I’m married but the house is in my name, if I die can mybbhusband assume the current mortgage

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I’m married but the house is in my name, if I die can mybbhusband assume the current mortgage

I was wanting to know if I pass away without a will can my husband assume
the current mortgage or would is he forced to establish a new mortgage with
a bank

Asked on December 23, 2017 under Estate Planning, Illinois

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

First of all, if you died and his name is not on the title to the house, he should be able to retain ownership of it as a surviving spouse. he can di this through the probate process. As for the mortgage, when a property that is mortgaged changes ownership, the mortgage lender typically has the right to demand payment in full of the mortgage balance. This is due to what is known as the "due on sale" clause which allows a lender to call a mortgage due if the home becomes titled in another person's name. That having been said, the law is different when a mortgaged home is inherited. In such an event, the person who inherits gets the property can just take over the loan. The lender can't call the mortgage due as long the monthly payments are being made on time. To make things simplier, while don't you just add his name tothe deed now so that probate will not be necessary.


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