Could a wife continue with original loan application, same rate and terms, without reapplying? 7 Answers as of August 31, 2015

Community property state. Loan applicant was informal partnership. Husband dies after approval but before loan closing. Can wife continue with original loan application, same rate and terms, without reapplying? Purpose of loan was to operate farm as informal partnership.

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Law Office of Pamela Braynon | Pamela Y. Braynon
Because Florida is not a community property state, I am not certain how this situation would be handled in the state you're referring to. Check with the Bar of that state to locate an attorney that could handle this situation.
Answer Applies to: Florida
Replied: 8/31/2015
Law Offices of George H. Shers | George H. Shers
I assume by "informal" you mean there is no legal partnership. ?So it sounds like the wife will probably have to reapply because the loan was in the husband's name. ?Speak to the lender, as they probably will not fund the loan as is.
Answer Applies to: California
Replied: 8/27/2015
Law Ofices of Edwin K. Niles | Edwin K. Niles
That will depend on the lender.
Answer Applies to: California
Replied: 8/26/2015
Minor, Bandonis and Haggerty, P.C.
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
Oregon is not a community property state. You should post your question in the section for the state you live in.
Answer Applies to: Oregon
Replied: 8/26/2015
Ashcraft & Ashcraft, Ltd.
Ashcraft & Ashcraft, Ltd. | Randall C. Romei
The partnership had two partners and both would have been involved in the application and underwriting. That circumstance no longer exists. New underwriting will likely be required.
Answer Applies to: Illinois
Replied: 8/26/2015
    Gates' Law, PLLC | Thomas E. Gates
    No, you will need to apply using your credit and income.
    Answer Applies to: Washington
    Replied: 8/26/2015
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    I doubt it; but check with the lender to see what their rules are allowing you to substitute in of place of partner.
    Answer Applies to: California
    Replied: 8/25/2015
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