I need to ask for some advice about a mortgage problem my aunt is having. First of all, she is disabled and living on a fixed income. She and her mother (my grandmother) own a house in Los Angeles, CA. My grandmother died 2 years ago. Both names were on the title, and it was assumed that the title would simply transfer to my aunt, without having to file any paperwork. We have recently learned that assumption was incorrect and that she should have filed the paperwork for Prop 58 in order for taxes to not be reassessed. Taxes were reassessed to current market value (actually, it is a bit higher, since it was reassessed for the time period when prices were at it’s highest!)
Here’s the problem: My aunt has the mortgage through Wells Fargo. They paid the newly assessed property taxes (which came up to more than $ 12K), and have adjusted her new mortgage payment accordingly. They have denied her application to modify her loan, even though we have already filed the paperwork with the assessor’s office and are just waiting for the taxes to be reverted back to what it was before. The assessor’s office said that the way things are going with the economy, it might not get paid back until next year. Wells Fargo is already trying to start short sale proceedings. We don’t know what to do. She will lose the house at this rate, simply for not realizing she was supposed to file something at the time of her mother’s death. Wells Fargo sees that the house is worth far more than the mortgage she owes, and is trying to get the house any way they can. Please let me know if there is anything we can do to keep the house.
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LikeDislikea; get 2 jobs
b; find a PT investor to buy PART of the house
c; put a small biz in the house
d; begin calling the bank many times a day to become a headache
e; or the opposite of d, call and talk to a supervisor
f; call a local tv news dept and seek their help as an intermediary!
luck! [born in LA county]
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LikeDislikeIf the house is worth much more than what she owes, she could go to her own bank, or to any local bank, and ask for a line of credit. Her house will serve as collateral. That way she can pay wells fargo the $ 12,000 back, and when she gets her tax check back, she can repay the bank.
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LikeDislikeHow could she (or you, or someone) not realize that your grandmother’s will had to be probated in order to settle her estate and transfer grandma’s property (or share of property) to her rightful heirs? Nothing is automatic. Such transfers generally have to go through Probate Court.
Should have gotten a proper attorney immediately upon grandma’s death to handle probating the will, distributing the property and all. Now your failure is going to cost you all a great deal.
You absolutely must hire an attorney immediately to sort out this mess, arrange probate, legally transfer the property, take care of the title and tax issues, etc. You now have created a hydra-headed monster. It is going to cost you more than what it would have cost if you had done things properly from the beginning. But it is now a matter of hire an attorney or lose the house – and probably a great deal more trouble on top of all that.
Get an attorney. NOW!
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