So, You've Got a Dead Dude (or Dudette) and a Mortgage: Don't Freak Out (Yet)!
Let's face it, dealing with death is a bummer. Between funeral arrangements and tearful goodbyes, the last thing you want to worry about is the mortgage company. But fear not, intrepid handler-of-the-recently-deceased! This handy guide will walk you through the slightly morbid (but necessary) task of notifying your dearly departed's mortgage lender.
 |
| How To Notify Mortgage Company Of Death |
Breaking the News (to the Bank, Not Your Aunt Mildred)
First things first, there's no need to break into a Usain Bolt sprint to the phone. While you should definitely reach out to the mortgage company within a reasonable timeframe (30 days is a good rule of thumb), don't panic if it takes a week or two to gather your wits (and maybe a celebratory margarita for surviving the initial chaos).
Tip: Break long posts into short reading sessions.
Pro Tip: If you're the executor of the will, you're probably the point person for this one. But if you're just a grieving friend or family member, don't be afraid to delegate!
Tip: Reading twice doubles clarity.
You've Got Mail (or Phone Calls... Maybe Both)
Now, onto actually contacting the mortgage company. There are two main routes:
Tip: Review key points when done.
-
Phone Call: This can be a good option if you crave human interaction (or just want to avoid paperwork). Be prepared to answer some basic questions about the deceased and have the mortgage documents handy (they'll love you for it).
-
Written Notice: Channel your inner Emily Dickinson and whip up a letter. Be clear and concise, stating the deceased's name, the property address, and the unfortunate fact of their demise. Attach a certified copy of the death certificate (because, you know, proof is important).
Important Note: Every mortgage company has its own procedures, so be sure to check their website or call their customer service line for specific instructions.
QuickTip: Compare this post with what you already know.
 |
What Happens Next? (Brace Yourself, It's Not Always Sunshine and Rainbows)
Here's where things get a tad less fun. The future of the mortgage depends on a few factors:
-
Was There a Co-Signer? If the dearly departed had a co-signer on the mortgage (like a spouse), they'll likely be responsible for the loan moving forward.
-
Did the Deceased Have Life Insurance? Some life insurance policies can be used to pay off a mortgage. Check the policy details to see if this is an option.
-
What About the Property? This is a whole other can of worms. The executor of the will will need to decide what to do with the property - sell it, rent it out, or (if they're feeling brave) turn it into a haunted bed and breakfast (not recommended, but hey, it's a free idea).
Don't Be Shy, Ask for Help! This whole situation can be overwhelming. Don't hesitate to consult with a lawyer or financial advisor to navigate the legal and financial complexities.
Remember, dealing with a death and a mortgage is a drag. But with a little planning and (perhaps a bit of gallows humor), you can get through it. Now go forth and conquer that pesky mortgage company (and maybe treat yourself to another margarita for good measure).
 |
