Posted on: 12th Dec, 2007 06:38 am
My mother and I are on the mortgage to my home. Regrettably my mother passed away after a brief illness last month. She is the first signer on the mortgage since my credit was and still is weak. I was injured at work and have become permanently diabled since the mortgage was taken out. Am I going to lose the house?
you will lose the house only if you stop making payments on the mortgage. "first signer/second signer" really makes no difference. is there any life insurance proceeds coming that will allow you to reduce the balance of the loan?
before you worry about losing the home, please contact your mortgage lender and discuss the situation - there may be some way to reduce your monthly obligation.
refinancing the mortgage is a possibility, and that is worth exploring.
last...if all else fails, you can try to sell the home.
but, most important, before you run into trouble in making payments - contact the mortgage lender.
before you worry about losing the home, please contact your mortgage lender and discuss the situation - there may be some way to reduce your monthly obligation.
refinancing the mortgage is a possibility, and that is worth exploring.
last...if all else fails, you can try to sell the home.
but, most important, before you run into trouble in making payments - contact the mortgage lender.
hi nancy,
welcome to this forum.
i do agree with george. before you face any problem contact with your lender; he may reduce your monthly payments by extending the duration of your mortgage. refinance is also a good option. through refinance you can reduce the interest rate. it is not always necessary that you have to refinance from your lender. you can shop around a bit for a better rate and terms.
thanks,
larry
welcome to this forum.
i do agree with george. before you face any problem contact with your lender; he may reduce your monthly payments by extending the duration of your mortgage. refinance is also a good option. through refinance you can reduce the interest rate. it is not always necessary that you have to refinance from your lender. you can shop around a bit for a better rate and terms.
thanks,
larry
