San Diego, CA · Member since 2021 · 13 posts · 4 votes
Hello, Bigger pockets.
Just looking for some advice for a property in the estate of my deceased grandmothers name. It’s a long complicated story but ultimately I’m looking for someone in the El Paso, TX area that can help me put my deceased grandmothers loan in my name. My mother has managed to put the deed in her name but we are having issues with Wells Fargo on refinancing the loan out of my grandmothers name. If anyone has recommendations for a lawyer in EL Paso that can help please let me know.
Just looking for some advice for a property in the estate of my deceased grandmothers name. It’s a long complicated story but ultimately I’m looking for someone in the El Paso, TX area that can help me put my deceased grandmothers loan in my name. My mother has managed to put the deed in her name but we are having issues with Wells Fargo on refinancing the loan out of my grandmothers name. If anyone has recommendations for a lawyer in EL Paso that can help please let me know.
It's unlikely the bank will put the loan in your name. The loan will most likely have to be paid off. There are all sorts of issues with titles when one is simply "put into someone's name". Did the property go through probate properly? Talk to a title company and see if the property properly vested to your mother. You may have to clear that up before anyone will lend on the property.
If the title is properly in your mother's name, your mother can talk to various banks about financing. It's better though to talk to a mortgage broker (not a bank) in your area. They have a lot more flexibility.
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
5y
Is there probate? If you had not notified lender you maybe could have just paid existing loan for a while.
Mom changed deed into her name, did she use or get title insurance? Anyone can go record a deed, it doesn't mean it was done legally. Who is the new borrower for the loan who rightly owns the property? You need an experienced mortgage banker who works with a Title Officer to get the title cleaned up. Sorry but I don't think a new person at Wells Fargo is going to have the deep dive knowledge you need. You may need to go to court with the will, death certificate, and more to clean up the title. Then you need a borrower or borrowers who have good credit, good income that shows, and the ability to follow through daily. The title work may not require an attorney at all and that pathway is going to cost thousands of dollars (typically they want $5000 upfront then hourly). If Grandma had no unpaid debts, no Medicaid bills, and a clean will you may be able to avoid probate and muniment title.