---

Responsibility of loan payment after a spouse passes

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
whateverroig Joined: 28 Jul 2007 Posts: 5 4.44 Dollars($)	Posted: Thu Aug 02, 2007 2:37 am    Post subject: Responsibility of loan payment after a spouse passes Like 0 Dislike 0 My husband passed away 3 week ago and we have 3 mortgages I will not be able to pay for all 3 I am not on any of the loans. I do not want my credit to be affected by this. Is there anything that I can do. I will be able to keep one house. Should I refinance the home in my name or should I quit claim my name off the title. Again I am not on the loan
Ryan Guest	Posted: Thu Aug 02, 2007 3:10 am    Post subject: Like 0 Dislike 0 How many houses are involved in the mortgage transactions? Quitclaim won't relieve you from the loan payment. And, yes you can refinance but isn't the balance too high because you're handling so many loans together? I guess the only way is to sell your home and pay off the loans and then stay in a rented property.
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Thu Aug 02, 2007 3:51 am    Post subject: Like 0 Dislike 0 Hi Whateverroig, After the death of your spouse, you may have to pay for the loans in case there is no one to take over the responsibility of payment. You have mentioned that you will be able to make payments for one loan. But can you please tell if the three loans are taken against three different houses or not? If the loans are on different houses, then it would be advisable to quitclaim them to some other person. But, in that case, you will have to inform the lender.
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Thu Aug 02, 2007 4:41 pm    Post subject: Like 0 Dislike 0 Quote: My husband passed away 3 week ago and we have 3 mortgages I will not be able to pay for all 3 I am not on any of the loans. I do not want my credit to be affected by this. Is there anything that I can do. I will be able to keep one house. Should I refinance the home in my name or should I quit claim my name off the title. Again I am not on the loan Sorry to hear about your husband's death. If the 3 mortgages are on the same house than check to know what its present value is. And please also tell us the balance left on all the 3 mortgages. If you find that there is enough equity in the house by which all the mortgages can be paid off then try to sell the house and pay them off. Miller
whatever Guest	Posted: Sat Aug 04, 2007 9:02 pm    Post subject: not on the mortgage Like 0 Dislike 0 I am on the title of 3 different home mortgages. I could not qualify for a mortgage. I can continue to pay for one house payment but not for 3 houses which are rented but do not cover mortge payments.. Please help
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Mon Aug 06, 2007 3:31 am    Post subject: Like 0 Dislike 0 Hi Whatever, You can go for forbearance on your second home as I've already mentioned in: http://www.mortgagefit.com/know-how/forbearance-affectcredit.html Moreover in this situation, you can consolidate all your payments by taking a debt consolidation mortgage. With this type of loan, you can pay off all the deficit amount with a reduced interest rate. It also lowers the payment into a single payable amount. To know more on debt consolidation mortgage and its benefit, you may refer to: http://www.mortgagefit.com/debt-consolidation.html

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