Some of these situations include: When, in cases where the house is owned jointly by two or more people, the borrower dies and ownership transfers to the surviving joint owner or owners. Death of a spouse checklist: What to do when a spouse dies Notify Us Online By mail: Close or transition deposit accounts by sending a notarized Letter of Instruction to Wells Fargo Exception Payments Attn: Estate Processing 7711 Plantation Road, 1st Floor Roanoke, VA 24019 (State law also sometimes gives legal protections to surviving spouses. Typically, co-borrowers equally share any burden of debt for a mortgage. Other types of estate planning documents can also determine who inherits the house. You may need assistance to not only ensure that all assets are properly identified but to also that such assets are properly transferred or distributed. You can sell it to pay off the mortgage and keep the rest of the money as your inheritance. What Is Chapter 7 Bankruptcy & Should I File? Bankruptcy laws might also be useful in your circumstances. This requires a grant of probate from the Supreme Court of BC. Think TurboTax for bankruptcy. Before 1982, mortgage lenders treated a borrowers death as a property transfer. It is always possible to refinance if you have good credit, or you can sell the house and pay back the debt. NMLSR ID 399801. Selling a house after spouse dies may be easier than expected And if you can't afford the payments and need a loan modification, you might have to assume personal liability for the mortgage loan to get one. Joint Tenants (e.g., upon death of a joint tenant, the ownership interest passes to the surviving joint tenants), and in most, but not all cases, Tenants by the Entirety (e.g., upon death of a spouse or civil union partner, the ownership interest passes to the surviving spouse or partner). If you held the property with your spouse as tenants by the entirety or joint tenants you should file a certified copy of the death certificate. This is a special kind of life insurance policy that pays the outstanding mortgage balance in full if a borrower dies.
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