Legal Question in Real Estate Law in Illinois
The mortgage to my house is in both my name and my deceased wife's name.
When she passed away, I did not notify the bank. Now it is eight years since whe passed away, and I need to apply for a home equity loan. Will the fact that the mortgage to the property is still shown
as a joint tenancy, will this have any bearing on whether I apply for a HEL inmy name only
Can they call my loan because I didn't change the name on mortgage. What do I have to do in order to apply for HEL ?
2 Answers from Attorneys
No problem with not "reporting" your wife's death. You had no obligation do do so. It is no longer in joint tenancy, you own it alone. As long as you are paying the loan on a current basis they can not call the loan,
What you will need to do depends on the lender and how much you are borrowing. Some lenders have a "streamlined" procedure for HELOCs which does not even require an appraisal. Sometimes it will be no different that a typical refinance. The worst thing that can happen with regard to title is some title companies will require a joint tenancy affidavit, which is a very simple document. So, no worries.
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