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 sia101009
Joined: 10 Oct 2009
Posts: 16
0.84 Dollars($)
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 Posted: Fri Nov 06, 2009 10:48 am Post subject: please help |
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| One of my cousin's husband recently passed away and he had a primary mortgage and a home equity line of credit solely in his name. Since cousin's name is not on the notes, while this is their marital home, can she settle with the bank? If yes, how do she do it? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Sat Nov 07, 2009 5:43 am Post subject: |
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Hi,
Your cousin is not personally responsible for the loan as she is not on the mortgage note. But she has to continue paying the mortgage to keep the primary residence. It does not seem like the lenders will be willing to do settlement for the debts. They are likely to start foreclosure proceedings against the property if the payments are due. If there's some equity in the house, she can sell the property and pay off the loans. |
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Greg Cook
Guest
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| Posted: Sat Nov 07, 2009 10:41 am Post subject: please help |
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Sia, the key here is to whom did the property pass upon the husband's death? Did it pass to your cousin, if so she is the owner of the property and even though she is not obligated to pay the loans, the bank can start foreclosure proceedings to recover the property.
Is your cousin interested in keeping the property? If so, and she is willing to assume the mortgages, the bank will probably work out something with her.
Good Luck! |
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