. That clause is rarely, if ever, enforced. However, it demonstrates that you have no privity of contract with the mortgage company and therefore no rights regarding it. Your only viable options are to:
1. wait until they once again allow payments and hopefully resume making them;
2. refinance the debt which is not an assumption. You would obtain a new or the same lender to offer a new loan satisfying the old one;
3. sell the house to assure you at least derive the equity via sale proceeds.
I trust this has been helpful, and, if you live in the Delaware Valley, feel free to call or email me on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Dec 13th, 2021 at 9:20 AM