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I am on the title to my Aunt's condo-she passed away last year and no assets so the mortgage has not been paid in year and half I am not on the note- No assets Do I have any liability on this?
Wiki User
∙ 14y ago
Not to the note or mortgage however if you are residing there or using it as a mailing address depending on the state you will be liable for rent to the note holder
Wiki User
∙ 14y ago
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Your husband passed away you have joint mortgage do you still have to pay mortgage?
yes
Is a mortgage considered part of the debt of an estate to be paid by the estate?
This is an issue that may vary from state to state. Many states passed laws that provide that a person who inherits mortgaged property is not entitled to have that mortgage paid for by other assets in the estate. The mortgaged property itself is primarily liable for payment of the mortgage, unless the will says specifically that the estate is to pay off the mortgage. A simple direction to an executor to pay all debts is not enought to require the estate to pay the mortgage. If a will gives John a mortgaged house and gives Mary all the cash, and if the estate had to pay the mortgage as if it were an estate debt, then John would receive the house free and clear and Mary would lose a lot of cash. But because of this type of statute, the mortgage technically is not an estate debt. It gets passed on to John and he will pay off the mortgage. It should be noted that the bank will have to be paid when the decedent dies or it will foreclose and take possession of the property.
What happens to a reverse mortgage when a person dies?
The person entitled to the home may do one of the following. 1. Refinance the home into their own name. 2. Sell the home, pay off the existing mortgage and keep any assets that are left over. 3. If the person that passed owes more than the home was worth, the heirs may walk away from the home. No other assets may be attached. 4. Upon the death of the mortgagor the heirs must pay off the mortgage or the lender will take possession of the property. After the owner's death the bank will allow the heirs a time period during which they can pay off the mortgage if they want to keep the property. However, if they do not then the bank will take the property.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
What is the account entry passed in SAP when vendor liability created and Paid?
Expense a/c. Dr. And liability a/c. Credit liability a/c. Dr and vender a/c. Cr. Vendor a/c. Dr. And bank a/c. Cr.
What is cyber crime insurance?
Cyber Liability addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Liability Insurance coverage offers cutting edge protection for exposures arising out of Internet communications. The concept of Cyber Liability takes into account first- and third-party risks. The risk category includes privacy issues, the infringement of intellectual property, virus transmission, or any other serious trouble that may be passed from first to third parties via the Web.
What are the Inheritance laws in California?
If there is a will, the will be followed. In the event that a will has not been made, assets are passed equally among children, parents, siblings, spouse, and grandparents, if no relatives are found, the assets go to the state.
Who is responsible for mortgage payment on a survivorship deed the person who is on the warranty deed of survivorship or the estate?
The answer depends on the details: when was the mortgage granted- when was the survivorship created. If the mortgagor was the sole owner of the property when they granted that mortgage, and later created a survivorship with another, then ownership passed to the survivor subject to the mortgage. If the survivor doesn't pay the mortgage then the lender will take possession of the mortgage by foreclosure.Survivorship property does not become part of the decedent's estate and the mortgage passes with the property to the survivor.
How does the reverse mortgage principal limit translate into income?
It doesn't basically you receive your money based on the fact that you own your home and there are absolutely no liens. Secondly only a portion is given to you based on value and other liquidable assets, when you and or spouse have passed on the money is taken right off before anyone else could receive from your will
What happens to the deceased's debts such as bank loans and tax arrearages?
Some or all of the deceased assets will be liquidated to pay for the debts before any remaining assets can be divided by the survivors or distributed as decreed in his/her will. If there are not enough assets to cover the debts, the court will divide the assets somewhat equitably. If the deceased was married, the debt will be passed on to the spouse.
Who gets tax deduction for payment of mortgage and home equity line if deceased is no longer paying them and house passed to this person through will but deed not yet in their name?
The deductions will belong to the estate. One cannot inherit a mortgage.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
