Wifes name is on mortgage, both our names are on the deed. She just passed away. Am I obligated to pay the mortgage? The house was not willed to be. So what steps do I need to follow.

As I understand it, you are not a borrower on the mortgage loan secured on the home, but you are a deeded owner of the home. This would mean that you do indeed own the home and are not obligated to pay the loan. However, the mortgagee (the lender, whether a bank, credit union, finance company, etc.) still has a valid lien on the property and can foreclose.

Though you are not obligated to pay as a borrower, you can lose the property through foreclosure if the mortgage payments are not made. As far as what steps you need to take, if you intend to keep the property you need to keep the payments current on the mortgage. I would recommend you should seek the counsel of a good, local real estate attorney as soon as possible.

This entry was posted in Real Estate and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s