- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Inheritance Situation in California: Mortgage and Trust Complications
In the state of California, a challenging situation has arisen for siblings who have inherited a property with a mortgage and trust after the passing of both parents. The siblings, who have been residing in the property, have been quietly shouldering the responsibility of paying the mortgage for several years. However, due to financial constraints and fear of losing the property, the Executor of the trust, one of the siblings, did not inform the mortgage company about her passing at the time.
Despite their efforts in consistently making payments towards the mortgage, the siblings have struggled to stay current and have accrued over $2,000 in late fees, always falling just short of being two months behind. Their financial burden has been further exacerbated by the recent calls from the mortgage company, inquiring about the owner of the property. While the first message went unanswered, a second call today has left the siblings uncertain about how to proceed.
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Was the house in the parent’s name or the name of the trust?
Under the Garn-St German Depository Institutions Act, the lender must allow the next of kin of the lender to assume the mortgage on the same terms without regards to the credit of the next of kin. So as long as you would have been making payments on time, there wouldn’t be a problem assuming the loan.
The fact that there were delinquencies may be an issue though.
>and hope once again they go away.
That’s the worst thing to do and they are definitely not going away. The more you wait the worse it’s going to get. Ideally you should consult an attorney first for guidance.
Garn St Germain probably allows the siblings to retain the mortgage, assuming the trust was set up properly. But being chronically behind on the mortgage is likely to result in foreclosure. The head in the sand approach is unlikely to work.