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What happens with the borrower dies, no insurance, already 10 months without payment.


JustHelpingMyBuddy
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A very good friend of mine died in November after being on life support for the better part of two months following a motorcycle accident.

At the time of his accident he was 2 paystubs away from a Home remodification, but alas - it never happened. I moved in almost immediately so that the house would not sit empty, with the blessing of his children. I am giving them cash rent directly - they can't really rent it out to anybody else because we just don't know how long these foreclosures are drawn out. Right now though, everything is current on utilities and it's being lived in. (We were told to get someone in the house asap)

Is there any advice that you all would give me? We are wanting to keep the house as long as humanly possible because there was literally nothing left after he died. My rent money is about as good as they can do. It's very sad.

What should we know? I've never even had a mortgage of my own, so this is all very unfamiliar territory. Right now the mortgage hasn't been paid in the range of 10-12 months.

Thank you all in advance.

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is because his family didn't know he was behind, his insurance(most mortgages have this insurance) would have paid out. Get the paperwork for the mortgage and see if they were taking out insurance payments and have the family file a claim.

also if he had a will the executor can contact them and use the RESPA letter available on the board that should slow things down. and I am sure they have already recieved payment or they would have done something.

a notice in the paper started the clock.

also have them check with his work for insurance most work places offer small policies for accidental death. that may be enough money to catch the mortgage up.

look for life insurance, also the motorcycle insurance, If he was a VET then they can check with the VA for servicemens group life insurance.

Checking the paperwork in the house or at his families could make it all better.

so look into the executor of his estate or Next of kin to respa them.

Sorry to here that happened, I hate to here families having to deal with complex issues in their time of grief

also in remodification they tell you not to pay the mortgage so he may not be as far behind as you think.

Edited by Seadragon
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