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Can the grown children of a deceased person live in the house and just assume the payments without notifying the mortgage company after spending all of the life insurance money that was to be applied?
Wiki User
∙ 14y ago
You need to have your parent's estate probated in order for legal title to pass to the heirs at law. You cannot insure the premises until you have legal title. If the premises are covered by an existing homeowner's policy and any damages occur, the proceeds will be paid over to your parent's estate, not you. If there are other heirs you are depriving them of their property and that can cause legal problems for you that may be costly to resolve. If your parent died owing any debts, they must be paid before any property can pass to you. You will be required to publish a notice of death in the local paper.
If someone gets injured on the property you have no protection if they sue since you are not the legal owner of the property. A creditor could open a probate and make a claim against or sue the estate and you could lose the property. On the other hand, if you do things the right way and probate the estate so that you have legal title, you will be able to take advantage of a state homestead protection to protect your primary residence from creditors.
You should consult with an attorney who specializes in probate in your area. You should note that by not doing things properly you are inviting legal trouble that could prove to be costly.
Wiki User
∙ 12y ago
Wiki User
∙ 14y agoNo, that would not be legal. The mortgagee is no longer living. The mortgage holder will want to evaluate the risk and credit of the people that owe them money.
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How do you find out if your deceased relative had mortgage life insurance?
One way is to check with the lender. Most lenders have affiliations with mortgage life insurance companies to provide this service and in most cases the insurance premium is included in the mortgage payment.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
How do I know if I have Mortgage insurance?
i have mortgage and homeowner insurance and fidc risk insurance
Can children of deceased mortgage holder get loan modified?
That depends on the mortgage holder. In most cases, they will not modify the existing loan. However, they may be willing to re-finance with those that inherit it.
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
Does homeowners insurance pay off your mortgage if one of the homeowners dies?
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
Will homeowner's mortgage insurance pay for failing drainage pipes under foundation?
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
Does the next of kin have to pay off a mortgage when the borrower has deceased?
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
Is mortgage protection insurance necessary to have?
Yes and no, mortgage protection insurance is necessary to have. According to the Private Mortgage Insurance Law lenders who put less than a 20 percent down payment on there loans are required to pay private mortgage insurance or mortgage protection insurance.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
