Mortgage Rights After The Death Of A Spouse

When a spouse dies, the mortgage does not automatically transfer to the surviving spouse. The lender has the right to demand payment in full, but usually offers a grace period of 30 days. If the mortgage is not paid, the lender can begin foreclosure proceedings.

The surviving spouse may assume the mortgage if they can qualify for it and if they want to keep the home. To assume a mortgage, the survivor must notify the lender in writing and provide proof of their income and creditworthiness. The lender will then determine if they qualify for the loan.

If the surviving spouse does not want to keep the home or cannot qualify for the loan, they can sell it and use the proceeds to pay off the mortgage. The home can also be transferred to another family member who assumes responsibility for paying off the loan.

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