Posted on: 07th Aug, 2011 06:51 am
mom 100% on morgage, I am 1/2 owner of deed not on morgage, what are my obligations if she passes away to the repayment of loan, liablities on my credit, and what will the bank do in collection of morgage in such case.
if she passes the loan becomes due-and-payable, and you'll need to refinance it to get title exclusively in your name.
having said that, i've seen title put into the heirs name via probate, and the lender didn't call the loan due because the heirs never missed a mortgage payment. the lender never knew the primary borrower was dead because payments were always made on time.
having said that, i've seen title put into the heirs name via probate, and the lender didn't call the loan due because the heirs never missed a mortgage payment. the lender never knew the primary borrower was dead because payments were always made on time.
don't want the house, will not try to refi, let the bank have it, so what is the liablity of me on deed not on loan and what will happen will they have to deal with me on forecloser of loan and only 1/2 of deed of house... anyone
The bank will foreclosure on her Estate, and the Estate will have to take care of it. Your credit won't be impacted, because you're not on the note.
Why are you 50% on Title if you're just going to let the house goes when she passes? Since you're just going to let the house go anyways, if it were me, I'd revise Title back to how it was, giving her 100% ownership again, eliminating you from the picture entirely, and let the Estate deal with it.
Why are you 50% on Title if you're just going to let the house goes when she passes? Since you're just going to let the house go anyways, if it were me, I'd revise Title back to how it was, giving her 100% ownership again, eliminating you from the picture entirely, and let the Estate deal with it.
this is ohio, and I would assume it is the same in every state then. that was why I was asking about this to revise the situation as it has changed because of value of house in this changed market and chances of being neg. equity anyways.... the housing situation has made these issues for us and many many more people in the country do what a short time ago would not even be thought of... thanks for your kind response and thoughts it is appreciated very much...
No liability but you will be named in any foreclosure suit in order to clear title.