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  1. #1
    Join Date
    Nov 2009
    Posts
    4

    Default 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?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

  3. #3
    Join Date
    Nov 2009
    Posts
    4

    Default 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.

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