What is the name of your state? Virginia
I believe I know the answer, but I just want to make sure. My mother-in-law's home was paid for when her husband passed away some 38 years ago. He had mortgage insurance. I just found out that thru my son that she took out a loan some 15 years ago and then she took out another loan last year with another company, I guess absorbing the first loan and paying off credit cards I didn't know she had. Anyway now she has a 90,000 mortgage and my son discovered she has another credit card with over 7,000 dollars worth on it. I was shocked because if she borrowed that much money, it wasn't for her use. All I know my mother-in-law is over 80 years old and only has social security to live on. She is under the assumption when she dies that her home will be paid for because they can't collect from a deceased person. I believe that even if she leaves her home to one of her grown children, the mortgage company can foreclose on her house unless someone takes over that loan; is that correct??? What a mess she has gotten herself into at someone else's benefit, because I am sure she gave the money to some of her children for their many problems. Now she needs help and they can't help her.
I believe I know the answer, but I just want to make sure. My mother-in-law's home was paid for when her husband passed away some 38 years ago. He had mortgage insurance. I just found out that thru my son that she took out a loan some 15 years ago and then she took out another loan last year with another company, I guess absorbing the first loan and paying off credit cards I didn't know she had. Anyway now she has a 90,000 mortgage and my son discovered she has another credit card with over 7,000 dollars worth on it. I was shocked because if she borrowed that much money, it wasn't for her use. All I know my mother-in-law is over 80 years old and only has social security to live on. She is under the assumption when she dies that her home will be paid for because they can't collect from a deceased person. I believe that even if she leaves her home to one of her grown children, the mortgage company can foreclose on her house unless someone takes over that loan; is that correct??? What a mess she has gotten herself into at someone else's benefit, because I am sure she gave the money to some of her children for their many problems. Now she needs help and they can't help her.