What to do if my husband passed away and the mortgage is in his name only?
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What to do if my husband passed away and the mortgage is in his name only?
My husband passed away about 3 weeks ago. We have a house but the mortgage is in his name only and I do not think it has a transfer upon death title. I am worried that I will loose the house once the mortgage company is informed of his passing. I have 2 children under the age of 18 and I don’t think they could handle loosing their father and the only home they have ever known in such a short time. I have made the mortgage payment and plan to continue to do so. I’m am just scared that I will loose not only my husband but my home.
Asked on March 10, 2016 under Real Estate Law, Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Typically, when a mortgaged property changes ownership, the mortgage lender has the right to demand full payment of the loan balance. This is due to "due on sale" clauses that allow the lender to call a mortgage in if the home changes hands. However, the law is different when a mortgaged home is inherited by a family member. In such a case, the person who inherits gets both the property and the loan. Consequently, the lender can't call the loan due as long the monthly payments are made. Additionally, relatives inheriting mortgaged homes can also assume the mortgages if they intend to live in the home.
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