Someone with dementia is not capable of making a new will. When the testator eventually dies, you can decline to be appointed executor. The estate will be responsible for the debts. If the debts are greater than the assets the estate will be declared insolvent and the beneficiary will get nothing. The bank will take possession of the real estate. You don't need to be "removed" as a sole beneficiary it creates no obligations on your part.
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
Yes. You can leave your property to a beneficiary. However, the beneficiary must pay off the mortgage or the lender will take possession of the property by foreclosure. When you grant a mortgage you are granting the lender an interest in your property. Your beneficiary would take the property subject to the bank's interest.
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
The beneficiary can buy the property from the estate. That means the mortgage must be settled and the price must be market value.
A lot of people just get a term policy (usually the # of years of your mortgage) like 20 or 30 year term and the face amount equal to the balance so if they die their beneficiary can pay it off. Term life is cheaper than mortgage life...don't know why it just is. If you have a standard term they can do what ever they want with the money or you can show your mortgage company as beneficiary But you mortgage balance will decrease over the years but your term policy won't.
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
To me it sounds unlikely that a bank would give a new mortgage to an estate. How would the bank get its interest paid by a dead person? Did the administrator lie when he/she asked for the mortgage?
It is evidence of a mortgage loan secured by a promissory note. It includes three parties: a trustor, a trustee and a beneficiary for it to be valide.
Associated in the mortgage world most likely will mean a person or thing connected with something else. A good example is the the trustee is associated to the beneficiary of the the note. The association of the trustee and beneficiary should always be separate and independent as to insure a fiduciary duty to the client in event of a foreclosure. If you need to know more please email me at andrew@parkermcqueen.com
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
non-payment of mortgage payments exceeding 2 to 3 months. If the mortgage company does not receive timely payments, they can decide to foreclose. Once they have made that decision it is very hard to correct. If you cannot make your payment call the mortgage company. Communication can go a long way to prevent foreclosure.