0
What are your rights to a home after a parent dies and still owes a mortgage?
Wiki User
∙ 12y ago
The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it is paid, they will take the house by force if needed.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
can the spouse live in the home after the spouse dies under a reverse mortgage?
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
What are some of the pitfalls of reverse mortgage?
The biggest pitfall of the reverse mortgage is that it is one of the more expensive credit options available. Because these loans are aimed at the elderly, other pitfalls maybe that an elder may need to move to assisted living and will still have a mortgage to pay, if the loan owner is unable to stay in the home all other family members must leave the house as per the mortgage rules, and if a reverse mortgage owner(s) dies the loan is still due.
When mortgage holders die what are mine and the mortgage company rights?
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Will the bank allow the heirs to continue to pay mortgage after a parent dies?
The bank expects the estate to keep the mortgage current. They may allow the mortgage to be assumed if the credit rating of the individuals is acceptable.
When a parent dies are children responsible for a debt they still owe to the parent?
They still owe the money to the estate. The executor may offset their inheritance by that amount.
Can a mortgage be in a will?
Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.
If a married persons dies and leaves everything to his spouse does the parent of the one that died have any rights to anything?
no they don't
Are executors entitled to get paid before the parent dies?
The executor does not have any rights or responsibilities before the person dies. Being paid makes no sense and is not a legal right.
Does a non-custodial parent who walked out 10 years ago have rights to 14-year-old when the custodial parent dies?
It depends on the circumstances and related court orders.
What right as an adult adopted child when 1 parent dies?
When adopted you have the same rights as the biological children to inherit your parents.
When a parent dies and there is no will and the mortgage is more than the house is worth who would be responsible for the mortgage?
The mortgage is the responsibility of the estate If the estate assets do not cover the debts, they distribute as best they can. If the court approves the distribution, the debts are ended.Another PerspectiveIn a title theory state if the mortgage isn't paid the lender will take the property by foreclosure.
Can a parent take possession of property if an adult child dies intestate?
If they have no spouse and no issue. Otherwise the spouse has first rights to the estate.
Can a DNA test give a child the rights to inherit estate?
Not necessarily. It can establish parentage assuming the parent is still living or there are other means of DNA matching. Matching the parent can give the individual legal standing to contest a will or establish their rights in the case of intestacy. State's legislate probate laws and procedures concerning Wills and the distribution of a deceased estate who dies intestate.
