Posted on: 08th Apr, 2010 03:19 pm
and his name is on my loan, Bank of america says I have to do a qualified assumption or Refi, but I am afraid I won't qualify, what happens then, can they take my home?
hi stellasenn!
welcome to forums!
if you do not assume the loan or refinance it and do not make the payments on time, then the lender will have the rights to foreclose the property. i would suggest you to apply for a refinance with your lender. depending upon your financial situation and the equity in the property, the lender will let you know whether or not you would get a refinance.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you do not assume the loan or refinance it and do not make the payments on time, then the lender will have the rights to foreclose the property. i would suggest you to apply for a refinance with your lender. depending upon your financial situation and the equity in the property, the lender will let you know whether or not you would get a refinance.
feel free to ask if you've further queries.
sussane
I guess the bottom line is do I have to? I have been making the payments for going on 4 years now, since I moved out and divorced. If I don't do an assumption/refi (better things to spend 5k on) can the bank come after me to collect on his name, since it is still considered an asset of his, or is it, I am only on for property taxes? With him being departed, leaving a 340K debt on his house and credit card debt, I would think my home equity would look attractive to Bank of America? Thanks in advance
If the mortgage is in your name and if the payments are not made on time, then the lender will be able to come after you for the payments. The lender may foreclose the property and this may have a negative effect on your credit report.
The mortgage is in both our names, but since he died, I own the home by "right of survivorship? I have not missed a payment in 4 yrs since the divorce. Can the bank put a lein on my home w/his name still on it, even though he is deseased?
Hi Stella!
Welcome to forums!
The mortgage lender holds the lien on the property. Thus, he will be able to place a lien on it though your husband is deceased. BTW, haven't you refinanced the loan in your name?
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The mortgage lender holds the lien on the property. Thus, he will be able to place a lien on it though your husband is deceased. BTW, haven't you refinanced the loan in your name?
Feel free to ask if you've further queries.
Sussane