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4 Bumps

Anyone here familiar with what happens when a parent dies and their child moves in???

I thought my husband called the mortgage company Chase and told them his dad died and he inherited the home. Can the bank take back the house?? I know neither one of us will qualify for refinancing. I ma scared the bank will take our home, and we have no where to go, and our credit suck enough we will not get into a decent apartment complex. I am gonna kick my husband ass soon as he gets back from hunting for not doing this!!!

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Michigan-Mom74

Asked by Michigan-Mom74 at 11:47 PM on Nov. 16, 2012 in Home & Garden

Level 34 (66,346 Credits)
Answers (14)
  • Have you been paying the mortgage?
    Dardenella

    Answer by Dardenella at 11:51 PM on Nov. 16, 2012

  • can you even give something away thats not really yours? If its still owed on you cant always transfer ownership, they may very well be able too even if you have been making the payments. Hope not, good luck!
    luvmygrandbaby

    Answer by luvmygrandbaby at 11:54 PM on Nov. 16, 2012

  • Dardenella...Yes he has...

    luv...Ya me to
    Michigan-Mom74

    Comment by Michigan-Mom74 (original poster) at 11:56 PM on Nov. 16, 2012

  • As long as the mortgage is up to date they can not take the house. They can call the note due since the owner has died. You then have a certain length of time to sell the house or get financing . Either way the bank get their share first.
    Dardenella

    Answer by Dardenella at 11:57 PM on Nov. 16, 2012

  • Also you need to check and see if he had insurance on the house so that it would be paid off upon his death. I assume you have paid the taxes on anything you inherited because the IRS WILL take you home.
    Dardenella

    Answer by Dardenella at 11:59 PM on Nov. 16, 2012

  • Yes, the payments are current, well this last was late cause of the post office screwed up, but the payment was sent.
    Yes the taxes have been paid for this year.
    Michigan-Mom74

    Comment by Michigan-Mom74 (original poster) at 12:02 AM on Nov. 17, 2012

  • I know that when my grandma passed, the bank got the Death Certificate- she had done a reverse mortgage and they gave my parents 30 days to sell or pay them and then they were taking the house. It was a good thing she had only used 7500 of the loan against it or they would have lost it. Sorry for the negatives here, just sharing what I have seen.
    luvmygrandbaby

    Answer by luvmygrandbaby at 12:16 AM on Nov. 17, 2012

  • Wow, that's terrible. I hope it all works out for yu.
    Ballad

    Answer by Ballad at 12:22 AM on Nov. 17, 2012

  • Well thanks ladies, the info was great, and real. I rather get the truth then sun shine blown up my ass! lol
    Michigan-Mom74

    Comment by Michigan-Mom74 (original poster) at 12:54 AM on Nov. 17, 2012

  • Did his dad leave the house to him in the will? You DH needs to talk to the mortgage company.
    louise2

    Answer by louise2 at 6:13 AM on Nov. 17, 2012

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