Many married couples end up putting both of their names on a mortgage and deed when they buy a house. However, if one spouse already owned real estate prior to the marriage beginning, the other spouse may not be on the mortgage. When the spouse on the mortgage passes away, this could lead to some complications for the surviving spouse.
Inheriting the House
When your spouse passes away, one of the most important issues to consider is whether you will inherit the house. If you are not on the deed or the mortgage, you do not have any ownership rights in the house. Depending on state laws, you may be entitled to at least half of everything your spouse owns. If your spouse created a will, he could have chosen to leave the house to you when he died. If not, the probate court will determine who owns the house when your spouse dies.
Paying Off the Mortgage
If you are not on the mortgage, the mortgage company will typically require the loan to be paid off upon the death of the borrower. If your spouse's estate had a significant amount of assets, part of the money left in the estate will be used to pay for the remaining mortgage debt. If you inherit the house and the estate does not have enough money to pay off the debt, you will have to refinance the mortgage and pay off the existing loan if you want to keep the property.
Foreclosure
Although it may not be particularly attractive possibility to consider, you may end up losing the house to foreclosure when your spouse dies. If you are not on the mortgage or the deed and the estate does not have enough assets to pay off the mortgage, you will have to consider refinancing. if you do not have enough income or a good enough credit history to qualify for a loan, the lender will simply foreclose on the existing mortgage and you will be out of a house.
Considerations
If your spouse is still alive and you are not on the mortgage or deed, you may want to consider being added to the deed. This typically requires your spouse to refinance the existing mortgage and add you to the loan and deed. This way, you will have 100 percent ownership rights if your spouse passes away. While it can be a complex process to get your name on the deed, it is better than possibly losing your house over a small oversight.
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