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what happens to a home when a spouse dies and their name is the only one on the loan?
Posted on July 12th, 2010 3 comments
vdl515 asked:
My husband has a terminal illness and he is the only one on our home mortgage, but I am on the title. What happens to our home when he dies?
We are still paying our mortgage and he is on short-term disability for now. We are just trying to figure out or options for the future.
Audrey3 responses to “what happens to a home when a spouse dies and their name is the only one on the loan?”
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you’ll likely end up paying the bill unless he has life insurance that will take care of his debt.
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toohotnky July 15th, 2010 at 02:48
My husband is the only one on our mortgage, yet I am on the title as well. From what I understand, if your husband passes away, unless you notify the mortgage company, they wont know. If you have life insurance, you can use that to pay the house off. If there is no insurance, then you can try to get a mortgage in your name. Otherwise, you can sell, and as long as you are paying the mortgage, they cannot do anything at all while the home is up for sale. That is, if you choose to let them know he has passed. I am very sorry to hear of your situation. Your home will be fine, dont worry. Focus on your husband.
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You need a will, NOW. If you’re not paying the mortgage and he no longer can, you’ll lose the home.
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dizondr July 14th, 2010 at 04:20