Re: Deceased lender

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Posted by John Merchant on June 07, 2009 at 08:51:49:

In Reply to: Deceased lender posted by ryan bui on June 03, 2009 at 21:22:06:

Seems to me you wmight have a title clearing problem when it's time for you to sell the property.

The title co at that time will likely demand you obtain either the deed to, or judgment granting you full and clear title to that property.

You can help yourself by finding deceased's obituary and listed heirs and survivors, so when you do file suit to clear title you'll know who to serve with notice of same.

I think I'd advise you not to make contact with them but try to outwait your state's Statute of Limitations on written agreement before contacting them in any way.

Unless they do sue you within that SOL time period they'll then be barred by the SOL and cannot thereafter sue you.

Some years back I had an interesting experience when buying from an elderly woman who died shortly after my purchase of her house...and she had furnished me with title insurance showing her ownership of the house at the time of her deed to me.

I gave her a tiny bit of cash and a seller's carry-back note and deed of trust plus , but made no more than one or two payments on that note when seller died.

Within a few weeks of her death I got a letter from a lawyer claiming to represent her daughters and legal heirs, demanding I then make my payments on the note to them.

I responded that if and when I received proof of their heirship and legal rights to her note I would commence paying on my note.

I never heard another word from the lawyer or about the matter so likely the "ladies" had no such proof and were simply trying to con me.

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