Posted on: 04th Oct, 2010 11:52 am
My sister who is not employed and is 63 years old. Husband died 3 years ago. she lives on a small ss payments. and not in good health. Her husband took a loan on her paid off home serveral years ago. it was not a mortage loan, but he used her paid off house as colateral. The loan was sold two times..and Dynotech not sure spelling which was purchased by GMAC) she pays this loan every month because she is affraid they will take her home for that loan..I say she is not responsible for the loan since he is/ She is having a very hard financial time and since it is his loan and her name is not on the loan because GMAC will not answer any questions about the loan unless they speak with her husband and she is affraid to tell them he died...what should she do..does she owe this. she was married to him for 13 years..he was 74 when he died. Thank you
Hi Cilla!
Welcome to forums!
You sister should inform the lender that her husband is dead. As the husband had taken the mortgage in his name, your sister is not personally liable for the mortgage dues. However, if she stops the mortgage payments, the lender will foreclose the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You sister should inform the lender that her husband is dead. As the husband had taken the mortgage in his name, your sister is not personally liable for the mortgage dues. However, if she stops the mortgage payments, the lender will foreclose the property.
Feel free to ask if you've further queries.
Sussane
If the debt was incurred in a community property state, then she may be legally responsible for it even though she was not a guarantor. I can't remember all ten states off the top of my head, but CA, WA, and TX are some that come to mind.
If your sister has the means to keep up with payments and pay off the loan, I would suggest doing so. The bank will likely leave her alone.
If your sister has the means to keep up with payments and pay off the loan, I would suggest doing so. The bank will likely leave her alone.