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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: death of spouse Posted by JK (the other JK) on April 07, 2008 at 2:52 PM In Reply to: death of spouse posted by robert on April 07, 2008 at 10:55 AM : my wife died a few months back. The house was all in her name only.We were seperated but married at the time of her death. : Under the St. Germain act, does the lender (GMAC MTG.) have to let me (husband at time of death) or her (our) children assume the loan. None of us can really qualify if we have to start anew. We want to keep the house, if even for a rental for a while , as the kids are out at school for most of the year, for a few years. : What I really would like is for both children to assume the existing mtg. They can build some credit and leave me out of it. : Do we have to record a new deed and all that expense? We live in Maryland : Thanks : robert Robert, Sorry for your loss. I will give you a lay person's opinion (non-attorney) and also advise you to seek legal help. If the house was in her name only I believe you own 50% of the house and the kids own 50% of the house. I believe that under the St Germain act they have to let a surviving spouse continue to pay on the loan without calling it in, but not the kids. I doubt that paying a mortgage will help build anyone's credit. What do the kids want? Perhaps the best thing to do (considering that you were separated) would be to sell the house and split up the proceeds (assuming there is equity). Follow Ups: Sorry just read Marryland is not a Community Property State. JK (the other JK) 2:56 PM, 04/07/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : my wife died a few months back. The house was all in her name only.We were seperated but married at the time of her death. : : Under the St. Germain act, does the lender (GMAC MTG.) have to let me (husband at time of death) or her (our) children assume the loan. None of us can really qualify if we have to start anew. We want to keep the house, if even for a rental for a while , as the kids are out at school for most of the year, for a few years. : : What I really would like is for both children to assume the existing mtg. They can build some credit and leave me out of it. : : Do we have to record a new deed and all that expense? We live in Maryland : : Thanks : : robert : Robert, Sorry for your loss. I will give you a lay person's opinion (non-attorney) and also advise you to seek legal help. If the house was in her name only I believe you own 50% of the house and the kids own 50% of the house. I believe that under the St Germain act they have to let a surviving spouse continue to pay on the loan without calling it in, but not the kids. I doubt that paying a mortgage will help build anyone's credit. What do the kids want? Perhaps the best thing to do (considering that you were separated) would be to sell the house and split up the proceeds (assuming there is equity). [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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