Mortgage and Home Equity Lines of Credit
We’re very sorry for your loss and understand this may be a difficult time for you. You may have questions about handling existing mortgage affairs. Maybe you aren’t sure where to start or what questions to ask. You have options and we’re committed to helping you complete your request as quickly and easily as possible.
Determine who takes over the home
If there was a co-borrower for the mortgage loan, that person will remain on the account and will remain the responsible party for making the mortgage loan payments.
If no borrower for the original mortgage remains, an appointed fiduciary or personal representative can oversee the estate and will have access to loan information. There could also be a trust set up where the named successor trustee can oversee the trust. You’ll want to start with collecting any pre-existing documents related to interest in the property, such as a trust agreement, appointment of executor of estate, will or deed to the property.
Once you’ve established who will manage the affairs, you’ll want to decide what’s next. You may need to get basic loan information, make payments or even sell the property. We can help guide you through the steps to achieve your needs.
If there is more than one customer on the account, the remaining customer may remove the deceased customer’s name from all loan correspondence.
Once ownership interest in the property has been verified, the successor in interest will be authorized to receive information about the loan and make payments.
Once there is an executor, administrator or personal representative for the estate, that court-appointed person will be authorized to receive information about the loan and make payments.
Once the living trust is verified, the successor trustee listed on the trust agreement can be authorized to receive information about the loan and make payments.