Successor In Interest

6 Replies

Is anyone familiar with Colorado real estate law in the field of inheritance? 

My mother past away a little over a year ago and left her house to me with a mortgage still on the home.

I have been reading about successor in interest and from what I understand it gives me all the rights to the mortgage as my mother had without the loan being in my name or on my credit. 

And there is the Garn-St. Germain Depository Institutions Act of 1982. From my understanding it stops the bank from being able to enforce the due on sale clause. 

Am I understanding these correctly? As long as I keep making the payments there is nothing the bank can do to force me into anything? Can I rent the house without any issues? Do I have to wait a year from the time I enact the successor in interest to rent the house? 

@Shawn G Hope - I just went through this in Arvada with my father-in-law.  Suffice to say, there are a lot of moving parts and it would definitely be advisable to speak to an estate/probate attorney - assuming you are planning on that.  Sorry I can't address your specific question.

Originally posted by @Don Nelson :

@Shawn G Hope - I just went through this in Arvada with my father-in-law.  Suffice to say, there are a lot of moving parts and it would definitely be advisable to speak to an estate/probate attorney - assuming you are planning on that.  Sorry I can't address your specific question.

Hopefully it won't come to that but I may need to. Hopefully all is well with your house and family. 

Originally posted by @Wayne Brooks :

Yes, you are right. You won’t have to occupy.
Are you getting some kind of resistance from the lender? They go through this every day.

I haven't started the process and the original information I got on the successor in interest was from the lenders website. I have been on the fence of contacting the lender and/or starting the probate process.