Hi All,
This query is for a relation of mine.
Basically, this person has been diagnosed with a serious illness and the outlook is fairly grim. He has a mortgage on his home. He had mortgage protection through the lender.
He was self-employed and obviously when the illness first hit him his income dried up very quickly. The mortgage protection policy lapsed about 18 months ago or so.
The mortgage is in arrears now but the bank are aware of what is happening and have been helpful. The interest will be paid by either the dept of welfare or the local authority from now on anyway. The only concern at the moment is for the well being of the individual concerned but everyone would like a bit more information on how to handle these things. Its a stressful enough time without having to think of the financial implications.
Just looking for a bit of guidance as to how banks handle this type of situation. What is the likely course of events following the death of the home owner?
Any guidance or advice would be appreciated.
Thanks,
Hupourdat
This query is for a relation of mine.
Basically, this person has been diagnosed with a serious illness and the outlook is fairly grim. He has a mortgage on his home. He had mortgage protection through the lender.
He was self-employed and obviously when the illness first hit him his income dried up very quickly. The mortgage protection policy lapsed about 18 months ago or so.
The mortgage is in arrears now but the bank are aware of what is happening and have been helpful. The interest will be paid by either the dept of welfare or the local authority from now on anyway. The only concern at the moment is for the well being of the individual concerned but everyone would like a bit more information on how to handle these things. Its a stressful enough time without having to think of the financial implications.
Just looking for a bit of guidance as to how banks handle this type of situation. What is the likely course of events following the death of the home owner?
Any guidance or advice would be appreciated.
Thanks,
Hupourdat