World Wide Realty
J. "Diego" Marin

Should I Inform the Mortgage Lender that My Husband has died?

   Although at the time it may feel like you are the only one facing this situation, the question has crossed more minds that you realize. The short answer is “yes”, even if you’ve been making timely payments since his passing… Let me explain why.

   Let’s suppose a situation has come up where you may need to or want to sell your home. A representative for the bank who’s a “stickler for the rules” might construe this as fraud for not reporting it. Why, you ask? The underlying reason is that the “terms” of the agreement have changed”. The banks don’t you’re your property and they certainly don’t need any more default property clouding their books… Instead they may be more receptive to an “Assumption”. These types of loans are not as popular as they once were… but under these circumstances, it might be an alternative.

   Another reason to consider notifying the lender is that if the deceased spouse had mortgage protection insurance… the note could be “paid in full”… depending on the terms and amount of coverage. There are other reasons that notice should be given that could involve annuities, IRAs, surviving heirs from another marriage, and so on. Certainly there is a lot to consider…

For a personal consultation in the DFW metro area, you can either give me a call at (972) 877-0835 or simply fill out the form below…

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