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Catsrule, Other/Just Looking in 38261

NAME ON THE DEED BUT NOT ON MORTGAGE WHAT HAPPENS IF THE PERSON THAT IS ON THE MORTGAGE AND DIES

Asked by Catsrule, 38261 Sat Jan 28, 2012

MY HUSBAND BOUGHT THE HOUSE WE LIVE IN A YR. BEFORE WE WERE MARRIED---HE NOW HAS COLON CANCER WHAT BECOMES OF THE HOME AFTER HIS DEATH IF MY NAME IS NOT ON DEEED OR MORTAGE???

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5
Dear Catsrule,

A will or a living trust is a must at this point to avoid probate court and unnecessary delays later. Your family should consult a trust attorney to set that up and also discuss the outcome of the mortgage due after mortgagor dies.

Best wishes to you and your husband,
0 votes Thank Flag Link Sun Jan 29, 2012
Sorry to hear about your situation; at this point it's really in your best interest to consult with an attorney, he/she can best advise as to your options.
0 votes Thank Flag Link Sun Jan 29, 2012
You and your husband need to contact an attorney ASAP about a will.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Sun Jan 29, 2012
Catsrule,
I'm sorry for your husband’s condition. A will is always the first step when a couple with assets gets married. If you don't have a will, the state will provide one for you. I don't know the law of Tennessee regarding community property, but it would be a good idea to find out and to look into a will for both of you.
Your husband may recover but something unexpected could happen to you. A will would protect you both and reflect your wishes.
If there is a mortgage and the payments continue, I doubt the lender will care. If the worst happens, you bring the death certificate to your lawyer and either go through probate or have the house transferred to you.
0 votes Thank Flag Link Sat Jan 28, 2012
Can you qualify for the mortgage without your husband? You need to call a local attorney ASAP and make sure that you have something lined up!
0 votes Thank Flag Link Sat Jan 28, 2012
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