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#2202468 - 01/09/19 06:59 PM Successor in Interest
clinds Offline
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Joined: Sep 2017
Posts: 64
We have a loan in which both borrowers are deceased. We were contacted by an individual who does not want to provide any of the SII document to confirm but stated the borrowers had a will but nobody wants anything to do with the property. They are wanting to turn the property over to the bank. Can we move forward since we do not have a confirmed SII?

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#2202469 - 01/09/19 07:05 PM Re: Successor in Interest clinds
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,576
Galveston, TX
contacted by an individual

Unless this individual was the executor of the estate, why would you pay any attention to them. Why would they not just sell the property? The executor, under their fiduciary duty, could not just let it go into foreclosure if there were other assets in the estate or if there was equity in the property. Contact your legal counsel.
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#2202473 - 01/09/19 07:31 PM Re: Successor in Interest rlcarey
clinds Offline
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Joined: Sep 2017
Posts: 64
The individual is the executor of the estate.

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#2202521 - 01/09/19 10:40 PM Re: Successor in Interest clinds
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,408
Cape Cod
And I'll repeat -- contact legal counsel. If the property is trash(ed), you may not want to foreclose, but the executor of the estate may not want to do anything about it. Legal counsel will be able to tell you if there are city ordinances that make the bank responsible for maintaining the property, etc. You need to know what your options are, and counsel is where you find out.
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