My question involves estate proceedings in the state of: CA
Before my mother passed away on Oct 21, we set up a revocable trust with my mother as grantor and trustee, and myself as successor trustee; I am her son. Title to the condo is held in the trust. There is a mortgage that is in the personal name of my mother, and she is now deceased. My brother and I live in the condo, and we want to continue living here for 6 to 9 months before we sell the condo (there is a 3rd sibling who lives elsewhere and she agrees with the plan). Between the three of us, we have the funds to pay the small monthly mortgage payment which is less than paying rent. The mortgage is paid by automatic debit from her checking account (also trust property). Question: How do we notify the mortgage bank of the death of the mortgagor, and our intention to continue paying the mortgage until the condo is sold 6-9 months from now? We don't want the bank to call the loan, obviously. I don't know how to proceed on this one. Thank you.
Before my mother passed away on Oct 21, we set up a revocable trust with my mother as grantor and trustee, and myself as successor trustee; I am her son. Title to the condo is held in the trust. There is a mortgage that is in the personal name of my mother, and she is now deceased. My brother and I live in the condo, and we want to continue living here for 6 to 9 months before we sell the condo (there is a 3rd sibling who lives elsewhere and she agrees with the plan). Between the three of us, we have the funds to pay the small monthly mortgage payment which is less than paying rent. The mortgage is paid by automatic debit from her checking account (also trust property). Question: How do we notify the mortgage bank of the death of the mortgagor, and our intention to continue paying the mortgage until the condo is sold 6-9 months from now? We don't want the bank to call the loan, obviously. I don't know how to proceed on this one. Thank you.
Trust Administration: How to Notify the Mortgage Bank of Death of Trustor
0 commentaires:
Enregistrer un commentaire