What to do if my husband died a year ago but had no Will and the mortgage is now 3 months behind?

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What to do if my husband died a year ago but had no Will and the mortgage is now 3 months behind?

The home was financed only in his name because of my credit history but my income was used to approve the loan. I am now faced with the difficult decision to either try to catch up the payments or allow the home to go into foreclosure. The land was used as collateral which was own by husband’s uncle who also died a few years ago. We were not aware that the uncle had included the land as part of his estate and willed to his cousins. The property taxes are paid every year by the estate. If I were to stay in the home what would be the outcome of ownership since the land is part of an estate?

Asked on July 22, 2013 under Estate Planning, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

From what you have written about unless there is equity in the home it makes no sense to keep it. Possibly a short sale situation to simply sell the home and move forward with your life would be best for you and others.


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