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Many couples have one partner with bad credit who would make a joint mortgage unobtainable. What should they do? And what if he bought the home before marrying?
That's not necessarily true. When my spouse and I met, one of us had seedy credit, but with a larger down payment, we were able to secure a loan jointly. If he purchased the home before marrying, he should have had enough insight to have her name put onto the title as partner/co-owner, again, poor estate planning. Not what they should do, the horses have already left the barn. She needs an attorney, yesterday to help preserve her interests and rights.
No. She offered payment on the loan modification agreement. She wasn't privy to that agreement.
So when you die before completing the agreement, your spouse should be screwed?
There are people in this thread saying banks don't care who makes payment as long as payment is made timely. Are they incorrect?
Quote:
Originally Posted by malamute What I don't understand -- is it true that only the person on the mortgage can pay the monthly payment?
It would seem that you could in the meantime keep paying so the payments don't fall behind and then get everything straightened out with the will and probate.
I find it difficult to believe they wouldn't accept payments -- as long as her checks were good.
Quote:
Originally Posted by Dale Cooper
You are correct. They couldn't care less who makes the payments as long as someone does.
She didn't try paying the bank what was owed. She tried paying the loan modification amount. They were thousands in arrears.
Well duh, that was the amount to which the bank agreed. Or did someone expect her to say "Oh, my husband just died and so did his income, so now I can afford a larger payment"?
The loan modification agreement was made with an individual....the husband.
It is no different than if the husband had been in the process of taking out a new mortgage(alone) on a new house and died before the process was complete.
Someone else, even a spouse, cannot expect to come along and continue the process.
What could possibly be cheaper than a mobile home?
A smaller mobile home.
Why does a 70 year old widow need a 4 bedroom home, she cannot afford?
For all any of us know, she may be renting out rooms to other seniors and collecting unreported income.
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