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What happens when someones dies and leaves you a house with a mortgage?
Wiki User
∙ 12y ago
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 the 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.
Wiki User
∙ 12y ago
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Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
If my wife has a house in her name, only, and she dies am I responsible for the mortgage?
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
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.
What happens when you die and leave a mortgaged house to someone?
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
What happens when you pay off your house?
You own it and no longer need to pay a mortgage. You get the deed to the house and are free to do whatever you want to.
What happens if a house with a mortgage is left to adult children who do not want to assume the mortgage?
The house has to be put up for sale and the profit will be divided between the children. You may also let the bank repossess the house if it has little value.
What happens to the all the money collected on a house if sold in a foreclosure sale?
The mortgage company gets the money.
Who is going home on house of Anubis?
Nobody goes home... but something worse happens! Sarah dies, that's why they say someones leaving the house "forever"
What happens on march 5th on house of Anubis?
the last episode and joy someone leaves the house that is joy
