we borrowed money from his cousin, my husband died last year age 53. Our home is in both our names - so is the loan. He had no insurance and I am left with a corporation that barley supports my household, we had no children in our 30 yr marriage. I am affraid I will lose my home to his cousin.
2007-12-16 13:03:27 · 5 answers · asked by Lanie A 1 in Business & Finance ➔ Personal Finance
I don't know what state you live in, but that will make a difference in some cases. When you say that your house was in both names do you mean that you owned it as joint tenants or tenants by the entirety, or did you own it as tenants in common? If you owned it jointly or as tenants by the entirety, then you are the sole owner of the rea estate as the surviving tenant. If you owned it as tenants in common, then you would inherit your husband's undivided one-half interest but your husband's cousin can submit a claim against his estate and effectively obtain a lien against your home.
Find out how you and your husband owned the house. Find out if you can protect the equity in your home by recording a declaration of homestead. If you cannot prevent your husband's cousin from obtaining a lien against your home, then you should consult a bankruptcy attorney to see if you can file bankruptcy and avoid the debt owed your husband's cousin while maintaining ownership of your house.
2007-12-16 13:21:41 · answer #1 · answered by TK 7 · 0⤊ 0⤋
First your husband needs to contact the cell service provider and make payment arrangements. They don't care why the debt was incurred, they want the money. Be sure to ask if the payments you will be making will show positively on your credit report. Then you need to contact all three credit reporters and place an explanation on your report. Something like, "A relative acquired your information and incurred this debt. Payment arrangements have been made and followed through on." A little white lie but sounds good. If this is the only strike on your reports there should be no problem getting credit for a house. Your interest may be a tad higher but once the cell bill is paid off you can think about refinancing your home loan. The 453 bucks is cheap considering he could have milked you for way more over time. When loaning to a friend or family member only loan what you can afford to pay back and ask to see the statement if you loan in your name. You should also be prepared to lose a friend or acquire a family member that avoids you like the plague. There are lots of mortgage lenders out there and it does not effect your credit report negatively if you apply all over town like it used to.
2016-05-24 06:50:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Depending upon what state you live in, you can file to be the administrator and the court will usually side with the spouse. If necessary, or if you are uncomfortable about the situation, contact an attorney.
It should be pretty straight forward to take your husbands' name off of the home with a copy of the death certificate.
It is a difficult time for you I am sure. I hope all goes well.
2007-12-16 13:43:31 · answer #3 · answered by K M 3 · 0⤊ 0⤋
get a lawyer now.....before things go any further....i dont understand how your cousin got to be administratgor without your approval....get a lawyer
2007-12-16 13:13:39 · answer #4 · answered by vi 4 · 0⤊ 0⤋
the only good advise you will receive here is to get a lawyer!!!
2007-12-20 06:23:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋