Posted on: 23rd Sep, 2009 09:41 am
Hi have a serious issue going on. My parents put the mortgage of my husband and mine house into their name 2 years ago so we could get this house. We planned on re-financing it into only our names shortly after (when we got our credit repaired). That has not happened as the mortgage situation got tighter. Since then, my dad has died. We have not let the mortgage company know, as I am scared they will try to come after my mothers other assets (she owns 2 other houses outright). Can anyone tell me if there is a way to get her off this mortgage without them coming after her? She would not qualify for this mortgage on her own income. My parents and my husband and I are all on the deed. My husband and I cannot get a mortgage to get this off her hands. Any advice?
i don't get why you think they'd come after your Mom's other assets. i assume you are making the payments - are you having trouble doing so? you didn't say that.
if you're okay with payments now, just continue on that path, and also work on your credit so you can take her off down the road a ways.
did i miss something here? if so, please write back and elaborate on the situation. as i read it, you're not in trouble, and there ought to be no reason to think that the lender is going to take any action.
if you're okay with payments now, just continue on that path, and also work on your credit so you can take her off down the road a ways.
did i miss something here? if so, please write back and elaborate on the situation. as i read it, you're not in trouble, and there ought to be no reason to think that the lender is going to take any action.
The payments are way too high for us, and its not allowing me to pay off my other debt, which is making my credit score bad. OUr mortgage guy told us we would be able to get in our name at a lower rate in a year, but now its almost impossible. A few credit cards have cancelled on my mother even though she has been making the payments, because my father died. I am also concerned because she is 78 and God forbid something happened to her, what would happen to this mortgage? I wouldn't want to jeapordize my other sisters having the other 2 properties liened on, which is our inheritence.
you inform about death of your father immediately to your lender. ask them to refinance.
you can not gain benefit from all the sides.
you can not gain benefit from all the sides.
okay...i have no idea what leeelliot is trying to say up there, but let me add this: i still fail to see any reason to worry about Mom's other properties. now if there are creditors who are not getting paid (credit card, etc.) as a result of your Dad's passing, then they'd certainly be able to sue her, as an owner of those accounts, and, if necessary, place lien(s) on her properties. that's a far-away prospect, i would hope.
if credit card payments are not an issue, then the difficulty you are having with your current mortgage on your home ought not to have any bearing on your Mom's other properties.
again, i hope that is helpful.
if credit card payments are not an issue, then the difficulty you are having with your current mortgage on your home ought not to have any bearing on your Mom's other properties.
again, i hope that is helpful.
Thank you so much George. I guess what I really want to know is:
1. If she can somehow get rid of the house and mortgage (we owe way more than the house is worth at this point so selling it is not an option, as I'm sure if we tried to short sale they would come after her other properties?) and 2. Do you think they would do a loan modification if she said her income has depleted since my father died?
I guess I am trying to get out of this house and mortgage and looking for a way. If not, then a lower payment with a modification. Just scared to ask because I don't want them to say, hey you don't have the income to support this mortgage anymore, so we want to get paid with your other properties...I so much appreciate your help.
1. If she can somehow get rid of the house and mortgage (we owe way more than the house is worth at this point so selling it is not an option, as I'm sure if we tried to short sale they would come after her other properties?) and 2. Do you think they would do a loan modification if she said her income has depleted since my father died?
I guess I am trying to get out of this house and mortgage and looking for a way. If not, then a lower payment with a modification. Just scared to ask because I don't want them to say, hey you don't have the income to support this mortgage anymore, so we want to get paid with your other properties...I so much appreciate your help.
It seems that you are not at all on the mortgage. if it is true, mortgage lender can put a line on house. since it is a -ve equity, they can go ahead, & do it for other propertis as well.
and since your mother will be new owner of your father's properties, it may affect her
what those last two are about is as baffling as what leeelliot said earlier.
given that income is substantially less without your dad's earnings, it's worth asking about a modification. for me to opine about how likely it is that it would be granted would be a waste of time. i don't have any involvement with modifications, have no idea what the criteria is, etc. so i couldn't even guess what the outcome would be if you seek one.
the only way you'll find out how they handle short sale is to ask. being afraid to ask, frankly, is only going to keep you stuck in the mud you're in now.
it would be quite a stretch for any lender to try to lien other properties. does this lender have knowledge of these other properties? do you plan to tell them?
given that income is substantially less without your dad's earnings, it's worth asking about a modification. for me to opine about how likely it is that it would be granted would be a waste of time. i don't have any involvement with modifications, have no idea what the criteria is, etc. so i couldn't even guess what the outcome would be if you seek one.
the only way you'll find out how they handle short sale is to ask. being afraid to ask, frankly, is only going to keep you stuck in the mud you're in now.
it would be quite a stretch for any lender to try to lien other properties. does this lender have knowledge of these other properties? do you plan to tell them?