Legal Question in Real Estate Law in New Jersey
Name on mortgage but no name on the DEED bank intent to foreclose?
This sound complicated. In 1996 Mom & I refi w/ Fairbanks she was the primary & I was secondary on the loan. When we refi paid extra to put my name on the deed. My mom passed away in 1999.In 2003 I received a pre approved letter for loan from Bank of America so I called them & applied for NO DOC loan. The loan was approved.
In 2005 I suffered a heart attack & became medically disable I was making payments till recently. I am 6/7months late on my mortgage. The bank sent me intent to foreclose. I can't negotiate the loan because my name in not on the DEED. Can the Bank foreclose on the property even though my name is not on the DEED but name on the Mortgage? Thank you .
2 Answers from Attorneys
Re: Name on mortgage but no name on the DEED bank intent to foreclose?
Yes, they can foreclose. You do not indicate if your Mom left a Will naming you as beneficiary. If she did, and it was probated, that serves to put ownership in your name. If you are Executrix you can also do a Deed into your name. If no Will, has anyone been appointed Administrator of her Estate?
You should see a lawyer to straighten this out and possibly recast your loan.
Re: Name on mortgage but no name on the DEED bank intent to foreclose?
You should seek the assistance of an attorney right away. If the true owner(s) of the property did not sign the mortgage, then the lender cannot foreclose. However, you may very well be the owner depending on how your mother's estate was handled. It is somewhat inconsistent that the lender recognizes you as the owner for mortgage purposes but not to discuss the loan with you. If you are the borrower, they should be discussing this with you regardless. In any event, you should speak with an attorney right away to discuss any defenses to the foreclosure or to discuss your options to reinstate the loan and to cure the arrears. I routinely handle these types of matters if you are interested.
Note: Due to the limitations of the LawGuru Forums, the response to questions posted does not constitute legal advice or legal representation of the person posting a question. The information provided is general. The poster should obtain specific legal advice from an attorney, and should not rely upon the response as the basis for making any decisions of legal consequence.
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