Husband died leaving house in his name Bank wants refinanced and i have no credit. will i lose the house?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Husband died leaving house in his name Bank wants refinanced and i have no credit. will i lose the house?
Husband died leaving house in his name Bank wants refinanced I have no
credit..Will I lose the house?
Asked on June 25, 2016 under Estate Planning, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
If he was the only person on the mortgage, then when he died, the mortgage legally become due in full. Your only options are to either pay it in full or to refinance it. If you can't, then yes, you could lose the house--the bank has the right to foreclose. You could also sell the house, use the proceeds to (hopefully) pay the mortgage off, and then buy or rent a new place.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.