Posted on: 15th Feb, 2010 01:31 pm
I quit claimed by rights to the house my wife bought in her name. I am not on the mortgage or the title. My wife died 2 years ago. I have been paying the mortgage which is still in my wife's name. I now have a terminal illness. I have placed the house in the name of the trust I formed for the benefit of my teenage daugher which is overseen by my sister. What do I do about the mortgage? What if no one in my family qualifies to take it over. Can my daughter and adult son still stay in the house and make the payments without refinancing it out of my deceased wifes name?
Welcome Guest,
As the mortgage is still in your wife's name, none of you are responsible for the mortgage payments. If you or your adult children stop paying the dues, the lender will simply foreclose the property. However, this foreclosure won't affect anyone. Your adult daughter and son will be able to save the property if they keep on paying the dues but it is always better to refinance the mortgage and get it transferred in their names.
As the mortgage is still in your wife's name, none of you are responsible for the mortgage payments. If you or your adult children stop paying the dues, the lender will simply foreclose the property. However, this foreclosure won't affect anyone. Your adult daughter and son will be able to save the property if they keep on paying the dues but it is always better to refinance the mortgage and get it transferred in their names.