Posted on: 14th Jul, 2010 01:22 pm
The mortgage is in my husband's name because we could get a better interest rate this way. We refinanced our home but again it is only in his name. I am on the deed. If something were to happen to him could the mortgage company take the house as long as I can continue in making the payments? Would I be required to have the mortgage put in my name if something were to happen to him or could I just take over making payments with the mortgage the way it is? My husband has a brother. Would his brother have any rights to our house, etc?
I would strongly suggest that you and your husband consult an estate attorney and draw up wills. Depending on the laws in your state, a clear will might be your only protection from having his brother force the sale of your house upon your husband's death. In cases where people die without wills, most states have laws about how the property is divided and it is possible that his brother could end up with share of the house. It's also possible that the state you live in could end up as partial owner of your house. In some states that's automatically a "partition and sale" scenario, as well. In any event, you should consult an attorney for advice specific to your situation and location.
I am still seeking advise if anyone else wants to add their opinion. This is an on going question. No expiration date. Thanks!