If my husband just passed away, can our mortgage company take me to court for his life insurance money to pay the mortgage?
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If my husband just passed away, can our mortgage company take me to court for his life insurance money to pay the mortgage?
We are currently 3 months late on payments and I am not on the loan.
Asked on December 13, 2012 under Estate Planning, Missouri
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
No the mortgage company cannot take you to court for the proceeds due you as a beneficiary of life insurance; however if you allow the mortgage to lapse for lack of paymet, the lender can foreclose the mortgage, which in your case that might be advisable after you review your own finances.
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