BlackWidow
New Member
- 2
Hello I need some advice on a "What IF' situation.
Rundown: Husband and I inherited our home from a deceased relative. The deed to the property and home are in our name. Due to the circumstances at the decedents time of death we were unable to gain the mortgage on the home. we knew our credit wasn't good enough. at the advice of the estate attorney we used, we were told that mortgage companies really don't care where the payments come from as long as they are paid and on time. That has not been a problem for us at all for the last 2 years. the home and property insurances along with taxes are paid by the mortgage company out of Escrow. Mortgage is still in decedents name along with the Insurance. Here is my question:
If something (heaven forbid) were to happen, say fire, storm damage,etc.. How could we access the Insurance to have our home repaired? Would it even pay out because its not in our name? Some one told us to just "Reopen the Estate" and then it would be no problem.. Can you actually do that after a period of time?
Any helpful answers or advice would be great! Thanks
Rundown: Husband and I inherited our home from a deceased relative. The deed to the property and home are in our name. Due to the circumstances at the decedents time of death we were unable to gain the mortgage on the home. we knew our credit wasn't good enough. at the advice of the estate attorney we used, we were told that mortgage companies really don't care where the payments come from as long as they are paid and on time. That has not been a problem for us at all for the last 2 years. the home and property insurances along with taxes are paid by the mortgage company out of Escrow. Mortgage is still in decedents name along with the Insurance. Here is my question:
If something (heaven forbid) were to happen, say fire, storm damage,etc.. How could we access the Insurance to have our home repaired? Would it even pay out because its not in our name? Some one told us to just "Reopen the Estate" and then it would be no problem.. Can you actually do that after a period of time?
Any helpful answers or advice would be great! Thanks