Spouse Dies Mortgage Question

[0b1kanobee]

I have a relative in Florida and their spouse is dying (husband).

-She is on the deed but not on the note.
-The mortgage was re-done in order to get the payments to an amount that would be affordable. They were like 1,000 per month and they are now less than $500 (modification)

She was told by her accountant that when he dies the bank will foreclose on the house even if she continues to make the payments or turn around and make her responsible for them.

This doesn't make any sense to me. Seems like everything would just stay the same but I dunno. She's 76 Y.O. and not interested in buying the home going through all that mess again.

I guess then my question is, what's likely to happen in this case? What advice would you give her for those 'in the know'.

 

[Josh]

Stupid question: If she keeps sending in the payments, how will the bank know anything happened?

 

[0b1kanobee]

Stupid question: If she keeps sending in the payments, how will the bank know anything happened?

Stupid answer: homeowners insurance, taxes, data bases????? IDK

That's what I hoping to find out.

 

[Josh]

Soo..... she keeps paying the homeowners and the taxes?

Has she called the bank?

 

[0b1kanobee]

Soo..... she keeps paying the homeowners and the taxes?

Has she called the bank?

NO. I told her not to open a potential can of worms. Our local Realtor basically said the same thing you did to just continue to make the payments but you know how 75 year olds can be. They get scared and can't blame them when accountant tells them that info.

 

[WinoBlues]

NO. I told her not to open a potential can of worms. Our local Realtor basically said the same thing you did to just continue to make the payments but you know how 75 year olds can be. They get scared and can't blame them when accountant tells them that info.

Might be worth a couple hundred dollars to sit with an RE attorney.

 

[0b1kanobee]

Might be worth a couple hundred dollars to sit with an RE attorney.

I agree but there is the law and there is the real world. I was hoping to get some real world advice. We'll get an attorney's advice as well.

I figured this was a fairly common occurrence.

 

[Josh]

Couldn't you call the bank without giving the client name to ask about their situation hence not throwing up any flags?

 

[0b1kanobee]

Couldn't you call the bank without giving the client name to ask about their situation hence not throwing up any flags?

Yeah but trying to get someone who can give a definitive answer I don't know. Sounds about like trying to get an answer from UHC lol

I'll keep it in mind though as it wouldn't hurt I guess.

 

[b61mack]

The bank can not foreclose. If they are married. It is against the law.