Legal Question in Wills and Trusts in Ohio

can't sell house

my mother and aunt have inherited a house from their uncle.they are both on S.S.I and have no extra money.uncle took out an equity loan against house.house worth about $70,000.00 and loan owed $17,000.00.cannot sell house because bank has claim against estate.bank will not release claim unless loan is payed in full.cannot pay loan without selling the house.bank will not transfer loan over to mom and aunt.cannot put house in mom and aunts name through probate unless bank agrees to allow them to assume

the loan.mother and aunt cannot get financing for loan.fell we are stuck in limbo with no way out.any help would be greatly appreciated.

Sincerely, Panicked in Petersburg


Asked on 5/17/04, 7:39 pm

1 Answer from Attorneys
Gregg Manes Gregg A. Manes, Esq.

Re: can't sell house

First of all the executor of the estate can sell the house and the bank can be paid through escrow. I appreciate the fact that the bank wants to be paid, but the bank can not change the fact that your uncle passed away. The executor can sell the property and keep the estate open long enough to sell the property

Good Luck!!!

Gregg Manes

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Answered on 5/18/04, 8:24 am


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