Inherited Home With Wells Fargo Residential Mortgage
by Santiago
(Houston, Texas, USA)
My mother had her residential mortgage with Wells Fargo.
In 2007 my mother died and in her Will she transfer to me the rights of the house.
The County and other entities have recorded the ownership to my name, but according to our family lawyer, I should continuing paying the loan under my mother names since she was the original borrower.
The payments for the house are very expensive and I delayed one payment in march of this year. Wells Fargo is pushing me to send an application for Loan modification but I don't know what to do? Because my mother is gone.
Is it an option for me?
Wells Fargo Mortgage Loan Modification Answer:
by Wells Fargo Mortgage Loan Modification Expert - Dan North 
This is really a legal matter for an attorney to sort out regarding your mothers mortgage contract so I will suggest that you talk with an attorney who knows real estate.I gather since you have been paying off the mortgage for over three years that you could afford to make the payments.
The Question Is Can You Continue To Make Mortgage Payments?
I assume that the lawyer suggested leaving the mortgage loan in your mothers name because you could not qualify to mortgage the home yourself.This may not be a problem as long as you keep making payments for the life of the loan, but can you afford to make house payments for the number of years left on the mortgage?
You Can Turn Down Wells Fargo's Loan Modification Offers
You do not have to submit a loan modification request even if you are a year behind in payments. You can just tell Wells Fargo no thank you.Being late on one payment in three years is not really a situation. Most likely Wells Fargo can not start the foreclosure process until you fall behind three payments but you would receive some sort of Notice Of Default before Wells Fargo filed for foreclosure. That would be covered in your mother's mortgage contract.
Wells Fargo Will Find Out That Your Mother Is Deceased If You Modify
You will be required to fill out legal documents for the loan modification submission.Once Wells Fargo finds out you inherited ownership, after the bank, they will want you to refinance, assume the loan or sell the house. Again this would be covered in the mortgage loan contract with Wells Fargo.
Loan Modification Is Not An Option While In Your Mother's Name
The only option you have while the mortgage is in your mother name is to make all the payments and at the end of the loan the house will be yours.If you cannot afford to make those payments talk with a real estate attorney on how you have to handle this.
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