Posted on: 10th Jan, 2011 03:51 pm
My husband recently passed away. My name is not on the loan papers, but it is on the deed. Without him it is impossible to make the payments on this home and the bank will not talk to me because my name is not on the loan. What do I do?
hi dkgreene!
welcome to forums!
you will have to assume or refinance the loan in your name. this will make you financially responsible for the mortgage payments. now, that your name is not on the mortgage docs, you're not personally liable for the loan. if you don't want to save the property, then you can surrender it to the lender and let him foreclose it in order to recover the dues. this will not have a negative affect on your credit report.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to assume or refinance the loan in your name. this will make you financially responsible for the mortgage payments. now, that your name is not on the mortgage docs, you're not personally liable for the loan. if you don't want to save the property, then you can surrender it to the lender and let him foreclose it in order to recover the dues. this will not have a negative affect on your credit report.
feel free to ask if you've further queries.
sussane
Oh.... This is indeed a bit complicated. Have you presented the deed with your name on it to the bank? Probably they will give you instructions about the new process. You can also refer it to a reliable mortgage lawyer, so you'll get some advice regarding the matter.
