garyishler
Junior Member
Pennsylvania
My grandmother passed away in November of 2013. She left everything to my mother (of her three children). Her home was left with a mortgage of approximately $59,000 to OCWEN of Florida. She left with a great deal of medical expenses, and received help financially from our government with her mortgage. I'm trying to give any details which may affect the outcome here; my apologies if I'm being too thorough. Our lawyer informed my mother (executor of the will), in the presence of both my brother and uncle, that she would not be able to assume the mortgage and that we would have to sell the home in order to cover my grandmother's expenses to OCWEN, the lawyer, and her outstanding bills. After showing the home to several prospective buyers, the latest has informed us that his understanding is my mother (or any child) can assume the mortgage and occupy the house, so long as the bank is notified properly. He seems to believe that this can still happen, even after no one has paid on the mortgage in nearly a year. I lightly investigated this, and discovered the Garn-St. Germain Depository Institutions Act of 1982 which seems to confirm his assumption. Is the lawyer just trying to get her chunk of the profit from the sale of the home?
I'm inquiring as to whether there are any possible facets of this situation that would prevent my mother from paying my grandmothers back-mortgage, paying up on the remainder of her home's bills, and occupying the house. ANY info is SO MUCH appreciated, as this home is where we grew up, and we have great personal investment into it.
Thank you in advance.
My grandmother passed away in November of 2013. She left everything to my mother (of her three children). Her home was left with a mortgage of approximately $59,000 to OCWEN of Florida. She left with a great deal of medical expenses, and received help financially from our government with her mortgage. I'm trying to give any details which may affect the outcome here; my apologies if I'm being too thorough. Our lawyer informed my mother (executor of the will), in the presence of both my brother and uncle, that she would not be able to assume the mortgage and that we would have to sell the home in order to cover my grandmother's expenses to OCWEN, the lawyer, and her outstanding bills. After showing the home to several prospective buyers, the latest has informed us that his understanding is my mother (or any child) can assume the mortgage and occupy the house, so long as the bank is notified properly. He seems to believe that this can still happen, even after no one has paid on the mortgage in nearly a year. I lightly investigated this, and discovered the Garn-St. Germain Depository Institutions Act of 1982 which seems to confirm his assumption. Is the lawyer just trying to get her chunk of the profit from the sale of the home?
I'm inquiring as to whether there are any possible facets of this situation that would prevent my mother from paying my grandmothers back-mortgage, paying up on the remainder of her home's bills, and occupying the house. ANY info is SO MUCH appreciated, as this home is where we grew up, and we have great personal investment into it.
Thank you in advance.