Legal Question in Real Estate Law in Minnesota

Assuming a home loan - Bank of America - Minnesota

This question concerns a deceased spouse legal right to assume a home loan. With Bank of America in Minnesota.

My father who passed away last April was listed together with his wife / my mother on thehome mortgage, deed, certificate of title of their home.

However, my father�s name only appears on the � note�

My mother who has lived in the house for almost 20 years is now facing Foreclosure because, Bank of America will not allow her to assume the �note� even though she�s listed on the mortgage, DEED , certificate of title and was married to the �note� holder at the time of his death.

Does she have a legal right to that note

The mortgage is defined by Bank of America as a B/C fixed and was taken out in 2006


Asked on 3/22/11, 7:13 am

1 Answer from Attorneys
Sam Calvert Calvert Law Office

The Garn/St. Germain act (The Garn St. Germain Depository Institutions Act of 1982, (U.S.C.) 1701j-3(d)(8).[5]) should keep the bank from calling the note due.

She needs to stay current on the terms of the note and mortgage however,

I don't know why she would want to "assume" anything.

If your mother did not sign the mortgage (as opposed to the note) the mortgage may be void.

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Answered on 3/22/11, 9:08 am


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