Posted on: 23rd Jan, 2009 09:01 am
my husband passed away 10/07. my name is on the deed to the house but not the mortgage. what does this mean for me? can they take the house away if it goes into forclosure?
yes, in the event of a foreclosure, you stand to lose the home. you'd have opportunity to rescue the home by making the required payments.
if you are in jeopardy, you probably have a couple of options. it's possible that you can find a lender to refinance your loan, or you could put the home on the market for sale, or you could speak with your current mortgage lender to see if there's some way to modify the terms of your loan to make payments more affordable.
based on the question you asked, it appears to me that making payments at this time is difficult. investigate those options and see if any of them make sense to you.
if you are in jeopardy, you probably have a couple of options. it's possible that you can find a lender to refinance your loan, or you could put the home on the market for sale, or you could speak with your current mortgage lender to see if there's some way to modify the terms of your loan to make payments more affordable.
based on the question you asked, it appears to me that making payments at this time is difficult. investigate those options and see if any of them make sense to you.
The silver lining in this whole thing is that your name is not on the mortgage and hopefully YOUR credit is in good standing. Ask yourself if you can truly make the payments. If you cannot, then check with a lender to see if there is a low payment option for you out there. You may be faced with having to sell the home and then move into a more affordable place.
I am sorry to hear about your husband.
I am sorry to hear about your husband.
thank you for your replies. i will look into the options mentioned.
