General Question

AshlynM's avatar

If your spouse dies...but you had a mortgage together...do mortgage companies have anything to help you out with payments?

Asked by AshlynM (10592points) August 7th, 2010

For Ex:

Your spouse dies. He was working and therefore, able to pay the loan. You however, are unemployed and can’t really afford to keep paying the mortgage on your own.

Don’t mortgage companies or lenders have anything to help out the surviving spouse concerning the mortgage?

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7 Answers

perspicacious's avatar

Uhmmm, no.You may be able to negotiate to extend the term or change interest rate, but that is not automatic.

trailsillustrated's avatar

didnt he have life insurance? you should be able to get his ss or survivor’s benefits

skfinkel's avatar

So sorry, if this is what happened to you. His widow would be eligible for his retirement benefits, and sometimes those can be accessed early. Perhaps he had life insurance? Talk wit the bank and let them know of the situation. I hope you can get help.

SuperMouse's avatar

You might look into the Making Home Affordable program.

Rarebear's avatar

I don’t think so. But that’s why people buy life insurance to prevent this sort of thing.

YARNLADY's avatar

No, they do not, but sometimes they will, depending on the widow’s ability to pay.

That is what insurance is for. Anyone who can’t afford life insurance can’t afford a house.

lynfromnm's avatar

Most mortgage companies offer mortgage life insurance for this purpose. Of course, you’d have had to decide to purchase it before your spouse died. Any chance you can convert other assets to cash to pay off the loan? Life insurance? Sell some stocks?
Contact your mortgage company and consult a financial advisor about your financial situation.

Please accept my condolences on your loss.

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