my grandfather died 8 months ago and left his home in Wisconsin to me though a lawyer to be paid on death. I did not realize I had to contact the bank for anything and thought as long as payments were made timely that it would be okay. I have fallen behind in payments 2 months and can be caught up within a mmonth. I can guarantee timely payments through an auto deduct on my mom's annuity starting in december. Will the bank forclose or want immediate payment of the moortgage balance of 35,000? I plan on going to the local branch in the morning to discuss the situation but am not sure of the consequences.
Sounds like a tough spot. Ordinarily, as long as payments are made, lenders are glad to take the money. With you on the verge of default, it's a different situation. I'd go in with a detailed plan on how you can guarantee payments, perhaps with your mom (or detailed statement from her) if she's providing the money for the payments.