The loan on my deceased husband. My name on the house's title only. Can I refinance?

Question

After I lost my husband ,mortgage jumped way up, then I rented my house. The tenant didn't pay the rent .I couldn't pay the mortgage.It is on sell now but no hope it goes.The bank says because of my name is not on the loan,I am not eligible to do anythink.How can I refinance?

Answer 1

Was there a will leaving the home to you? If not or even if there is you will want to consult an attorney. Chances are you will have to go through probate court. Even if you find a buyer chances are this will cause a problem also.

Answer 2

Of course you can refinance the home if you are the title holder. It doesn't matter who is on the loan. The question is whether or not you can qualify for a refi. It doesn't sound like you can since you can't pay the current mortgage.

Bottomline? If your house is worth far more than the total mortgage amount against it, you can sell it even in a slow market. You may have to drop price. Worst case scenario, there's always a private investor lurking around looking for deals with lots of equity. If you are upside down on the house, you have little choice. Either short sell it or let the bank take it back.

Answer 3

Personally I think you should walk, they can not come after you for the remainder of the debt.