Posted on: 01st Nov, 2010 05:26 pm
My mom has been living in a home with her companion for about 8 years. She is not on the mortgage but is on the deed and has "joint tenancy with right of survivor ship". Her companion died recently and she doesn't know what to do. Will the house have to go thru probate? I don't know if they will let her re-finance or not? The house is worth a little less than is owed. I don't know if she can afford a lawyer because she is now going to be responsible for all of the bills on her own and that is going to be difficult. Her companion's son said he would pay the mortgage until the end of the year but then changed his mind. She doesn't want the mortgage to go into arrears before she figures out what to do? Help?
hi kellyphelan,
welcome to mortgage fit,
i think you should inquire about insurance...most of the people do have mortgage insurance ...if they are current on insurance payments then they don't have pay any mortgage henceforth.if you could see the property docs and ask your lender whether was there any insurance for the mortgage, you will get to know about it....
apart from this i think you should check out the refinance eligibility criteria and if your mom qualifies then she can refinance and pay the mortgage regularly.in order to refinance if you could help her being a co-borrower then it will be a lot easier to refinance the mortgage.....
feel free to ask any further query if you have.........
dipa
welcome to mortgage fit,
i think you should inquire about insurance...most of the people do have mortgage insurance ...if they are current on insurance payments then they don't have pay any mortgage henceforth.if you could see the property docs and ask your lender whether was there any insurance for the mortgage, you will get to know about it....
apart from this i think you should check out the refinance eligibility criteria and if your mom qualifies then she can refinance and pay the mortgage regularly.in order to refinance if you could help her being a co-borrower then it will be a lot easier to refinance the mortgage.....
feel free to ask any further query if you have.........
dipa
Hi kellyphelan!
Welcome to forums!
As your mother is the owner of the property and holds ownership as joint tenancy with right of survivorship, then the property won't pass through probate. Your mother is now the sole owner of the property. She can file an affidavit of heirship and get the property transferred in her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your mother is the owner of the property and holds ownership as joint tenancy with right of survivorship, then the property won't pass through probate. Your mother is now the sole owner of the property. She can file an affidavit of heirship and get the property transferred in her name.
Feel free to ask if you've further queries.
Sussane