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
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The estate must be probated and the title to the real estate will pass according to the provisions of the will or according to the state laws of intestacy if there was no will…. Any estate that holds real estate must be probated in order for title to the real estate to pass to the heirs at law. After the probate process is completed the heirs can keep or sell the property and divide the proceeds. The attorney who handles the estate can assist in drafting a new deed in the names of the heirs at the proper time in the probate process if they wish to keep the property. You should consult with an attorney who specializes in probate.
This is something you must discuss with your nephew. If he is a minor then state in your Will that so much money is left to pay for the monthly payments on the mortgage. If he… is not a minor then ask him if he would be willing to take over the mortgage. I am sure he would because he could always sell the home for a profit just for the property alone. You need to discuss that matter with your lender.
This will depend on the lender. Normally the estate can continue the mortgage for a reasonable period of time. It is up to the finance company to determine whether they trus…t the beneficiaries to continue the mortgage.
When husband and Wife names are on the mortgage and the husband dies is it necessary to try and change the mortgage over into one name what happens when it comes time to sell?
No, you don't need to change the mortgage. The surviving spouse canjust keep paying the mortgage. The crucial issue at the time ofsale is who owns the property. If one owner i…s dead, then themethod for handling his interest will vary from state to state. InTexas, for example, the personal representative of his estate, ifthere is one, would sign. It may also be accomplished by anaffidavit of heirship, which is a document in which twodisinterested persons swear to certain facts that reflect theidentity of the heirs. In most common law jurisdictions, a husband and wife arrange to owntheir real property as tenants by the entirety or as joint tenantswith the right of survivorship. When one dies their interest in theproperty passes directly to the survivor. A death certificate mustbe recorded in the land records along with a statement in somejurisdictions that no estate taxes are due. A title examination bya buyer's attorney will reveal that title is in the survivor.
There is a lot of legal mumbo-jumbo surrounding mortgages - but if the intent was to conceal the actual applicant's identity or to commit fraud, the answer is, no. You can't t…ransfer a mortgage tpso someone else without the mortgagor's approval anyway.
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the …property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
The mortgage must be paid if you want to keep the property. If the mortgage isn't paid the bank will foreclose and take possession of the property. If your father was also the… only one on the deed then his estate must be probated for title to the real estate to pass to his heirs. You should consult with an attorney who specializes in probate.
I recently found out that the property I am paying a mortgage for was transferred into the mortgage company's name 7 years ago The mortgage was not behind is this legal?
I would contact a local title insurance company & get a title search or whatever it is called in your area to make sure the info that you have is accurate. If it is, request a… copy of the Grant Deed, Quit Claim Deed, Warranty Deed or what ever was used to transfer title, then contact the lender. If title was in your name, then you are the only one legally, besides a court or Trustee that could cause the transfer. If there was fraud, contact the authorities immediately. But 1st make sure you have accurate info.
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be pai…d for in the event of your death.
Do you have to take over the mortgage if your spouse dies and it is in their name only and you are unable to afford the payments?
You will inherit an interest in the real property owned by your husband and his estate needs to be probated. You need to consult with an attorney who specializes in probate wh…o can review your situation and determine what your options are.
Must contact the lender to see if it allows such.
You need to discuss this issue with the bank. It may require that you refinance the property. In that case you would need to be in a position to qualify for the loan. Some len…ders will allow an assumption of the mortgage. In order for title to the real estate to pass to you the estate must be probated. You should consult with an attorney who specializes in probate in your area who can review your situation and explain your options. Perhaps she could negotiate with the bank for you.
Friend died and only heir is in prison naming him in her will. How do you transfer her equity and mortgage?
Have him fill out a quit claim to transfer title. it's fast & easy.
What happens to a house if the mortgage is just in the husbands name and he dies can the wife take over the mortgage?
The surviving spouse would need to discuss that with the bank.
Not without the consent of your lender, no. You could sell your house to her, but then your mortgage company would expect to be paid off; you can't sell her your house for les…s than you owe on it without making up the difference yourself.
What can happen and what will happen are often very different. Technically, death of a borrower is a "default event" for most mortgage loans, meaning that the bank can call th…e loan due and payable. This would typically force the inheritor to sell or refinance the home. However, if there is no interruption in payment, the lender may not be aware that a borrower has passed away for some time. The best thing to do is decide what will be done with the home. If it will be retained, refinance the loan once the ownership has been transferred legally to you. If you want to sell the home, you may continue making the payments while you market the home without involving the lender until you are ready. Remember that the lender does not know who you are, so be prepared to send any Will or Trust documents along with death certificates to the lender.
Yes. All of the power is in the hands of the mortgage holder or owner. Example: a lease holder can ask an occupant to leave as it it thier dwelling (more or less though it bel…ongs to the owner). But if the occupant also were on the lleases then it is a dispute that must be settled legally to decide whos name can be removed fom said lease.