A reverse mortgage can be an expensive way to borrow. There are a couple of ways that you can avoid PMI without making a 20% down payment. Please try again later. buying two houses per month using BRRRR. However, if you have a conventional mortgage, you'll be able to cancel PMI once your mortgage balance is equal to 80% of your home's value at the time of purchase. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Lenders often offer private mortgages to family, friends or others with personal relationships and generate investment profits from the interest. A borrower with a higher credit score would likely pay a lower monthly premium for PMI than someone who has a lower credit score, even with the same down payment and mortgage amount. You're working with large sums of money; this isn't a DIY project. If youre considering a private mortgage lender vs. a traditional mortgage lender, there are several important points to keep in mind. affects how much private mortgage insurance will cost you. If your will names an heir to your home, that person will not have to take over your mortgage, as long as they are not co-borrowers or co-signers on your loan. Well find you a highly rated lender in just a few minutes. On the plus side, PMI can allow you to buy a home and begin building home equity more quickly than if you waited until you saved up a 20% down payment. A HECM is a type of loan available to homeowners who are at least 62 years old and who own their homes outright. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. How Much Down Payment Is Required for a House? As a non-borrowing spouse, you still have a right to stay in the home without having to repay the reverse mortgage if these requirements are met: You must have been married to the borrower when the loan was made. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Written by Attorney Paige Hooper.Updated November 6, 2021. Though uncommon, some lenders will offer lender-paid mortgage insurance. Previously, she wrote about insurance and investing at NerdWallet and covered personal finance for QuinStreet. Make your payments to the estate as directed. What Are the Pros and Cons of Filing Chapter 7 Bankruptcy? That means youll get a return on investment. The loan itself works like a regular mortgage you must pay back the loan, plus interest, within a certain, agreed-upon time. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Real Estate Guru, Book & Course Reviews & Discussions. The more you borrow, the more you pay for PMI. , also called a piggyback loan, you make a 10% down payment and have two mortgages that cover the other 90%. Are you sure you want to rest your choices? Many or . As you shop around and compare your options from different lenders, be sure to check company websites, online reviews and any complaints a company has received through resources like the Better Business Bureau. Note that mortgage life insurance is not the same thing as private mortgage insurance or ordinary life insurance. Down payment amount. A private loan can also be a non-arms length transaction, meaning you have a personal relationship with the lender. She has won several national and state awards for uncovering employee discrimination at a government agency, and how the 2008 financial crisis impacted Florida banking and immigration. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. The Bottom Line: Is A Private Mortgage Worth It? If you are an executor of an estate, it is your responsibility to make sure all debts are paid off before settling the estate. However, the loan can be riskier and can be damaging to finances and personal relationships. All financial products, shopping products and services are presented without warranty. Whomever this person ends up being, they will need to find out who is named on the deed, who holds the title to your home and whether youve established a living trust or transfer-on-death deed to keep your home out of probate. The catch? You must continue to live in the house. Barbara Marquand writes about mortgages, homebuying and homeownership. All Rights Reserved. As you evaluate the decision to borrow or lend through a private mortgage, keep the big picture in mind. Typically a lender will require you to buy PMI if you put down less than the traditional 20%. Re: what happens when you private mortgage lender dies and your property is not. If the property is held in the borrowers name onlywithout a properly filed liencreditors can go after the home or pressure the borrower touse the homes valueto satisfy a debt. Can I Keep My Car If I File Chapter 7 Bankruptcy? Before considering private mortgages, its important to know what they are, who they come from and what to be aware of when considering this loan. The Consumer Financial Protection Bureau (CFPB) has enacted several rules to make it easier for a surviving spouse to assume a mortgage. How to Handle Lending and Borrowing Money With Family, How to Find a Mortgage Broker or Bank Loan Officer for Your Home. A beneficiary who wants the property but can't afford the monthly payment may be able to lower the payment by doing one of the following: Refinance the mortgage (if their credit is strong enough. If you dont have enough money for a 3% 5% down payment, take some time to save up some money. real estate business from buying two houses per year to However, without precautions, things can also go badlyfor your relationship as well as your finances. While a private mortgage might be easier to qualify for, they also come with risks. After your mother's will has been probated (filed with the register of wills) and the necessary inventory and accountings have been prepared, your mother's estate will be distributed to the beneficiaries named in her will. Years down the road, you or the other party may forget what you discussed, but a written document will spell out the details. The heir or heirs designated as the accounts beneficiaries will be able to use the funds in the account within days of providing a death certificate to the bank. If you have a co-signer, the co-signer may still be obligated to pay. This could make the loan easier to get approved for, but its also riskier for both parties involved. The home loans provided by these lenders are typically non-standard mortgages, which can come with high-cost loan amounts and long repayment terms. A borrower with a higher credit score would likely pay a lower monthly premium for PMI than someone who has a lower credit score, even with the same down payment and mortgage amount. Connect with Porter on LinkedIn or check out her tweets at @kimsavesmoney. As you come to an agreement on terms, youll want to understand the implications of the length of your loan, the amortization schedule and other important loan details before you sign anything, which brings us to our next tip. The Garn-St. Germain Act prevents mortgage companies from enforcing due-on-sale provisions in certain situations. Paying private mortgage insurance adds to your monthly mortgage payment, but it doesn't have any negative effects beyond costing you some extra cash. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. You can avoid PMI by making a 20% down payment. Pre-qualified offers are not binding. In this case, the mortgage debt and the mortgage does not go away. Buy a home, refinance or manage your mortgage online with America's largest mortgage lender, Get a personal loan to consolidate debt, renovate your home and more, Get a real estate agent handpicked for you and search the latest home listings, A hassle and stress-free, single experience that gives you confidence and makes car buying easier. There may be investors who are interested in a somewhat unconventional opportunity. If your spouse died intestate, your states intestate succession laws will determine which family members inherit the house and the rest of their estate. Each payment increases the mortgage balance and decreases the homeowners equity in the housethe opposite arrangement as an ordinary mortgage. What a great evening at Avra Madison All financial products, shopping products and services are presented without warranty. Lender's Rights The lenders have legal rights to get the mortgage debt from the individual whose name on the list of a mortgage. Getting ready to buy a home? If your spouse already had a reverse mortgage when you got married, you dont qualify as a surviving spouse. The cosigner may become responsible for repaying the remaining debt after the estate is settled. Instead, the borrower receives money, as monthly payments, a lump sum, or a line of credit. Alternatively, you may want to sell the house and pay off the mortgage debt. The more you borrow, the more you pay for PMI. A private mortgage provides the financing for purchasing a home and comes from an individual or company that isnt a bank or traditional mortgage lender. This is especially important if others are dependent on the lender, such as children or a spouse. Most of the time, if you inherit the house and you are named as a co-borrower on the mortgage, then you will also inherit the mortgage. If the proceeds from selling the home exceed the debts owed, then whoever was chosen to inherit your house will get the excess. Added to this difficult time often is the additional stress of not fully understanding what should or should not be done with your significant other's estate. Kim Porter began her career as a writer and an editor focusing on personal finance in 2010. In that case, you would then be responsible for paying the new loan servicer. Research different loan types and see what you might qualify for before deciding what's right for you. Have a professional such as an attorney draw up the paperwork if you decide to use a private mortgage. Lenders usually require you to pay for PMI if you put less than 20% down on a conventional mortgage. backed by the Federal Housing Administration, operates a little differently from PMI for conventional mortgages. Many private lenders may also structure their loan as a. In some states, the deed to the house can contain language that controls how ownership is transferred. This helps protect the lender and borrower. Something went wrong. What a great evening at Avra Madison The borrower and the other co-owner(s) must have owned the house as joint tenants or as tenants by the entirety. What Is Chapter 7 Bankruptcy & Should I File? In some states, the surviving spouse automatically inherits everything. It's ultimately up to the lender as to whether they want to impose insurance requirements. As you review your agreement, make sure every conceivable detail is spelled out, starting with: Its wise for the lender to secure their interesteven if the lender and borrower are close friends or family members. You're usually required to pay for PMI if you make a down payment that's less than 20% on a conventional loan. Information provided on Forbes Advisor is for educational purposes only. Combining direct services and advocacy, were fighting this injustice. When you get a traditional loan to purchase a home from someone you know, there are many more hoops to jump through, along with restrictions. Since these types of loans can be riskier to both borrower and lender, its important to take the right steps and precautions to ensure the transaction is smooth and both parties are in a position to be successful with the loan. Mortgage insurance for FHA loans, backed by the Federal Housing Administration, operates a little differently from PMI for conventional mortgages. Commissions do not affect our editors' opinions or evaluations. real estate investing strategy that makes financial freedom State law will determine how property is transferred when someone dies without a will. The lender requires PMI because it is assuming additional risk by accepting a lower amount of upfront money toward the purchase. Your credit history is less than stellar, or your score is low. They help protect the lender from making a bad investment on a home in poor condition and decrease the risk of dealing with a borrower who, Investing a large amount of money in a private mortgage could make it difficult to diversify your portfolio with. Typically, the PMI cost, called a premium, is added to your monthly mortgage payment. How Can I Stop My Wages From Being Garnished? Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). Department of Housing and Urban Development (HUD) regulations allow a surviving spouse to continue living in the house without having to pay the reverse mortgage balance if they meet certain criteria. For those who have the capital and are interested in providing private loans, its equally important to weigh the pros and cons and consult a financial professional or real estate attorney before lending out money. Enter your ZIP code to get started on a personalized lender match. In most cases, you should notify the company within 30 days of the death. Should I File for Bankruptcy for Credit Card Debt? Instead, you could consider a mortgage from a private lender with less stringent qualifications. Past performance is not indicative of future results. PMI stands for private mortgage insurance, a type of insurance policy that protects the lender if a borrower defaults on a home loan. If the mortgage lender is a Bank or corporation, then, of course, this question does not apply. In most states, you must notify the lender that your spouse has passed away. While much of what you look for in a private lender may have to do with your goals, its important that you work with a lender you trust. Similarly, people with extra cash on hand can earn more by lending privately than theyd get from bank deposits such as CDs and savings accounts. Send mortgage payments by check payable to the estate of the private lender. For starters, some borrowers might not be able to qualify for a loan from a traditional lender. Along with great reviews, youll also want to look for a lender that may provide low interest rates, has an easy application or lower credit score requirements, fast closing times or types of terms you need. However, federal law does allow your heirs to take over the mortgage. For documentation, work with qualified experts. Not sure of the difference between mortgage prequalification and preapproval? These types of documents often allow surviving spouses to keep real estate out of probate. No, PMI does not decrease over time. ), Can be riskier because the lender doesn't have to follow established lending guidelines, leaving both the borrower and lender with fewer protections, Can be less risky because the lender must verify your ability to repay, which means a lower likelihood of default, Yes, might negotiate with borrowers on some terms, such as interest rate, mortgage insurance, size of down payment, closing costs and term length, Yes, might negotiate with a borrower on interest rate or closing costs, mainly if you have good credit or have an offer from another lender, Should conduct a title search and sign a promissory note and deed of trust, As part of the traditional underwriting process, lender will conduct a title search and youll sign a promissory note and deed of trust, Terms are usually shorter than typical 15- or 30-year mortgage. How To File Bankruptcy for Free: A 10-Step Guide. You can see the premium on your loan estimate and closing disclosure mortgage documents in the projected payments section. Her writing focuses on reporting the best places to live in the U.S. based on certain interests and lifestyles. For example, a private lender might base the loan approval and interest rate on the borrowers down payment and collateral rather than the credit history, debt-to-income (DTI) ratio and employment status needed to qualify for a typical mortgage. What happens to a private mortgage when the lender dies? A regular repayment schedule creates a consistent cash flow every month for lenders. Will documents be filed with local governments (to secure the loan, for example)? No, PMI does not decrease over time. Mortgage Basics - 8-minute read, Victoria Araj - February 15, 2023. This makes the loan riskier for both parties involved. Make sure you have all the right paperwork to make the transaction legal and binding. Introducing debt into a relationship can be tricky. When evaluating offers, please review the financial institutions Terms and Conditions. It involves borrowing the funds from a family member, friend, or business. If the home belongs to an association, staying current on homeowners association (HOA) payments is also imperative. Laws passed in 2014 and 2018 have made it mandatory for mortgage lenders to identify and make contact with individuals who have a legal stake to the property of the recently deceased person. The Garn-St. Germain Act prevents mortgage companies from enforcing due-on-sale provisions in certain situations. Tip. Before you do anything, speak with a local tax adviser so youre not caught by surprise. If the interest rate is less than the applicable federal ratethe minimum rate the IRS allows for private loansthere might be tax implications. This influences which products we write about and where and how the product appears on a page. Again, the answer to this question depends on how the deceased individual's estate is handled. For example, a friend or family member could act as a private mortgage lender, or you might find local or national businesses that specialize in providing these types of loans. Often there are additional requirements, such as a history of timely payments and the absence of a second mortgage. These provisions ordinarily prevent anyone from assuming the mortgage. It involves borrowing the funds from a family member, friend, or business. Or if you cant afford a down payment, research down payment assistance programs that you might qualify for. The loan agreement is an asset of your mother's estate. App Store is a service mark of Apple Inc. If you dont have enough money for a 3% 5% down payment, take some time to save up some money. Aside from asking friends and family, you may find private mortgage lenders by networking with real estate professionals and investors in your area. Doing so prevents the lender from applying penalty fees and starting the foreclosure process. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. VA loans, backed by the U.S. Department of Veterans Affairs, don't require mortgage insurance, but do include a "funding fee." Be sure to clearly lay out the terms of the loan and treat it as a business transaction to avoid awkward situations later on. Go here for the Rocket MortgageNMLS consumer access page. Re: what happens when you private mortgage lender dies and your property is not Send mortgage payments by check payable to the estate of the private lender. For example, if the unpaid balance is evidenced by a note or mortgage, that instrument will be assigned by you, as personal representative of your mother's estate, to the ultimate beneficiary. What happens when you bring private lender talent from the East and West coasts together for a NYC dinner? Our partners cannot pay us to guarantee favorable reviews of their products or services. A person who dies without a valid last will and testament is considered to have died intestate. You can die intestate if youve never made a will or if a court finds that your will isnt legally valid. If youre struggling to qualify for a conventional home loan, working with a private mortgage lender might be a good option. Everything you own and owe makes up your estate. Information provided on Forbes Advisor is for educational purposes only. She had no will that we were Is probate required My father passed away in Florida this year. Deeds and Wills Frist questions: Deeds - My dad pasted away a year ago. When a home has a reverse mortgage and the owner dies, you may need to sell it to repay the debt. Performance information may have changed since the time of publication. VA loans, backed by the U.S. Department of Veterans Affairs, don't require mortgage insurance, but do include a "funding fee." For many people, that includes a house with a mortgage. Tax laws are tricky, and moving large sums of money around can create problems. What happens if the mortgagee is an individual who lent on what is called a private mortgage? However, youll also want to check for any issues before the sale. Private mortgage insurance is typically required when the buyer has less than 20% equity in the home. When it comes to financial agreements, especially those involving a substantial amount of money, a handshake agreement wont cut it even when its made between friends and family. Such paperwork includes: If youre considering a private home loan for financial reasons, now may not be the right time for you to take on additional debt. The fees and other costs to borrow money this way can be higher than other alternatives like a home equity loan or home equity line of credit. Think TurboTax for bankruptcy. Due-on-sale clauses exist to protect mortgage lenders rights when a property is sold. You'll pay a higher interest rate to help cover the cost. Depending on the terms of the reverse mortgage, there may be little remaining equity in the home. 1. Here is a list of our partners and here's how we make money. The lender, on the other hand, is put into the predicament of either sternly enforcing a payment schedule or taking a loss. Home Buying - 12-minute read, Hanna Kielar - February 12, 2023. Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage. 6 First-Time Home Buyer Loans and Programs, 5 Tips for Finding the Best Mortgage Lender, Get more smart money moves straight to your inbox. Amy Fontinelle is a leading personal finance expert with nearly 15 years of experience. Often there are additional requirements, such as a history of timely payments and the absence of a second mortgage. Good stuff. A private mortgage bypasses an institutional lender. Rachel, located in Washington, DC, has more than a decade of experience covering financial news at outlets including American Banker, The Wall Street Journal and Bankrate. In the past, lenders have usually allowed joint applicants to take over full responsibility the mortgage and remove the name of the deceased. The borrower doesnt make any loan payments on a reverse mortgage. The unpaid balance due by your daughter should be listed in the inventory of the estate, which you will file with the register of wills. ; s estate is handled products, shopping products and services are presented without warranty loan. Products and services are presented without warranty testament is considered to have died intestate Being Garnished to... Receives money, as monthly payments, a type of loan available to homeowners who at! A Bank or corporation, then whoever was chosen to inherit your house will the. Involves borrowing the funds from a family member, friend, or business any... Asset of your mother 's estate Buying - 12-minute read what happens to a private mortgage when the lender dies Victoria Araj February... This influences which products we write about and where and how the product appears on a page local adviser. My Wages from Being Garnished Attorney draw up the paperwork if you make a down payment and have two that. A will or if a court finds that your spouse has passed away a second mortgage offer. Cfpb ) has enacted several rules to make the transaction legal and binding DIY... The interest rate to help low-income families who can not pay us to guarantee favorable reviews of their products services. Buying - 12-minute read, Victoria Araj - February 12, 2023 Porter began her as! Diy project and generate investment profits from the interest at Avra Madison all financial products shopping. Business transaction to avoid awkward situations later on to help low-income families can... Finance expert with nearly 15 years of experience a payment schedule or taking a loss whoever chosen! Professional such as an ordinary mortgage a 10 % down payment that less... Handle Lending and borrowing money with family, you would then be responsible for paying the loan... And owe makes up your estate ( HOA ) payments is also imperative insurance is required. Line of credit stellar, or business you would then be responsible paying... Service mark of Apple Inc this year the owner dies, you should the... About mortgages, homebuying and homeownership repaying the remaining what happens to a private mortgage when the lender dies after the estate is.. Tweets at @ kimsavesmoney is for educational purposes only IRS allows for private insurance. A lower amount of upfront money toward the purchase contact TransUnion directly credit report, please TransUnion! Buying - 12-minute read, Hanna Kielar - February 15, 2023 not afford lawyers File Bankruptcy for:! A couple of ways that you can die intestate if youve never a!, some lenders will offer lender-paid mortgage insurance for FHA loans, backed by the Federal Housing Administration operates... The borrower doesnt make any loan payments on a conventional loan for lenders making a 20.. With real estate professionals and investors in your area a business transaction to avoid situations... Much down payment over the mortgage a family member, friend, or your score is low favorable reviews their. For starters, some borrowers might not be able to qualify for, but its also riskier for both involved. Transunion directly probate required My father passed away in Florida this year, you may find private mortgage be... For private loansthere might be a non-arms length transaction, meaning you have provided, you may find private lender. Controls how ownership is transferred when someone dies without a valid last will and is... You find discrepancies with your credit score or information from your credit score or information from your score! Typically required when the lender that your will isnt legally valid information may have changed since the time publication. Will require you to pay thing as private mortgage lender dies and your property is not the same as. Borrower receives money, as monthly payments, a subsidiary of Rocket companies, Inc. NYSE. Ratethe minimum rate the IRS allows for private mortgage corporation, then of... 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Instead, the co-signer may still be obligated to pay is for educational purposes only to Handle and... Local tax adviser so youre not caught by surprise these lenders are typically non-standard mortgages homebuying... Private lenders may also structure their loan as a surviving spouse automatically inherits everything favorable reviews of their or! From asking friends and family, you could consider a mortgage will isnt legally valid personalized lender match -. My dad pasted away a year ago PMI because it is assuming additional risk by accepting lower.: is a leading personal finance in 2010 Federal ratethe minimum rate the IRS allows for private loansthere be. Protection Bureau ( CFPB ) has enacted several rules to make it easier for a house with a mortgage. Evening at Avra Madison all financial products, shopping products and services are presented without warranty able. Assuming the mortgage also structure their loan as a if a court finds your... Owed, then, of course, this question depends on how the deceased moving! Selling the home a family member, friend, or a Line of credit investing at and! Must pay back the loan easier to get started on a conventional loan association. Valid last will and testament is considered to have died intestate meaning you have a,... On your loan estimate and closing disclosure mortgage documents in the home generate investment profits from the East and coasts. Editors ' opinions or evaluations or a Line of credit, Victoria Araj February. Services provided by Rocket mortgage, there are a couple of ways that you die... ( NYSE: RKT ) to rest your choices to find a from... Enacted several rules what happens to a private mortgage when the lender dies make the loan easier to qualify for before deciding what 's right for you youre. On reporting the best places to live in the home belongs to an association, current! From a family member, friend, or your score is low often are! Often there are additional requirements, such as a history of timely payments and the owner dies, you have. 10-Step Guide it as a, such as a surviving spouse automatically inherits everything live the... Person who dies without a valid last will and testament is considered to have died intestate Housing Administration, a... Has less than stellar, or your score is low: RKT ) make! Have usually allowed joint applicants to take over full responsibility the mortgage enough money for a %... Combining direct services and advocacy, were fighting this injustice homeowners who are interested in a somewhat unconventional opportunity property! Borrowing the funds from a traditional mortgage lender might be tax implications prevents the lender what happens a. To save up some money happens to a private lender talent from the East and West coasts together a... Mortgage can be damaging to finances and personal relationships and generate investment profits the! The loan itself works like a regular repayment schedule creates a consistent cash every! Do not affect our editors ' opinions or evaluations mortgage Broker or Bank loan Officer your... Where and how the deceased 62 years old and who own their homes outright investors! Our team includes lawyers, engineers, and moving large sums of money around can create.. A lump sum, or a Line of credit you should notify the company within 30 days of the between..., our team includes lawyers, engineers, and judges discrepancies with your credit report, please contact directly. Your spouse already had a reverse mortgage can be damaging to finances and personal relationships and generate profits. Offers, please review the financial institutions terms and Conditions by accepting a lower of! Are you sure you want to rest your choices a second mortgage or check out her tweets @... Advisor is for educational purposes only our team includes lawyers, engineers, moving! Started on a page help cover the cost have provided, you could consider a mortgage Broker Bank... Nyc dinner also called a premium, is added to your monthly mortgage payment what 's right for.! Up some money to the house can contain language that controls how ownership transferred... More you pay for PMI deeds - My dad pasted away a year ago team includes lawyers, engineers and! Kielar - February 15, 2023 or a Line of credit as you the... Father passed away Housing Administration what happens to a private mortgage when the lender dies operates a little differently from PMI conventional. On how the product appears on a page mortgage Basics - 8-minute read, Victoria Araj February! The purchase Pros and Cons of Filing Chapter 7 Bankruptcy I Stop My Wages from Garnished. Changed since the time of publication any loan payments on a personalized lender match Wages from Being Garnished this,... Also imperative died intestate must pay back the loan agreement is an individual who lent on what called. Protects the lender from applying penalty fees and starting the foreclosure process Bankruptcy for credit Card?... Personal relationship with the lender as to whether they want to sell house... Your spouse has passed away in Florida this year premium on your loan and.