QUESTION
How will the interest and penalties affect the transfer of property into our name?
Asked on Jun 27th, 2013 on Estate Planning - California
More details to this question:
I'm in the process of getting a loan modification on a property that was given to me from my mother through probate, after her death. There was a lien on the property, which I paid off, but now I found out that there is possibly interest and penalties on the lien. I am trying to get the house turned over into me and my husband’s name. Is there something we can do to keep this from possibly being a block in the process of us getting the loan modification on the property and also getting the property into our name?
8 ANSWERS
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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These two things should have little to do with each other. The title is determined through probate. The title would be subject to any loan, penalties or interest that would apply. But you would own the home, regardless.
Answered on Jun 27th, 2013 at 10:22 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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It depends on the lien, and where you are in the probate, and probably other things that haven't occurred to me. The lien shouldn't cause the property not to be transferred (unless it's a lien for property taxes). You will just take the property subject to the lien.
Answered on Jun 27th, 2013 at 5:04 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You should talk to the lien holder and see what it will take to pay off interest and penalties. You should then get a release of the lien.
Answered on Jun 27th, 2013 at 4:28 PM
General Practice Attorney serving Portland, OR
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Furniss, Shearer & Leineweber
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Have the mortgage company pay off any amounts owed out of the refinance. The probate should have deeded you the property as part of the estate proceeding so it should already be in your name if it was devised to you.
Answered on Jun 27th, 2013 at 4:25 PM
Thomas Edward Gates
You have no choice but to satisfy all liens. It would not hurt to see if you can reduce the amount owed.
Answered on Jun 27th, 2013 at 2:35 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You take the property out of the probate subject to existing liens on the land. Liens generally have the interest or penalties added to them. I really do not understand the rest of the facts presented, especially as to the loan modification.
Answered on Jun 27th, 2013 at 2:26 PM
3 Awards
You took the property subject to the liens, thus they need to be paid.
Answered on Jun 27th, 2013 at 2:26 PM
2 Awards
You need to work with the loan modification company and the person or entity that has the lien. If you want an attorney to help you, you will have to call one directly.
Answered on Jun 27th, 2013 at 2:25 PM