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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: death of spouse Posted by Laura on April 07, 2008 at 5:36 PM In Reply to: death of spouse posted by robert on April 07, 2008 at 10:55 AM It has always been my understanding of the St. Germain act, that when a spouse dies, and you inherit the property, you can continue to make the mortgage payments, and the lender CAN NOT call the loan due (the famous due on sale clause). You DO NOT want to ASSUME the loan. Just make the payments on it. The bank will try to convince you that you have to refinance, or assume the loan, but you do not have to. The loan will remain in your departed wife's name, and the house will be deeded to you or the kids or both. If at any time in the future, you can not keep up the payments on the house, and it goes into foreclosure, it will not affect your credit because the loan is in your departed wife's name. Don't always assume that a lawyer is telling you the right answer. Not too many of them are familiar with real estate law. That being said - I am not a lawyer, I do not play a lawyer on TV, and I am not sleeping with a lawyer. Best wishes. : 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 Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : It has always been my understanding of the St. Germain act, : that when a spouse dies, and you inherit the property, : you can continue to make the mortgage payments, : and the lender CAN NOT call the loan due (the famous due on sale clause). : You DO NOT want to ASSUME the loan. : Just make the payments on it. : The bank will try to convince you that you have to refinance, : or assume the loan, but you do not have to. : The loan will remain in your departed wife's name, : and the house will be deeded to you or the kids or both. : If at any time in the future, you can not keep up the payments : on the house, and it goes into foreclosure, : it will not affect your credit because the loan is in your : departed wife's name. : Don't always assume that a lawyer is telling you the right answer. : Not too many of them are familiar with real estate law. : That being said - I am not a lawyer, I do not play a lawyer on TV, : and I am not sleeping with a lawyer. : Best wishes. : : 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 [ 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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