QUESTION
Can the spouse of a deceased spouse continue making payments (loan not in her name) or will she be forced to sell?
Asked on Aug 06th, 2013 on Foreclosures - Washington
More details to this question:
The husband has terminal cancer. The wife is not on the loan. She has paid the mortgage from her own account for the past 10 years. She works and can afford the payment but her credit is most likely not sufficient to allow the lender to transfer the loan from husband to her.
2 ANSWERS
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There is no reason that they can't. Due on sale clauses do not work when the transfer is the result if inheritance. However, she will have much difficulty discussing anything with the lender. Make sure she gets a certified copy of the death certificate. It would help is there was a probate so that the lender has something with a court stamp on it that they can put in their file. The probate may or may not be necessary. That depends upon any number of other factors.
Answered on Aug 13th, 2013 at 12:03 AM
William A. Siebert
Does husband leave the house to her in his will? If not, he should quit claim the deed to him and? His wife by the entire ties. A lawyer will draft such a deed for a flat rate.
Answered on Aug 13th, 2013 at 12:03 AM