How do I pay off my mortgage if my spouse dies?

Since the surviving spouse inherited the house from your spouse, you may be eligible to assume the mortgage under federal law. Alternatively, you may be able to refinance the mortgage. Another possible option is to take out a reverse mortgage to pay off the existing mortgage.

What happens when a spouse dies before paying off a house?

In a community property state like California, the property officially becomes the sole property of the remaining spouse. The spouse must discuss arrangements for loan payments with the lender if the spouse cannot afford them on her own. Perhaps there’s enough equity in the home that a refinance may reduce the monthly payments.

How to get a deceased husband’s name off a property?

Sign the deed in front of a notary to make sure the document is legally binding and effective. Record the deed and death certificate with the county recorder in which the property is located.

Who is responsible for paying off a house in probate?

The executor is the person charged with shepherding the estate through probate. If there is a will, it will specify who gets the house and whether or not that person also takes on the mortgage. A beneficiary taking on the house debt must either pay off the mortgage entirely, make regular mortgage payments, refinance or sell the property.

Do you have to sell your house after your spouse dies?

Selling a house after a spouse dies is similar to if you had done it together, and you still use the same purchase agreements. The difference is that you will need to have the title put solely in your name before putting the home on the market. You definitely will not have to sell your house after your spouse’s death all alone.

What happens when a person dies before paying off a house?

Generally the surviving spouse takes the deceased spouse’s interest in the house and also takes over the mortgage. If he cannot afford to make the payments, he will either sell the house to pay off the mortgage or risk foreclosure.

When did my husband pass away and our mortgage?

My husband passed away in May 2011 of a health problem due to alcohol and pill addiction. He has no will. We purchased our home together and both our names are on the morgage loan. Can I have the mortgage company remove his name. Ask a lawyer – it’s free! The above answers are accurate and good advice.

Do you have to pay mortgage if your husband dies?

As long as you pay the mortgage it does not matter if his name is on the mortgage or not, unless you want to refinance or sell. The deed to the house is often more concern than the mortgage.

Can a surviving spouse pay off a deceased spouse’s debt?

In community property states and depending on that state’s law, the surviving spouse may be required to use community property to pay debts of a deceased spouse. The community property states include Alaska (if a special agreement is signed), Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.