If you’re looking to gain access to the borrower’s mortgage account due to a recent transfer of property, our team is here to help. There are a variety of reasons why the property could have been transferred to you—and knowing this reason will help us identify the type of relationship you have to the borrower’s property.
This article provides a breakdown of the different types of relationships you may have with the property based on specific criteria. Please read the criteria thoroughly. Once you’ve determined your relationship to the property, you can fill out the corresponding application, gain access to the account, and continue to make payments toward the loan.
Understand Your Relationship
Successor in Interest
Ownership of the property was transferred to you and you now appear on the deed. This transfer of property could have been a result of:
- The death of a co-owner of the property
- The death of a relative
A successor in interest has the same power as the borrower of the loan—they can access the account, make payments, and receive all communications about the loan. In addition, they’re able to do all of this without being subject to collections communications or any negative credit reporting implications. Becoming a successor in interest is often confused with assuming the loan—which would make an individual subject to collections communications and negative credit reporting if they are unable to make payments.
Executor of Estate
An executor of estate is someone who is responsible for managing an individual’s estate and assets. An estate includes all land and real estate, possessions, financial securities, cash, and any other assets or debts of an individual. An executor of estate has the same power as the borrower of the loan—which means they can access the account, make payments, and receive all communications about the loan. An executor of estate can do all these things without being subject to collections communications or any negative credit reporting implications. You might be an executor of estate as a result of:
- The death of the borrower
- The borrower naming you an executor in their will
Successor Trustee
A successor trustee is an individual who has taken over the management of a trust, which includes any property that falls within the trust. You were either appointed as a trustee before the death of the grantor or have inherited the title after death. A successor trustee has the same power as the borrower of the loan—they can access the account, make payments, and receive all communications about the loan. A successor trustee can do all these things without being subject to collections communications or any negative credit reporting implications. You might be a successor trustee as a result of:
- The death of the borrower/grantor of the trust
Final Steps
Once you’ve determined your relationship to the property, you can download the appropriate application so that we can verify your access to the account. Instructions on how and where to submit the application are outlined in each packet:
As always, we’re available by phone toll-free at 855-218-3690 (Monday–Friday, 9AM–8PM ET) and by email at support@valon.com.
FAQ
What happens if I don’t make mortgage payments once I gain access to the account?
Since you aren’t personally liable, your credit won’t be impacted. Although we do encourage you to make payments so you don’t risk foreclosure on the property.
Is there a fee for applying to gain access to the account?
No.
Can I gain access to the account even if I’m not a relative?
Yes, we will look at the information you provide in one of the three applications and review so you can continue to make payments.
Do I need to assume the loan in order to continue living in the home and/or making payments on the mortgage?
No, you do not need to assume the loan if any of the above situations are true. You have all of the same benefits you would have if assuming the loan—without taking on the personal liability.