parisha
1 Answer
Colleen
Refinance the mortgage or get a second job. You both should have had life insurance to make sure your share of the mortgage was covered in the event of death. (I'm assuming the other party has indeed died. It's hard to tell if this is a "what if" question or not they way you've written it).
I'm sorry for your loss.
parisha
Colleen
I'm sorry for your loss.
| 13 years ago. Rating: 0 | |
Colleen, Thank you for your prompt answer and your condolences. Yes, my mother passed away recently and we did not have life insurance to cover. A friend of mine works for a mortgage company in the real estate department and they told me not to report my mom's death because they would call in the mortgage? I don't understand what she meant by this. I was considering on refinancing until she told me this. what is your take on this.
I would try another lender and see if they will loan you the money to pay off the first mortgage so you can then hold a mortgage with them outright. You will have to put the house through probate though and have your mothers name removed from the deed. If your mother left any debt and no money to pay the debts, her share of the house, (the liquid assets) will be used to pay the debts off. This may force you to have to sell the house if you can not pay any debts she left behind.
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