Posted on: 17th Dec, 2008 01:46 pm
Our mortgage is solely in my name and right now because of the housing meltdown, I owe more than the house is worth. If I died would my wife be legally responsible for the remaining balance on the mortgage? Or could she just walk away from it.
If both of them are on the mortgage then both spouses are equally responsible
but you can always contact the lender to see if there is a way to modify the mortgage due to something like this
but you can always contact the lender to see if there is a way to modify the mortgage due to something like this
hi hufnnc,
you have mentioned that the mortgage is in your name. in that case, your wife will not be liable to pay the mortgage after your death. however, the lender may ask her to refinance the mortgage in her name. i think you should contact the lender as eugene volovik has said and check out the options available with him.
thanks
you have mentioned that the mortgage is in your name. in that case, your wife will not be liable to pay the mortgage after your death. however, the lender may ask her to refinance the mortgage in her name. i think you should contact the lender as eugene volovik has said and check out the options available with him.
thanks
my sister and I own mortage together--what if one of us dies? what happens to mortgage?
Hi jean,
If one of you dies, the other can just keep making the payments to retain the house. As long as you keep making the payments on time, the lender will not want to foreclose your home.
If one of you dies, the other can just keep making the payments to retain the house. As long as you keep making the payments on time, the lender will not want to foreclose your home.
I'm affraid that lenders can be pretty unsymathetic in situations like this. In essence you both took on the obligation to pay the loan off and thats going to get enforced.
Not to sound crass, but this is a good reason why people get life insurance.
Not to sound crass, but this is a good reason why people get life insurance.