Posted on: 08th Dec, 2011 11:42 am
My husband passed away and the house was mortgaged in his name only. The deed is in both our names and I have been making payments to the mortgage company just as if he were still living. Someone told me to just continue on this way, but I need to know the legalities.
if you were to call the lender, and inform them of what happened, they probably would require you to assume the loan or refinance the loan into your name. if you cannot qualify for the loan on your own, then you are best to continue to make the payments as agreed. if you are having trouble with payments, then you can look to unload the property. in regards to paying the bank, anyone can pay on your note. until you stop making payments, the lender would never be the wiser. you are a legal owner of the home, but just not on the loan itself.