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You might get lucky, maybe the bank made him get loan insurance and it will be paid off with that.
Well I can only help you with what you would do if you lived in Ontario:) Hopefully it's somewhat similar and you can go from there.
I would find a good real estate lawyer who represents you and would be able to guide you in how to get the information. Here in Ontario many professions have access to loan information, not just the bank that holds the loan. However, lawyers will also not release information to just anyone, information can only be released to certain parties.
You should be able to go to the county deed clerk and get a copy of the loan docs...public record. You should also be able to search there for liens against the property too. And you can get tax records thru the county tax accessor office. If you have access to the home, hire an independent appraiser to get some idea of the property's current value.
And...whoever is executor of his estate can provide his bank proof of executorship, and they should be able to tell you info on the loans status. Hope my banker knowledge helps ;)
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Long story short, my brother passed away and he didn't have a will. According to TX law, his estate is to be split between us 3 remaining siblings. My other brother and sister do not want the property, but I want(ed?) to try to salvage the home. I say salvage because he was a hoarder (of cats and items.) We have been cleaning the home out and it's clear that repairs are needed, but the house seems structurally sound. It's not a pretty sight, but not as bad as the hoarder homes on the TV shows.
He took a loan out against the home in 2007, a 20 year, $40k loan. I cannot find any info out about this loan until I go through probate and legally become the responsible party for his estate. I don't know if this is something that I want to take on because I don't know the status of the loan, and if I want to keep the home we would have to refi and take out a larger amount to cover repairs. I wouldn't mind doing this if I had a head's up on the amount, but the bank is being tight lipped at the moment.I cannot find any paperwork about the house at all. He didn't have a computer so I don't believe there were email statements or anything, so this concerns me. I have no info to go off of.
Is there any way that anyone knows of that I can get this info before I take the responsibility for it? Or just because I get the estate, do I automatically become financially responsible for the home even if I decide I don't want it? If these questions seem stupid, I'm sorry, I have no clue what's going on. I have spoken to a probate attorney already, but she can't say anything for the bank, and the bank isn't saying anything. I'm in a spot. Either take it or not. It could work out well, or it could equal massive debt that FI and I are not equipped to handle.