If I own the land that a modular sits on and the bank does not want to let me assume the loan, can I tell them that they have to remove it from my property?

UPDATED: Oct 7, 2011

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If I own the land that a modular sits on and the bank does not want to let me assume the loan, can I tell them that they have to remove it from my property?

My dad recently passed away and although my name is on the house deed and I was named executor of the estate. My name was not on the home loan. Now I’m having problems with the bank to let me assume the loan. The property the house is on was paid for and is in my name.

Asked on October 7, 2011 under Real Estate Law, California


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you are on legal title to a modular home that has a loan secured by a mortgage (trust deed) soley on the modular home but not upon the land that it sits on and the lender refuses to let you assume the loan on the modular home post passing of your father who presumably obtained the loan, you have the following options:

1. continue paying on the loan on behalf of your deceased father;

2. refinance the loan since the bank refuses to have you assume the loan;

3. sell the modular home and see if its sales price exceeds the amount of the loan;

4. make no payments on the modular home and let the lender foreclose upon it.

However, since your father recently passed away, most likely his estate will have to be probated. If so, the executor of his estate has the obligation to safeguard all assets of your father's estate for its beneficiaries.

I recommend that you consult with a real estate attorney experienced in wills and trusts about your situation.

Good luck.

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