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    lwhit's Avatar
    lwhit Posts: 1, Reputation: 1
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    #1

    Feb 17, 2019, 08:06 AM
    Missouri Bank of America Foreclosure
    Hello! I have a complicated issue here. My mother passed away in 2006, making my step-father the executor of her estate. As her only heir I inherited the property and house in which I currently reside. The mortgage through Bank of America was in her name only, not co-signed by my step-father. He agreed with me to make the monthly payments indefinitely since I declined any life insurance money or my mother's monthly retirement leaving it all to him. He explained to me that one of his life insurance policies was set up to directly pay off the balance of said mortgage if/when he passed away. I was told his daughter, my step-sister had instructions on how to carry out his final wishes. My step-father passed away in March of last year, (2018). My step-sister cut off communication with me immediately and became the executor of his estate. I was not involved in the probate proceedings.
    Recently I received letters of intent to accelerate, and more recently intent to foreclose on my house if I do not pay the principal loan amount, $30,000 by 2/28/19.
    • My name is on the deed to my house. I have the original copy and a copy of the probate proceedings.
    • Bank of America did not respond to probate court and make a claim on the mortgage they held with my mother in 2006. My step-father simply kept her checking account open and deposited the money for the mortgage payment every month.
    • The mortgage was never in his name, nor mine.
    • I have a copy of the original promissory note
    • My step-father's house (formerly my mother's house) is listed as collateral on the mortgage
    • Bank of America did not even know my mother was deceased when I called them
    • Bank of america has sold the original loan to other lenders (all owned by Bank of America) several times, changing the loan numbers.

    Can anyone tell me what my options might be?
    J_9's Avatar
    J_9 Posts: 40,286, Reputation: 5645
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    #2

    Feb 17, 2019, 08:51 AM
    You can be on the deed, but not the mortgage. You can be named on the mortgage, but not the deed. Whomever is named on the mortgage is the one responsible for the debt.
    talaniman's Avatar
    talaniman Posts: 54,137, Reputation: 10852
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    #3

    Feb 17, 2019, 09:05 AM
    I think you need an estate attorney to gather a lot of documentation to clear up this mess. At least consult one and you may see that the costs are well worth his professional guidance as the risks are huge for you in money and property.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,304, Reputation: 7691
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    #4

    Feb 17, 2019, 09:33 AM
    First while you may take the step dad to court to get paid back for any money he promised to pay in lieu of other payments, that does not take away from the fact that you (or estate) owes the money.

    If a payment arrangement is not made, they will foreclose and take the house.

    So it is simple

    1. You pay the 30,000 or make payment arrangements , if you do not do this, they will take the house.

    2. you can sue the step father, (assuming you have some sort of written agreement) for the money he was suppose to pay on the mortgage.

    You can reflect on the error of not taking the money due you from the estate and merely paying the mortgage then.

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