QUESTION
Doesn't the law of entitement allow me to keep property?
Asked on Feb 15th, 2013 on Real Estate - Nevada
More details to this question:
My husband passed away and I was awarded our house- it was not joint tenancy. In the probate the house is mine- however, the lender will not allow me to keep it unless I assume the loan. I do not qualify as per their terms - fico is not high enough. I can make the payments, although they fell behind with medical issues, but the lender wants to foreclose as they wont accept any payments unless the loan is made current. Why do I have to qualify when the property was awarded to me? Doesn't the law of entitlement give me this right? I want to keep the house, have them start accepting my payments and put the house in my name. Why is this so hard when the will and final probate state it is mine. My husband did not plan on his disabled wife to be put out into the streets- what legal options do I have? Numerous conversations with the lender have resulted in nothing but pending foreclosure.
1 ANSWER
R. Christopher Reade
There is no such "law of entitlement" in the State of Nevada. The lender had a contract (Promissory Note) with your husband which provided the terms under which your husband would pay the loan balance in installments and under which the Lender could accelerate the loan balance and make the entire balance due and owing immediately, including a change in ownership usually.
While the Lender has the right in many cases to accelerate the loan balance, it is rare that a lender will do so absent a default in the payment on the loan. You have indicated that you fell behind which led to this loan coming up on the Lender's radar. Your best option is to consult with counsel who can review the loan documents and potentially assist you in finding a solution with the Lender. The other option (should you receive a Notice of Default) is to elect to go into the Nevada Supreme Court Foreclosure Mediation Program to see if you can have assistance from a mediator in meeting with the lender and working on a solution.
Answered on Feb 15th, 2013 at 1:04 PM