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Inherited a house and equity loan?

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  #1  
Old 02-08-2012, 01:37 PM
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Default Inherited a house and equity loan?
My wife and I inherited her grandparents house. Well, we live in it and we are remodeling it. She grew up in this house and wants to stay. I like it as well. Anyway, on to my question. We both have bad credit and we are starting to repair it. The house is under our name now legally. Her grandpartents had a home equity loan when they passed, so have we been correct in continuing to pay it?
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Old 02-08-2012, 04:01 PM
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Yes, because if you don't continue to pay it the lender will foreclose on it.
Even though the HELOC is under her grandparents name, the lien for it (mortgage) is on the property. If the payments stop, then the lender will foreclose.

Do you have a copy of the note and mortgage? If not, make sure to find one so you have an accurate idea of what your obligations are for the property.

Congratulations on your good fortune of being able to inherit a house you both love.
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Old 02-09-2012, 06:38 AM
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Thank you, I was just making sure we were handling this correctly.
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Old 02-09-2012, 07:33 AM
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I'd spend a few bucks to get a title report just so you know what is going on with the property.
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Old 02-09-2012, 08:18 AM
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Yes, definitely keep making the payments. Then once it is paid off you will have the house free and clear. How wonderful for you both.Good luck!
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Old 02-09-2012, 01:59 PM
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Originally Posted by 1stStep View Post
I'd spend a few bucks to get a title report just so you know what is going on with the property.
+1 Excellent point.
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Old 02-09-2012, 09:25 PM
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Arrow In this case I think the respa letter might do some good
as you inherited the loan you should find out all the things about it because they may try to add stuff later and then say you are late paying on it.

Methuss has the best respa letter.
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Old 03-14-2012, 12:14 PM
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So, I just basically copy and paste this and send it to the bank? Her aunt is the exacutrix of the estate. So, I would have to get her to ask for it. Can doing this actually hurt us in any way?
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Old 03-14-2012, 07:09 PM
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Arrow In this case I think they would understand
You may catch the mortgage company with incomplete records. This letter is important because how do you know it isn't already paid off and the mortgage company hasn't removed their lien.

I think your aunt has standinging under RESPA to send this but If she has disbursed it to you, you may have to send it.
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