As the executor of my uncles will (we'll call him Don), I have run into a situation I am unsure of how to act upon.
Don stipulated in his will that his widow (we'll call Deb), could remain in his home, Don was the only one on the Deed, until she remarried or attempted to move another male into the home. Should this occurr the home was to revert to his daughter (call her sue).
It has recently come to my attention that Deb has since 1997 taken out three (3) seperate loans, utilizing the home as collateral, totaling over $90,000. One loan in the amount of $32,000 has been repaid however the others remain unpaid to the best of mine and Sue's knowledge.
Deb has since vacated the home and recently contacted Sue and told her she could have the home as long as she repaid the loan. I have been unable to locate Deb since she moved and nobody involed knows of her where abouts.
We are unsure if the insurance is current or the property tax and are concerened if the loan isn't being paid the home would be foreclosed on.
My question's are, (1 Is not a fraud situation occurring since she was not on the deed, (2 can the lending institution be held liable for their part of giving the loan, (3 is sue liable for any actions in this situation?
I most likely will need to hire an attorney in White County, TN. to help in resolving this situation and would appreciate any recommendations.
Time is of the essence and all replys are welcome.
My best regards!
"S"
Don stipulated in his will that his widow (we'll call Deb), could remain in his home, Don was the only one on the Deed, until she remarried or attempted to move another male into the home. Should this occurr the home was to revert to his daughter (call her sue).
It has recently come to my attention that Deb has since 1997 taken out three (3) seperate loans, utilizing the home as collateral, totaling over $90,000. One loan in the amount of $32,000 has been repaid however the others remain unpaid to the best of mine and Sue's knowledge.
Deb has since vacated the home and recently contacted Sue and told her she could have the home as long as she repaid the loan. I have been unable to locate Deb since she moved and nobody involed knows of her where abouts.
We are unsure if the insurance is current or the property tax and are concerened if the loan isn't being paid the home would be foreclosed on.
My question's are, (1 Is not a fraud situation occurring since she was not on the deed, (2 can the lending institution be held liable for their part of giving the loan, (3 is sue liable for any actions in this situation?
I most likely will need to hire an attorney in White County, TN. to help in resolving this situation and would appreciate any recommendations.
Time is of the essence and all replys are welcome.
My best regards!
"S"
