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If cosigner of loan dies what amount will be going through probate one half the mortgage loan the paid part or the unpaid part or the market value of the home?
Wiki User
∙ 14y ago
The answer depends on how the co-owners held title. If the property was owned as joint tenants with the right of survivorship the decedent's interest passed to the Survivor automatically and doesn't become a part of the decedent's estate at all. The survivor is responsible for paying the mortgage. If they owned as tenants in common the value (and disposition) of the real estate would need to be determined by the attorney who is handling the estate.
Wiki User
∙ 14y ago
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If you are living in a home with your parent who dies and there is a mortgage on the home does it have to be included in the probate of the estate. What are the ramifications of not doing so?
Probate is strictly governed by state law. In order for the title to real estate to pass to the heirs the estate must be probated. Generally, the value of the property less the amount of the balance due on the mortgage will be included in the inventory. There will be a notice of the death published in the local newspaper. The creditors of the decedent need to be notified of the death. The property is subject to the mortgage and if the mortgage isn't paid the bank will foreclose. You may need to negotiate with the bank to refinance the mortgage. You should consult with an attorney who specializes in probate.
How to obtain cashback mortgages?
Cashback mortgages can be obtained through refinancing your mortgage through a bank, or other institution that offers such a program. The amount of money that can be obtained through a cashback mortgage will vary with the size and length of the mortgage that is applied for.
What if the cosigner has two car loans and a mortgage can they still cosign?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
Does a co signer have the right to borrow against and raise the amount of your line of credit?
A cosigner can only raise a line of credit on a home mortgage if both borrowers sign. Borrower and co borrower. It cannot be done by only one.
What affects the size of your monthly mortgage payment?
Your monthly mortgage payment is affected by the amount of the loan, the interest amount, and the length of time of the mortgage.
Who pays the probate attorney and how much?
The estate pays the probate attorney. The amount will depend on the agreement the executor makes with them.
If your mom died leaving a mortgage how can you transfer the mortgage over into your name?
I am so sorry your mother passed away. If you are executor (male) executrix (female) or heir in the Will, then it will go into Probate. Probate makes sure all debts are paid for before the heirs (such as yourself) receives the balance of the Estate. You must contact a lawyer to do this and they will be sure that all debts, mortgages, etc., are paid off and the Probate is finalized. If the mortgage is more than the monies left in your mother's Estate you still have to go through Probate so all bills are paid off, get the total amount your mother owes (hopefully you will get some money) but should her debts be more than what your mother had left in total, then you will have to go to the banking institution after Probate and take a mortgage out on that property. Be sure you have been left in the Will. If your mother has divided the Will between siblings or any other persons then I am afraid you will have to discuss the fact you want to buy the house. EXAMPLE: If the house was bought at $200,000 and your mother has a mortgage left of $60,000, and she owes taxes and other debts then unless she has other stocks/bonds/savings accounts, etc., to pay these bills off, the house will have to be sold to pay off these debts. This is when you could go into your banking insitution and ask to take over the mortgage on the house (providing the other heirs are in agreement) which I am sure they will be. Good luck Marcy
If a Single person dies what happens to his mortgage?
The mortgage is still attached to the property. An heir can take over any interest in the property, as assigned by the probate court, but the heir will need to secure financing to cover the amount of money owed on the mortgage(s). If you're asking whether the mortgage goes away, no, the debt remains attached to the property until the debt is satisfied. Some banks offer "Credit Life" insurance which covers the mortgage, but it usually costs extra.
If you return the car what do they do to the cosigner?
THE VEHICLE WILL BE SOLD. IT IS USUALLY THE HIGHEST OF THREE BIDS AND THE AMOUNT IS OFTEN BELOW WHAT THE AUTO IS WORTH. THIS AMOUNT IS DEDUCTED FROM THE BALANCE OF YOUR LOAN. THE AMOUNT THAT IS LEFT OWING WILL HAVE TO BE PAID,IF YOU DO NOT PAY,YOUR COSIGNER IS RESPONSIBLE FOR THE BALANCE OWING. GOOD LUCK ROD.
When would one obtain a probate loan?
One can obtain a probate loan if he or she is expecting an inheritance. The heirs can ask for money in advance which can be deducted from the amount of inherited assets. The probate attorney will see to it that the heirs get this probate loan.
How much money is a mortgage each month?
The amount of mortgage each month will depend on the amount of money borrowed, the duration and APR interest on the amount. You will need these figures to calculate the amount
