Mortage/Widow/Trust and how to title
My husband passed in 2017. Our mortgages are still in his name. He left everything to me in his trust including tenants in entirity on the mortgage. I went thru a process of trying to refinance when be was diagnosed and it was a nightmare. They were aweful and it went on months as a third interest only mortgage and was eventually denied. Since the mortgage is still in his name does my trust cover leaving the assets to my children. I can’t have a nightmare for my heirs but hesitate to touch my mortgage and flag them to get involved. Is it ok to have this situation for my heirs under the terms of my trust? I’m afraid of touching the mortgage companies so I don’t lose my house or have to deal with them ever again.
Terry Says
No,no — you need an estate planning attorney to guide you through this mess. I’m not sure from your question whether the home wes titled in his Revocable Living Trust or whether the title said “tenants in entirety.” Do you have HIS will or estate plan? Were there other assets that needed titles changed? I’m posting this as a warning to others that they need a current, professionally designed estate plan. but I’m going to send you a personal email asking for more details, and try to help yu find someone to help — depending on where you live.