Posted on: 15th Jun, 2010 07:36 pm
my husband and i owe couple homes in different states such as California, and florida. We were both on the loan and tiltle of property but recently we refinanced our homes, and i am not longer on the loan but still on the title of the property. I am not working at this time either. What does that mean as a wife if i were to loose my husband what would happen to the loan and will i still be the owner of property and responsiable for the loans?
would i be able to sell or rent the property?
would i be able to sell or rent the property?
Hi shootzy,
As your name is not on the mortgage, you are not personally liable for the mortgage though your name is on the property deed. You can sell or rent off the property as you are one of the owners of that property. However, after your husband's death, if you stop paying the mortgage dues, then the lender will have the rights to foreclose the property in order to recover his dues. After your husband's death, you can refinance the loan in your name and pay off the dues to save the property.
Thanks
As your name is not on the mortgage, you are not personally liable for the mortgage though your name is on the property deed. You can sell or rent off the property as you are one of the owners of that property. However, after your husband's death, if you stop paying the mortgage dues, then the lender will have the rights to foreclose the property in order to recover his dues. After your husband's death, you can refinance the loan in your name and pay off the dues to save the property.
Thanks
How difficult is it to add my name on the loan after his death? Should i go ahead and add my name on the loan at this time while i am about to refinance another property.
Welcome shootzy,
In order to transfer the mortgage in your name, you'll have to refinance the loan. If you already have a mortgage on some other property, then it might get difficult for your to get a refinance unless you have a great credit score and excellent income.
In order to transfer the mortgage in your name, you'll have to refinance the loan. If you already have a mortgage on some other property, then it might get difficult for your to get a refinance unless you have a great credit score and excellent income.