Successor in Interest
Successors in Interest have certain rights and are eligible for certain loan benefits and protections. NBT Bank is here to help you determine if you are eligible for Successor in Interest status.
What is a Successor in Interest?
A Successor in Interest is a party, other than the original mortgage borrower, who has an ownership interest in the property that serves as collateral for a mortgage obligation. A Successor in Interest usually occurs when an heir is bequeathed property that is subject to a mortgage. Circumstances that may lead to you becoming a Successor in Interest include:
- Death of a relative or owner of the property
- Transfer of property from a spouse or parent
- Divorce or separation
- Creation of a living trust in which the borrower is and remains a beneficiary
What may a potential Successor in Interest request?
- Notices of error
- Information requests
- Payoff statements
If Successor in Interest status is requested, NBT Bank will make certain inquiries and request documentation to confirm Successor in Interest status.
What benefits and rights do confirmed Successors in Interest receive?
- Copy of mortgage billing statements
- Escrow account information
- Notification of mortgage servicing transfers
- Eligible for loss mitigation