Question by RSD:
A couple bought a house recently with both of them signing as buyers. The mortgage loan was taken under the husband's name. The husband passed away recently - The wife is a homemaker with 2 kids. Is she still obligated to pay the mortgage loan if she wants to keep the house? If yes, is there anything she can do to lower the monthly payment? Please note that they do not have any insurance on mortgage.
Answer By William Bronchick:
If the wife did not sign for the mortgage note, she is not liable for the obligation. However, if the loan is not paid, the lender may commence foreclosure proceedings to obtain ownership of the property. The wife can certainly try to renegotiate the loan with the lender.
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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