What steps do we need to take for the mortgage company to talk to my wife?
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What steps do we need to take for the mortgage company to talk to my wife?
My mother-in-law died in January and the mortgage co will not talk to my wife
because there was no will. what steps do we need to take for them to speak with
her. we are attempting to keep the house with the children of the deceased.
Asked on June 5, 2017 under Estate Planning, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
1) Your wife needs to be appointed administrator or personal representative for the estate (that's basically the executor, when there is no actual executor appointed by the will; the administrator or personal representative has the same basic role and authority as an executor). Contact the probate court in the county in which your mother in law lives; they can provide information on how your wife should apply.
2) Note that even once you get past the procedural hurdle of being appointed administrator, etc., the mortgagee (the lender or mortgage company) does not have to let you keep the house unless you pay the mortgage off in full (such as by refinancing it--which the administrator can potentially do, if it's in the interest of the estate and heirs). All debts like this become due in full when the debtor passes away. If your wife and/or any other heirs (e.g. her siblings) either singly or together cannot or do not want to refinance the home and pay any resulting mortgage on it, the options are to either let the lender foreclose (a good option if the home is "underwater" in value) or to sell it and then distribute any profit left after paying the mortgage and costs of sale (selling real estate is something else the administrator can do).
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