We have a mortgage, but I'm only listed on the title insurance. If my husband dies what should I do? This is in Michigan.
2006-11-23 17:26:47 · 12 answers · asked by Brandy S 2 in Business & Finance ➔ Renting & Real Estate
Thew bank still owns it. If paid of you will own it after its paid off without having to go through the estate stuff.
Mortgage just means who is responsible for the loan. Title when paid off will determine who owns house.
2006-11-23 17:30:32 · answer #1 · answered by 1 Wild and Crazy Guy 3 · 0⤊ 0⤋
There is a difference between the title and the title insurance. I assume that you are on both. The mortgage note is a lien on the property and will still have to be paid if your husband dies, even if your name is not on the note. Check to see if there is any life insurance associated with the loan that might pay it off if he dies. Otherwise, just continue to make the payments. By the way, title insurance only insures that the title to the property is free of any clouds, it has nothing to do with money if he dies.
It is important that your name be on the title. It does not have to be on the note. Technically the Mortgage is the document that gives the bank the property as collateral for the loan, it is not the loan itself. Most people are confused about this.
2006-11-23 17:34:45 · answer #2 · answered by tonks_op 7 · 0⤊ 0⤋
Heaven forbid that your husband passes away any time soon.
But if he does pass away...
But if he does, his estate will still owe the balance on the mortgage. Meanwhile, "your" house is used as collateral for the mortgage. While I am not sure about Michigan specifically, most states have automatic survivorship rights to the spouse. This means you do not have to liquidate his estate and you inherit the house and its attached mortgage.
This doesn't mean that you should leave the spousal survivalship rights to be your main defense. There will be other assets/liabilities that need to be settled. It is always best to get your ducks lined up with a will. You should make sure that you are the executor of the estate. This will solve almost all probate problems. People get weird about money - and family is no exception to doing rash things when they think they can get easy cash.
2006-11-23 17:32:45 · answer #3 · answered by csanda 6 · 0⤊ 0⤋
You need to contact an estate attorney. My husband never changed the deed to the house with my name on it, and it went into probate for 2 years, with his family fighting me for it. Drgoodhi is correct, make sure his name is on the title insurance also. Also just because it is a community state does not mean it is automatically yours . It still goes into probate if your name is not on the mortgage. Oklahoma is the same as Michigan, and I was in the middle of a nightmare from the problems.
2006-11-23 17:28:24 · answer #4 · answered by Sparkles 7 · 2⤊ 0⤋
Technically it means you are entitled to the property, but not responsible for the mortgage.
BUT>>>>
The mortgage company has a lien on the title, so they will still have to be paid
2006-11-23 17:36:52 · answer #5 · answered by Anarchy99 7 · 0⤊ 0⤋
get his name on the title insurance to. Why isn't your name on the mortgage too ?
2006-11-23 17:29:10 · answer #6 · answered by ? 7 · 1⤊ 0⤋
So bypass purchase the abode from mom. Pay her honest marketplace value and get your individual loan after which you would be able to declare the loan interest and property taxes you think of you're lacking out on. mom isn't ineffective yet, so questioning that this is yours on the grounds which you will in all probability inherit sometime is untimely. (The state will choose the abode to pay for her nursing abode expenditures,) mom is renting the abode to you--so mom desires to record the condo earnings and offset that earnings with the loan interest, taxes and depreciation.
2016-10-13 00:27:36 · answer #7 · answered by ? 4 · 0⤊ 0⤋
This may mean that he is the one with the debt problem and not you. When he passes away, the bank can go against his half of the estate and not yours. But again, you should check this out with a local attorney. Good luck!
2006-11-23 17:30:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋
http://www.divorcenet.com/states/michigan/marital_property_in_michigan Michigan is a community property state-he dies=it is yours.
2006-11-23 17:29:51 · answer #9 · answered by Anonymous · 0⤊ 1⤋
uh first dont kill him, y do you think like this, if he dies you resume all responsilbity of bills, of course life insurance should cover most of this, if he has 450 k life insurance plan , then you might get 10 k after all bills and funeral services are paid, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,i dont think its worth it to kill him
2006-11-23 17:29:19 · answer #10 · answered by michaelsexton1984 2 · 1⤊ 0⤋