Husband died leaving house in his name Bank wants refinanced and i have no credit. will i lose the house?

Husband died leaving house in his name Bank wants refinanced I have no
credit..Will I lose the house?

Asked on June 25, 2016 under Estate Planning, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If he was the only person on the mortgage, then when he died, the mortgage legally become due in full. Your only options are to either pay it in full or to refinance it. If you can't, then yes, you could lose the house--the bank has the right to foreclose. You could also sell the house, use the proceeds to (hopefully) pay the mortgage off, and then buy or rent a new place.


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