Posted on: 05th Aug, 2010 08:08 am
I know someone who has a mortgage. The husband's name is on the mortgage as the borrower, however, he never was on the deed. His wife's name appears only on a piece of paper that lists her as property owner, but nowhere does she appear as borrower or co-borrower. This was done via mail between the borrower and the bank. If the husband passes away and he is the only borrower on the note, is the wife responsible to pay the mortgage? Remembering that he never appeared on the deed, it was always just in her name.
Hi mvanzandt,
If the wife's name is not mentioned on the mortgage docs, then she is not personally liable for the loan. However, if the mortgage dues are not paid on time, then the lender would foreclose the property. If the wife wants to save the property, then she needs to refinance the loan in her name.
Thanks
If the wife's name is not mentioned on the mortgage docs, then she is not personally liable for the loan. However, if the mortgage dues are not paid on time, then the lender would foreclose the property. If the wife wants to save the property, then she needs to refinance the loan in her name.
Thanks