Mortgage Loan Ownership After Death

Summary

In North Carolina, if a mortgage is solely in a deceased spouses name, the surviving spouse must navigate probate to settle the estate and address the mortgage. The lender may require proof of income, credit history, and adherence to their policies for mortgage assumption. Pre-foreclosure status does not simplify the process. Consult with the lender and consider legal advice for guidance.

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is the mortgage loan legally mine if im still married to my husband both of our names is on the deed to the house and he passes away but the loan is in his name only
Hey Daniel! Sorry to hear about your situation. In North Carolina, if your husband's name was the only one on the mortgage but both of your names are on the deed, the mortgage doesn't automatically become yours. The estate of your husband must be settled, which may include paying off the mortgage. Did your husband have a will?
no will or trust
Thanks for sharing that, Daniel. In North Carolina, when someone passes away without a will (intestate), the estate is distributed according to state law. Here are some key points:
- As a spouse, you are entitled to a portion of the estate.
- The mortgage lender will still need to be paid.
- You may need to go through probate to settle the estate.
Would you like to be connected to a local lawyer who can assist you further with this matter?
no but will i be successor of the account if i send it the deed to the house with both of our names on it and the marriage license
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In North Carolina, sending the deed and marriage license won't automatically make you the successor of the mortgage. The mortgage lender may require you to go through probate and may have specific requirements for transferring or refinancing the mortgage. You should contact the mortgage lender to discuss the process.
Would you like more information about the probate process?
yes
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In North Carolina, the probate process involves:
- Filing a petition with the probate court.
- Appointing an executor or administrator.
- Inventorying and valuing the estate.
- Paying debts and taxes.
- Distributing the remaining assets according to state law.
Would you like to know more details about each step in the probate process?
the house is in pre porclosure will that make it any easier getting it in my name
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Having the house in pre-foreclosure does not make it easier to get the mortgage in your name. You will still need to go through probate and contact the mortgage lender to discuss refinancing or assuming the mortgage.
Is there any specific step in the probate process you would like more details on?
why would the lender deny me
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The lender may deny you for several reasons, including:
- Insufficient income to meet the mortgage payments.
- Poor credit history.
- The lender's specific policies on mortgage assumption.
- Outstanding debts or obligations on the estate.
Would you like more detailed information on any of these points?
policies
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Lenders may have specific policies. Common lender policies that could affect your ability to assume the mortgage include:
- Requiring proof of sufficient income.
- Reviewing your credit history.
- Adhering to their internal guidelines on mortgage assumptions.
- Addressing any outstanding debts or obligations on the estate.
Is there a specific policy you need more information on?