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#2200782 - 12/14/18 07:02 PM SSI, death of primary
GrBo1006 Offline
100 Club
Joined: Apr 2013
Posts: 106
This is just an odd situation, but do we have to grant the SSI the property? Borrower dies, non-borrowing spouse (after origination) is in jail and has no plans for release. The loan is 4 months past due and has sustained major property damage. What would you do?

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#2200801 - 12/14/18 07:42 PM Re: SSI, death of primary GrBo1006
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
If the loan is more than 120 days past due, start foreclosure, unless there is contact with the spouse and she wants to make arrangements to bring the loan current and assume the loan. Have you been in touch with the executor? Who says the house is going to pass to the wife?
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#2200804 - 12/14/18 07:50 PM Re: SSI, death of primary GrBo1006
GrBo1006 Offline
100 Club
Joined: Apr 2013
Posts: 106
She is the executor on the will. In two months the house would be hers. Board is concerned about reputational damage, which at this point I am not. I referred the concerns to legal counsel.

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