Posted on: 08th Sep, 2009 11:56 am
My husband committed suicide partially due to his losing his job two years ago and the financial mess he got in as a result of it. We were separated for two years, never filed for divorce. The house he was living in, I was on the Warranty Deed and Deed of Trust, but NOT ON Mortgage or Promissory Note. Lender does not even have my personal information, including social security #. I have spoken with both the Customer Service Dept and the Foreclosure Dept of Bank of America, the loan was with Countrywide but they re-did the loan for him back in Jan/Feb. I never signed any papers there also. They said that in no way would they report a foreclosure on my credit. As of this date, there is no NEGATIVE credit in my name as far as any of his debts. I will be getting a significant amount of life insurance but because of where he died (the house) neither my son nor I want to live in the house. I was planning on just letting it go, letting them take posession of the property. It is worth MORE than is owed on it.
But because of that, I'm afraid his other creditor's may say I didn't do my best to get all I could out of the property and try to sue me for the credit card debt. I do not even know if I'm going to do anything about all his debt. I mean, a lawyer said I should decide whether I want to be the trustee of his estate. The only thing that has any equity at the time of his death was the house. I would have to bring loan it up to date $5,000, do some repairs, $3000, pay realtor fees of $8,500 (if I got the full tax appraisal price of $143K, loan balance is $125K), continue to make monthly payments on it till it sold, average time on market in my area is 4-5 months which would be approx another $5,000, plus buyer usually wants part or all of their closing costs, another $5,000. So, if I did all that, plus assuming I got the full asking price, I would be in the hole approx $4,000 and that's if everything went as planned.
So, I'm wondering if I did do the trustee thing, could the credit card companies (now all in collection) come after me. The lawyer said they have up to 4 years to sue me. If they didn't figure the assets (which are negative) of the estate the date he died, and looked at my assets in the future (quite a big difference), Can they sue me? Oh, all but two of the credit cards he had were in his name only. The ones that are joint with me, I plan to payoff.
I know there's a lot of info in these questions, but I'm desperate here, my husband would be the guy who I'd normally go to to help me out. He was my "go to" guy who usually always had the answers. Unfortunately, after just one mistake two years ago, everything just got worse and worse until he "just couldn't take it anymore", according to a sentence in his goodbye letter. He only waited 2 months after the suicide clause provision was over (2 years) before he did took his own life. I'm just said I didn't see the signs. That was the one bill he made sure he paid every month, on time, every time. I should have known.
Any help would be greatly appreciated.
But because of that, I'm afraid his other creditor's may say I didn't do my best to get all I could out of the property and try to sue me for the credit card debt. I do not even know if I'm going to do anything about all his debt. I mean, a lawyer said I should decide whether I want to be the trustee of his estate. The only thing that has any equity at the time of his death was the house. I would have to bring loan it up to date $5,000, do some repairs, $3000, pay realtor fees of $8,500 (if I got the full tax appraisal price of $143K, loan balance is $125K), continue to make monthly payments on it till it sold, average time on market in my area is 4-5 months which would be approx another $5,000, plus buyer usually wants part or all of their closing costs, another $5,000. So, if I did all that, plus assuming I got the full asking price, I would be in the hole approx $4,000 and that's if everything went as planned.
So, I'm wondering if I did do the trustee thing, could the credit card companies (now all in collection) come after me. The lawyer said they have up to 4 years to sue me. If they didn't figure the assets (which are negative) of the estate the date he died, and looked at my assets in the future (quite a big difference), Can they sue me? Oh, all but two of the credit cards he had were in his name only. The ones that are joint with me, I plan to payoff.
I know there's a lot of info in these questions, but I'm desperate here, my husband would be the guy who I'd normally go to to help me out. He was my "go to" guy who usually always had the answers. Unfortunately, after just one mistake two years ago, everything just got worse and worse until he "just couldn't take it anymore", according to a sentence in his goodbye letter. He only waited 2 months after the suicide clause provision was over (2 years) before he did took his own life. I'm just said I didn't see the signs. That was the one bill he made sure he paid every month, on time, every time. I should have known.
Any help would be greatly appreciated.
amarillogal
It is really a detailed explanation of your whole story.First of all sorry to hear about the bad demise of your husband.Financial debt has a deep impact on the people's life.So if one goes through proper counselling these worst situation will hardly arise in one's life.
Regarding your question, as you are not on the mortgage, all your husband's creditor won't come after you.
Regarding credit card debt, I think if you can pay off the credit card debt from the money received through the insurance it will be lot more easier for you.It is just one of the suggestion.Even if you are not paying the credit card debt it will not be a big impact on your credit.
It is really a detailed explanation of your whole story.First of all sorry to hear about the bad demise of your husband.Financial debt has a deep impact on the people's life.So if one goes through proper counselling these worst situation will hardly arise in one's life.
Regarding your question, as you are not on the mortgage, all your husband's creditor won't come after you.
Regarding credit card debt, I think if you can pay off the credit card debt from the money received through the insurance it will be lot more easier for you.It is just one of the suggestion.Even if you are not paying the credit card debt it will not be a big impact on your credit.
Hi amarillogal,
It's really sad to hear about the death of your husband. May God give you the strength to bear the pain.
You have mentioned that your name is mentioned in the deed of trust. I hope you are mentioned as the "trustor". In such a situation, you would be responsible for the mortgage in case of your husband's death and the lender may ask you to pay it off. If your name is not mentioned as a trustor, then you should not worry about the foreclosure. The foreclosure won't effect your credit and thus, you can walkaway from it.
Credit card debts are unsecured debts. The credit card company cannot make you responsible for your husband's credit card. Thus, they won't be able to sue you for that. As you would be paying off the joint credit cards, they would be safe and you will not have to bear any debts.
Take care.
It's really sad to hear about the death of your husband. May God give you the strength to bear the pain.
You have mentioned that your name is mentioned in the deed of trust. I hope you are mentioned as the "trustor". In such a situation, you would be responsible for the mortgage in case of your husband's death and the lender may ask you to pay it off. If your name is not mentioned as a trustor, then you should not worry about the foreclosure. The foreclosure won't effect your credit and thus, you can walkaway from it.
Credit card debts are unsecured debts. The credit card company cannot make you responsible for your husband's credit card. Thus, they won't be able to sue you for that. As you would be paying off the joint credit cards, they would be safe and you will not have to bear any debts.
Take care.
Unless they are joint accounts, the credit card companies can't come after you personally, only the assets of your husband's estate.
Also, if you are on title, you will be named in the foreclosure action, so it will go on your record, even if you were not on the mortgage (I don't know how that happened as they require all owners to sign).
Also, if you are on title, you will be named in the foreclosure action, so it will go on your record, even if you were not on the mortgage (I don't know how that happened as they require all owners to sign).
my husband died, the man he got the loan from died for the house what next.
Hi cc,
The lender from whom your husband took out the loan must have an heir who will be collecting the mortgage payments from you. You should contact him/her for the payments. If you're facing hardship in order to pay off the loan, then you should contact that person in order to get some repayment plan.
Thanks
The lender from whom your husband took out the loan must have an heir who will be collecting the mortgage payments from you. You should contact him/her for the payments. If you're facing hardship in order to pay off the loan, then you should contact that person in order to get some repayment plan.
Thanks
Hi:)
Please help me , i really dont know what should i do. In 2006 my ex husband got a home loan on his house, my name was never on the 1 mortgage, but i signed a loan with him as a wife. We got divorced, in 2010 and his house with a loan went foreclose, after 3 months he died. So now, some company are contacting me and want me to pay a loan which i sign with him in 2006 but with %. I told them i never was on the mortgage and never had anything from his house, it was his. I am single mom with 2 kids and i have nothing , i just got a job, but before we had a food stamps. I do not own a car either. i am so upset and i do not know what to do. Please help me!!!
Please help me , i really dont know what should i do. In 2006 my ex husband got a home loan on his house, my name was never on the 1 mortgage, but i signed a loan with him as a wife. We got divorced, in 2010 and his house with a loan went foreclose, after 3 months he died. So now, some company are contacting me and want me to pay a loan which i sign with him in 2006 but with %. I told them i never was on the mortgage and never had anything from his house, it was his. I am single mom with 2 kids and i have nothing , i just got a job, but before we had a food stamps. I do not own a car either. i am so upset and i do not know what to do. Please help me!!!
H iryna!
Welcome to forums!
If you have signed the mortgage docs, then there are high chances that you're on the loan. You should check out the loan docs carefully to know more in this regard. You can even contact an attorney and he will help you further.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have signed the mortgage docs, then there are high chances that you're on the loan. You should check out the loan docs carefully to know more in this regard. You can even contact an attorney and he will help you further.
Feel free to ask if you've further queries.
Sussane
My husband bought our house in his name due to the fact I didn't have great credit and I am a stay at home mom. However, with the SS I will receive plus our investments, I can easily continue the mortgage payment. Will the mortgage company allow me to do so or will they demand I get a loan on my own (which I won't qualify). I'm in California.
My husband is very sick with cancer. We bought a home 5 years ago in NY state. Because of the market crashing, we are under water. My name is not on the mortgage, but it is on the deed. Am I responsible for this house or will they go after the estate? I am willing to just walk away from everything. I can't afford it without his income.
Hi Patti,
Though you are the owner of the property, you won't be liable for the mortgage payments as your name is not mentioned on the mortgage docs. In such a situation, in order to recover the loan, the lender will go after your deceased husband's estate.
Thanks
Though you are the owner of the property, you won't be liable for the mortgage payments as your name is not mentioned on the mortgage docs. In such a situation, in order to recover the loan, the lender will go after your deceased husband's estate.
Thanks
hi m samiksha here....
my husband is having home loan of 30 lakh on his name but the house is not on his name. house is on his father's and mother's name. my husband has one brother(married) who is living in same house and 2 married sisters. so in future if something happens to my husband, who will pay that loan? as a wife i have to pay that loan? and in future if his sister's also ask for there share in the house then what? they have not paid a single rupee for house. plz guide me ....
my husband is having home loan of 30 lakh on his name but the house is not on his name. house is on his father's and mother's name. my husband has one brother(married) who is living in same house and 2 married sisters. so in future if something happens to my husband, who will pay that loan? as a wife i have to pay that loan? and in future if his sister's also ask for there share in the house then what? they have not paid a single rupee for house. plz guide me ....
Welcome samiksha,
On the event of your husband's death, the loan still needs to be paid off or else the lender will sell off the property. You or the other family members can pay off the loan. As far as his married sisters are concerned, they are also the heirs to the property as the property is in the name of the parents.
On the event of your husband's death, the loan still needs to be paid off or else the lender will sell off the property. You or the other family members can pay off the loan. As far as his married sisters are concerned, they are also the heirs to the property as the property is in the name of the parents.
My husband is going to buy a house but he doesn't want my name to be on the mortgage or on the deed. We have been married for 30 years. If he dies what would be my rights and responsibilities over that property? He has three adults daughters from a previous marriage can they claim any inheritance?
My husband is going to buy a house but he doesn't want my name to be on the mortgage or on the deed. We have been married for 30 years. If he dies what would be my rights and responsibilities over that property? He has three adults daughters from a previous marriage can they claim any inheritance?