Posted on: 28th Jul, 2007 11:16 pm
The properties are in Florida, the loans were in his name only. I am on the title I must sell 2 of these properties quickly and I wanted to know if I am late will they hold me responsible for the loan and how will this affect my credit. This is not the best time to sell, but there is know way I can do all 3 How much time do I have before they start proceding to fourclose ?
Hi Whateverroig,
After the death of your spouse, you are liable for any default payment as you are in the title of the property. If the payment is late for a month, then the lender initially sends the Notice of Default. But if the payments get default for consecutive three months, then the lender sends the Act 6 Notice of Intention to Foreclosure to the borrower. And this may affect your credit score.
After the death of your spouse, you are liable for any default payment as you are in the title of the property. If the payment is late for a month, then the lender initially sends the Notice of Default. But if the payments get default for consecutive three months, then the lender sends the Act 6 Notice of Intention to Foreclosure to the borrower. And this may affect your credit score.
Hi Whateverroig,
I am fully agreed with Larry here. After your spouse death you are fully liable for the loan payment. And since, the properties are mortgaged so that you cannot sell the property too.
I suggest you to have a talk with lender and try to find out one best solution which suits both of you.
Even there are also various ways with you can avoid your foreclosure. To get a rough ideas on that you can refer this article on "Loss Mitigation - Process that helps in Avoiding Foreclosure".
Thanks
I am fully agreed with Larry here. After your spouse death you are fully liable for the loan payment. And since, the properties are mortgaged so that you cannot sell the property too.
I suggest you to have a talk with lender and try to find out one best solution which suits both of you.
Even there are also various ways with you can avoid your foreclosure. To get a rough ideas on that you can refer this article on "Loss Mitigation - Process that helps in Avoiding Foreclosure".
Thanks
"The properties are in Florida, the loans were in his name only. I am on the title I must sell 2 of these properties quickly and I wanted to know if I am late will they hold me responsible for the loan and how will this affect my credit."
No
As you were not on the loan you will not get affected. And your credit have no mention of the mortgage on it.
If the payments get stopped then what can happen is that properties will go into foreclosure and you will loose them.
After death of your spouse the lender generally requires the mortgage to be paid off or refinanced by new property owner in his name. It seems the lender is still not aware of his death otherwise he would have asked for the loans to be paid off/refinanced.
Miller
No
As you were not on the loan you will not get affected. And your credit have no mention of the mortgage on it.
If the payments get stopped then what can happen is that properties will go into foreclosure and you will loose them.
After death of your spouse the lender generally requires the mortgage to be paid off or refinanced by new property owner in his name. It seems the lender is still not aware of his death otherwise he would have asked for the loans to be paid off/refinanced.
Miller
larry stop giving wrong info to ppl
Whateverroig you are not responcible for the mortgage and your credit will not be affected. Being on the title means you have the rights to the property and not the responcibility for it.
However if you want to keep the properties or get proseeds from them you will need to sell them or keep payments up on them othervise the bank will get them.
Do you have a will? Are there others in your family contesting for the properties?
If not my suggestion is to call the bank explain the situation and send them the death certificate. They should tell you what your options are. I would contact an attorney as well to get a second oppinion.
Whateverroig you are not responcible for the mortgage and your credit will not be affected. Being on the title means you have the rights to the property and not the responcibility for it.
However if you want to keep the properties or get proseeds from them you will need to sell them or keep payments up on them othervise the bank will get them.
Do you have a will? Are there others in your family contesting for the properties?
If not my suggestion is to call the bank explain the situation and send them the death certificate. They should tell you what your options are. I would contact an attorney as well to get a second oppinion.
Hi Evolovik,
What I meant to say is that even if the wife is not named on the loan, she has to continue with the loan payments provided she wants to save the house at all. Maybe I used the word 'liable' in the wrong place.
What I meant to say is that even if the wife is not named on the loan, she has to continue with the loan payments provided she wants to save the house at all. Maybe I used the word 'liable' in the wrong place.
My fathe and I had joint ownership in a house. I am in the middle of another trial period for loan modification. While all this was going on my father passed away in March of this year. What will happen with the loan modification? Will still be able to get the loan modified? Also, if I don't tell the mortgage company is it considered fraud? :(
you are not responsible for payment as you are not on loan.
Check details with lender.
Check details with lender.
sara smith...to whom is your post directed? if it is intended to answer the query by shagdep dated today, then it is woefully inadequate and incorrect. please refrain from making definitive statements about things you lack knowledge about. that poster never said anything about not being on the loan - that's something you dreamt up, it appears. or else you know who that person is and you have intimate knowledge of the circumstance - which makes no sense, honestly.
Well said George
