Four of us have owned home for 10 years. Mom, Dad, myself and domestic partner. Dad was on mtg. We are all on deed as JTWROS. Over past 2 years mom and dad have deceased. Bank was never notified of dads death. Mortgage payments have always been timely and auto paid out of my checking acct. My domestic partner and I want to get pay off mtg loan in its entirety. I am executor of will. I called mtg bank and they informed me I would first need to assume the loan. I just want to send them a mtg payoff check. Can I not just get a payoff figure and send a payment? Thank You.
Real Estate Attorney
You can pay off the mortgage. You should get a written estoppel letter from the bank. This is a letter showing the payoff amount - do not rely on monthly statements from the lender. If you are unclear as to how to do this, you can consult an experienced real estate lawyer in your area.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
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Real Estate Attorney
You may certainly pay off the loan...it is doubtful any lender would refuse a payment. How to get an accurate payoff amount seems to be the real problem as you expressed it in your question. Apparently the lender is reluctant to give you information on the loan because you are not the borrower. You may be able to get around that... For example, does the lender send a monthly statement showing the principal balance? Or at least an end-of-year statement showing the principal balance? If so, you can calculate the approximate payoff yourself. If you overpay the balance, the lender would have to refund the difference. However, since your father was the borrower, the lender would refund any overpayment to your deceased father. You would be unable to negotiate an instrument payable to your father. To me, a more glaring issue is clearing up the title to the property by removing your deceased parents' names. Have you, or to you plan to, administer your parents' estates? If the deed does name you all as joint tenants with right of survivorship, it would be a simple matter to clear up the title. Thus, in answer to your specific question, i.e. can you "get a payoff figure and send a payment," you can certainly send a payment. Indeed, you have been sending payments. And you most likely can calculate an approximate payoff amount yourself to ensure your payment covers the balance, plus accrued interest, in order to completely pay off the loan. But I recommend you consult with an attorney to clear up the title. If you administer the estate you will receive letters of administration naming you the personal representative. Most likely the lender would not hesitate to quote a payoff if you were officially named the PR.
Estate Planning Attorney
Since your father was the only one on the Note, the debt becomes part of his estate. The Bank, as creditor, should have been notified of his death so that they could request the payoff of the amount owed before the estate proceeds were distributed. As executor, that is your responsibility. You must also notify ALL of your dad/mom's creditors of their demise and pay off the valid creditors and any outstanding taxes before any distributions of the estate are made to the heirs. As executor, you can also request a payoff amount for the mortgage and then issue a check to pay it off. Did you file the will with the court after your parents' deaths? You should consult with a local wills and trusts attorney to review the current estate and to advise you how to proceed with the mortgage company.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : email@example.com : Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.
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