Deceased Spouse, Mortages in Deceased's Name
My question involves a foreclosure in the State of: Michigan
Two properties:
one in name of deceased
mortage in deceased's name
one in both spouses' names
mortage in deceased's name
Surviving spouse (myself) cannot assume mortgages. Not a chance. :(
These banks are just businesses, trying to make ends meet in this economy. Should I let them know? It seems fair to me to tell them... If I let them know I can't make the payments, does that speed up the timeline until I'd need to be out of the house (#2)? What about my tenant in house #1?
It's only been a month, I don't know if I'm coming or going, but I'm not ready physically or emotionally to leave the house and won't be for several months.
I obviously need to sit down with a lawyer, but what are my options? What steps might I consider?
Re: Deceased Spouse, Mortages in Deceased's Name
You just told us that you can't afford both properties, so it's only a matter of time before the bank commences foreclosure proceedings. If there's equity in the first property, consider opening an estate and selling it. And if you can't afford to keep either property, consider including the second in the estate proceedings and selling it as well.
Re: Deceased Spouse, Mortages in Deceased's Name
With home values the way they are, I doubt there's any equity. Not a new story for an awful lot of people - I'm certainly not unique there. Thanks though, I appreciate it.