My father died and left me the house in the Will. I am perfectly willing to take over the mortgage with no argument, and have actually made three payments since his death. We haven't had the Will probated yet, and the house and morgtage is still in his name. Someone told me that the bank will immediately foreclose on the house and lock me out. Is this true?
We are not trying to pull a scam or do anything illegal, we just aren't ready to probate the Will yet, and now I'm terrified to go to the bank and ask questions on how to transfer the house to my name and possibly keep the morgtage going, or how to transfer the morgtage to my name if possible. Please help with some educated answers.
Lack of communication can create many more problems than honest discussions. While it's probably wise to get going on having your father's Will probated, don't forget that bankers have families, too, and they are very likely to understand your circumstances.
Don't take your advice from friends and neighbors who don't know the business, getting yourself worked up needlessly. Do yourself a favor, and call the bank for an appointment to sit down and discuss the situation. You'll find the banker is reasonable, understanding, and above all, not the least anxious to add your dad's house to the already growing list of problem mortgages. The banker will appreciate your candor and communication, and will probably offer to help in any way possible to make things go smoothly.
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Lack of communication can create many more problems than honest discussions. While it's probably wise to get going on having your father's Will probated, don't forget that bankers have families, too, and they are very likely to understand your circumstances.