0
The loan doesn't 'override the will'. It is a matter of rights in property and debts. The debts of a testator must be paid before any property is distributed to the heirs. In the case of a mortgaged property, the testator doesn't own the property free and clear so she can't give it to her heirs. She conveyed it to a bank in return for a large sum of money while she was living. The bank owns a security interest in the property until the money has been repaid.
The heirs have the option of paying the loan on the property (if they want to keep it), conveying their interest to the bank or or allowing the bank to take possession by foreclosure.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can a bank put a lien against your house if you cosigned on a car loan that has 1500.00 left on the loan unpaid?
Yes. The bank must get a court judgment and can then record a lien in the land records against your real estate.
Whether banks can give loan on agricultural land in India?
i am not sure about it but today i went to the bank for the same as i also needs loan against my agriculture land. The person there said yes to me that SBI bank gives loan against agriculture land. So i hope so that this bank gives loam against agriculture land.
How can you get a loan against mortgage of land property in bangladesh?
yes
In ohio if i sign a quick claim deed to land and a house when my name is on the loan what exactly does this mean for me?
In Ohio, signing a quick claim deed to land and a house when your name is on the loan will still make you legally responsible for the loan.
What can you take in a foreclosure?
You can only recover what the loan was for--house, land and so on.
What are the minimum requirements for a student loan?
collateral like house or land
In ohio if i sign a quick claim deed to land and a house when my name is on the loan what exactly does this mean for me-?
In Ohio, if you sign a quick claim deed to land and a house when your name is still on the mortgage loan, you will still be responsible to the bank.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
How can you purchase real property directly into the irrevocable trust?
you'd need to get a Loan against the house
Is it possible to get a loan with just land (with no house on it) as the collateral?
You ca get the loan with just the land, however due to the the credit crunch that affected many banks, you should have a really good credit rating, and even so you may have to put some cash down. This also determined by the value of the land in order to get a loan off the land.
How do you pay off medical bills without selling the house?
Sell other assets to resolve the debt. Or take a loan out against the house.
Please can someone give me one million pounds?
You can seek a loan against house equity from a bank.
