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 whateverroig
Joined: 28 Jul 2007
Posts: 5
3.80 Dollars($)
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 Posted: Sun Aug 05, 2007 8:08 pm Post subject: I do not qualify for a mortgage therefore my husband takes o |
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| I do not qualify for a mortgage right now because my income is to low due to student loans, and I also take out 15% of my salary in a 457 retirement plan, and health insurance. I have good credit no late pay around a 660. He took the mortgages on our primary home and also a secound home, he also had good credit. He has passed away leaving no insurance on these homes. I can pay the home that I live in but no the second home, I will be asking for a forbarence on this 2nd home. Will this affect my credit? I had a lender look at my credit and it does not show that I have a mortgage. I don't understand how they can hold me responsible for a mortgage that I did not qualify for in the first place? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Sun Aug 05, 2007 11:30 pm Post subject: |
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Hello Whateverroig,
When you plan to go for forbearance on your second home, it will actually help to protect your credit by preventing the loan from being reported to the credit agencies as delinquent. Though it will appear on your credit report, but will have no negative impact on your credit score.
But, you must understand that on the death of your husband, all responsibility for the loan payments, by default, will come to you, being the surviving spouse. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Mon Aug 06, 2007 5:28 pm Post subject: |
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I am really sorry to hear about passing away of your husband.
| Quote: | | I will be asking for a forbarence on this 2nd home. Will this affect my credit? |
As you are not on the mortgage your credit will not be affected. But as your husband died and the mortgage was in his name the lender may ask for the mortgage to be paid off.
Is the lender aware that your husband passed away?
What you can do is sell the second house and pay off the lender.
| Quote: | | I don't understand how they can hold me responsible for a mortgage that I did not qualify for in the first place? |
You are not being held responsible for the mortgage but as the houses were kept as collateral for the loans if payments stop, lender would have the right to sell the houses and recover his dues.
| Quote: | | I can pay the home that I live in but no the second home, |
As you are in a position to make payments on the first mortgage, ask the lender about the possibility of it being refinanced in your name.
Miller |
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kim doris
Guest
0.10 Dollars($)
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| Posted: Tue Aug 07, 2007 4:18 pm Post subject: |
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| Quote: | | I can pay the home that I live in but no the second home, |
You can pay for the mortgage on first home but would you be able to qualify if the lender asks for the loan to be refinanced in your name? |
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