does the bank have any legal recourse if the title to the property is transfered in to my brothers and I names.

Get Legal Help Today

 Secured with SHA-256 Encryption

does the bank have any legal recourse if the title to the property is transfered in to my brothers and I names.

In 2007 my father past away. The home he lived in he refinanced to consolidate bills and he used the house for collateral. The home along with his personal property was left to us (my brothers and I) in his will. The bank had begun forclosure on the home but has recently dismissed the case. If my brothers and I transfer title of the house to our names does the bank that holds the loan have any legal recourse against us. I know the bank cannot require us to pay the loan, because we did not sign the promissary note just my dad. But can the bank sue my brothers and I for the house.

Asked on May 22, 2009 under Real Estate Law, Ohio

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Unless there are additional facts that you haven't included, it sounds to me as if the bank still has the mortgage lien on the property, even if they have dismissed the foreclosure action.  It is possible that they have dismissed the foreclosure action only for procedural reasons -- so that they can start over with a new one, that names you and your brothers as well, because ordinarily a foreclosure has to be done on notice to everyone with an interest in the property, which didn't include you until your father passed.

You should probably talk to a real estate lawyer about this situation -- and that probably will become certainly, of course, if a new foreclosure case is filed.  One place to look for an attorney is our website, http://attorneypages.com


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption