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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 29250
Experience:  Texas Attorney for 29 years dealing in real estate
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My friendss husband has a house with two separate mortgages.

Resolved Question:

My friends's husband has a house with two separate mortgages. Both were originally taken out before they were married. One of them was refinanced while they were were married, but her name is XXXXX XXXXX the refinance and was never added to either of the loans. The house is underwater. The husband has a savings account and 401K plan which the wife is not an account holder of, but is a beneficiary. She is also the beneficiary of a life insurance policy. If something were to happen to him, she would prefer to not have anything to do with the property. Would she be responsible for paying the mortgage or selling it or could she walk away from it? Would the mortgage company come after the money she was left in order to put it towards his unpaid mortgages?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Ray replied 10 months ago.

RayAnswers :

Hi and welcome to JA! I am Ray and am going to assist you tonight.

RayAnswers :

If your friend here is not on the loans then she has no liability for them.

RayAnswers :

The husband if he deceases here only his estate would be liable for the debts.She would have the option to walk away since she is not named on the mortgage.

RayAnswers :

And anything here like life insurance and the accounts where she has right of survivorship pass directly to her outside of probate.

RayAnswers :

Only the estate here if there are assets in his name would have to deal with the notes.The estate might sell of the properties and other assets in order to pay creditors.If he dies insolvent all they can do here is foreclose on the property.

RayAnswers :

She is not liable for any notes not in her name .Only the estate and its assets would have liability here.

RayAnswers :

I appreciate the chance to assist you tonight and chat.If you have more follow up please just ask.Thanks.

RayAnswers :

The botXXXXX XXXXXne here is that she has the option to let the house go into foreclosure and she does not have liability if she is not on the notes.

RayAnswers :

Thanks again for letting me help you tonight.

RayAnswers :

Hi..

RayAnswers :

Do you have more follow up here.It is never a problem.

Customer:

Who is considered the estate? Insurance, survivorship accounts and 401K then would not be considered part of the estate. Is that correct?

RayAnswers :

You are correct.His estate would consist of his real estate here, his half of marital personal property say furniture, clothes, etc.and any premarital assets.Anything he leaves to her with right of survivorship or payable on death accounts go outside of probate directly to her.

RayAnswers :

It sounds like they have planned here pretty well to avoid her having to file probate.

RayAnswers :

And it gives her the option to let the house go back and walk away.

RayAnswers :

Thanks for the chat .

RayAnswers :

If you can leave a positive rating it is always much appreciated.

RayAnswers :

Have a great evening.

RayAnswers :

Here is more reference to Virgina probate for your information.

Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 29250
Experience: Texas Attorney for 29 years dealing in real estate
Ray and 11 other Real Estate Law Specialists are ready to help you
Expert:  Ray replied 10 months ago.
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