---

What happens to a FHA loan house on death?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
mmichael829ag Joined: 15 Nov 2009 Posts: 1 1.00 Dollars($)	Posted: Sun Nov 15, 2009 6:11 pm    Post subject: What happens to a FHA loan house on death? Like 0 Dislike 0 What happens when a home owner with a FHA mortgage dies? He recently refinanced and owes more than the house is worth? Will the FHA take the house? He is not quite dead yet, but is dying and not able to research himself. He lives in the home in Colorado.
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Sun Nov 15, 2009 8:15 pm    Post subject: Like 0 Dislike 0 Hi mmichael! Welcome to forums! If the mortgage payments are delinquent, then the lender would definitely foreclose the property to recover the dues. After his death, if his heirs pay off the dues, then the lender will not foreclose it. In case, if making the payments have become impossible for the borrower, then it's better to sell off the property. The borrower can contact the lender for a deed in lieu of foreclosure and sell off the property. Though his credit will get lowered by 250 points, he won't be responsible for paying the deficient amount. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Sun Nov 15, 2009 9:32 pm    Post subject: Like 0 Dislike 0 i suspect a dying man wouldn't be too concerned about a 250 point drop in credit score. the first part of your post, sussane, made some sense. if there are any heirs, they can, if they choose, pick up on payments. then again, if they don't care, it's not like the lender can ask them for the payments. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
virginia fraley Guest	Posted: Wed Mar 09, 2011 3:28 pm    Post subject: fha house loan when someone dies Like 0 Dislike 0 my mamaw'S HOUSE IS ALMOST pAYED OFF AND SHE JUST PASSED AWAY. Can we pay the remainder of her loan off with our own money or do we have to refinance the loan with FHA?
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Wed Mar 09, 2011 10:15 pm    Post subject: Like 0 Dislike 0 Welcome virginia, You can off the rest of the loan in full and get the property transferred in your name. However, if you cannot pay off the mortgage in full, then you'll have to refinance the loan and convert it in your name. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0