QUESTION

What do I need to do to get my wife on the mortgage or in a position to not be evicted?

Asked on Apr 26th, 2013 on Foreclosures - Michigan
More details to this question:
In June 2008, I lost my job as a manager of a department store. My wife was a stay at home wife taking care of her aged mother. I was 61 at the time and my wife was 59. We had a goodly amount in savings, so I thought that we could survive until I found another job. After 25 interviews, and over a 100 resumes, I came to realize that I seem to no longer be wanted in the workplace. I had some good interviews, but the interview with the person that mattered, though it seemed to go well, there were no call backs. In July, I turned 62. At that point, it seemed that nothing was developing. We were starting to go broke. I applied for Social Security, but it was slow coming. By January, we were behind in our House payments. I qualified for a Reverse Mortgage, but my wife could not be on it. Now my wife is 64 and we would like to have my wife on the mortgage, so if something happened to me my wife would protected.
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1 ANSWER

William A. Siebert
Your wife has what is known as incohate dower in the premises. Any foreclosure would have to allow her a life lease on the property.
Answered on Apr 29th, 2013 at 3:52 AM

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