Jump to content


Death of spouse who owns house/mortgage


gprit
 Share

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2107 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

My wife died just over a year ago.

 

The house we live in was bought in her name only, and the mortgage is in her name only.

 

I obtained Probate and I am the beneficiary of all assets and debts.

 

Last week I phoned up the lender - assuming it would simply be a case of switching the deeds and mortgage to my name and continuing payments.

 

I was concerned when the person said that in those situations they usually required the mortgage to be repaid

- which i couldn't do without selling the house - and I would have no-where to live.

 

Despite my late wife owning the house/mortgage, ALL monthly payments have been from MY account and have never been missed.

 

Anyone have any advice on this?

 

Thanks

Link to post
Share on other sites

Unfortunately mortgages aren't transferable, so you will need to take out a mortgage in your own name in order to repay the mortgage in your deceased wife's name.

 

You have legitimately inherited the house, but there is an outstanding debt (the mortgage) which has to be repaid - as above, you can do that by getting a mortgage in your name if you meet a lender's borrowing criteria. I am afraid that having made the payments for however long won't be seen as relevant.

 

Are you in a position to obtain a mortgage? The first place to approach would be your own bank. Try to avoid sub-prime lenders if at all possible.

Link to post
Share on other sites

This might be a stupid question, but have you checked all paperwork to ensure that your wife hadnt taken out a "reducing sum insurance" that would cover the outstanding balance of the mortgage in the event of her death ! It would be a relatively low value monthly premium.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

I am afraid I am unlikely to meet the criteria for obtaining a mortgage elsewhere...I am now retired and don't have a great credit profile. I cannot believe that a lender can evict me in such a situation in order to sell the house and repay the mortgage, whilst I can continue to pay it without any problem.

Link to post
Share on other sites

If you have a policy for repayment of the mortgage, I would suggest that there is a clause in there relating to death of the beneficiary, so check that out first and then discuss the issue further with the mortgagee.

 

You may also want to check your position with the mortgage rescue scheme - as you are a pensioner they may be able to offer some assistance, and if nothing else, may be able to provide some guidance as to how to negotiate with the mortgagee.

Link to post
Share on other sites

I believe Lea_HTH has given you the legal position, you should take her advice - she does know what she is talking about. Alternatively you could get an appointment with a solicitor who offers a free 1 hour consultation - lots of law firms do that.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

Link to post
Share on other sites

Sorry to hear about your situation and appreciate this must be a very stressful time.

 

Unfortunately as stated in the replies above the lender is completely within it's rights to take action to recover the outstanding mortgage. I've seen a handful of clients in exactly the same situation, obviously everyones situation is unique however it's been possible to find a sensible solution for them despite their age and credit status.

 

You should speak to a local reputable broker that will at least give you an overview of the potential solutions from a finance perspective. This doesn't mean to say securing finance is the only viable option however is at least an avenue you need to explore.

 

Hope this helps!!

Link to post
Share on other sites

  • 2 years later...

Posted elsewher but was told to start new thread, so......our interest only mortgagelink3.gif with J P Morgan is due to expire early next year.

The repayment vehicle is that I have a house in France that will more than repay the mortgagelink3.gif.

(all payments up to date, never missed or been late with any).

 

My concern is what happens if the house in France has not sold by then (the property market there is pretty dead)?

Link to post
Share on other sites

Do you currently have the house in France up for sale ?

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

uk house residential mortgage?

 

whats your uk loan to value as a percentage?

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

Fully mortgaged - although I could raise 25% of the value from savings.

 

re-mortgage is simpy not feasible - I have talked to many about doing that, this is why I am asking what the mortgagor might do when the term expires.

 

The French property has much much more equity than is needed to repay the UK mortgage, but cannot be unlocked - French banks etc don't allow. UK companies don't touch French properties, especially now that I am retired.

Link to post
Share on other sites

fca requirements, read before discussing with your lender

 

http://www.fca.org.uk/your-fca/documents/finalised-guidance/fg13-07

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Link to post
Share on other sites

  • 10 months later...

Property was in my late wife's name, mortgage with J P Morgan.

 

 

When she died they would not transfer mortgage to me as 'they were no longer lending'.

 

 

I continued to pay the monthly interest as Executor - never late or missed payment through whole term.

Mortgage is £68,000, value £70,000, funds held £28,000.

 

The mortgage term has now expired and they threaten possession if not repaid within one month.

 

I cannot get a remortgage at my age (68) and there IS a repayment vehicle in place

- a large house in France that I am selling

- but obviously not sold yet as the market there is depressed.

 

 

More than enough to repay.

 

Any advice?

Link to post
Share on other sites

Hi

 

What is the approx value of your other property ?

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

Link to post
Share on other sites

Value €600,000 with mortgage on it of €250,000 but not possible to release equity as the mortgage is with French Bank and they don' do that(!)

 

Ok sorry obviously you have looked into this. What about equitable assignment via a charge, or is this also not permitted ?

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...