Well Fargo Foreclosure Homes
Well Fargo Foreclosure Homes
Spouse dies, the wife not in the way of loan or mortgage, what happens?
A friend of mine recently lost her husband due to heart attack, he bought his house in 2007 on his behalf and the wife was on loan or mortgage title but have been married for 5 years and living in Arizona I think it is a ownership status of the community in comparison. The house now has a negative capital Oustanding balance and adjustable loan is a loan. Will Wells Fargo (mortgage) come after your home to keep the balance? She is thinking of leaving her home to foreclosure due to negative equity song and she and pay, she was thinking of doing a loan modification, but I'm not sure if this can be done to see that your name does not appear in the credits or the title?
Does the husband have a will? It was owned in a trust? If you were in a trust property will not have to be legalized. If the husband was intestate (died without Testament) a judge will decide who inherits the property. Since you have been married for a short period of time and his name was left out the title and the loan I bet there's a prenuptial agreement involved. His family members (children) may well have a claim to property, not the woman. If that is the case, property can not be considered community property, but the sole and separate property of the deceased. If there is a trust or is a very good chance that the woman is not even the administrator of the trust or the executor of the will. Having said all that, it may not matter, because more money is owed against the property it is worth. She should probably leave the house to be repossessed, and that is not on the loan or the title will not affect your credit. I suggest you live there for their as long as possible without making any payments until the lender you out. I bet you have at least 6 months. Trying to transfer assets out of a husband Trust in your name (without the approval of the probate court) after his death is illegal and could be charged with a felony to do so …. especially if other members family, as their children are involved.
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