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Who has legal rights to home when one is awarded all equity and is responsible for mortgage balance however both names remain on title homeowner insurance and 1st and 2nd mortgage?
Wiki User
∙ 15y ago
The one who was awarded all interest in the real estate is the rightful owner. The spouse who is still on a loan, however, is still on the hook for the mortgage, or mortgages. Most decrees will specify that the awarded spouse is to refiance to remove the other spouses' name, but as far as ownership goes, that Decree passes ownership. Some states require a separate deed be filed or the decree to be recorded in the register of deeds office, and until that is done, the other spouse still has interest. It depends on where you live. It is wise to execute a Quit Claim deed removing the ex-spouse from title. They cannot be removed from the mortgages. Those mortgage should be refinanced immediately. A copy of the quit claim deed is all the agent needs to remove them as a payee on the homeowner's policy
Wiki User
∙ 15y ago
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Will mortgage insurance automatically be canceled if the property goes through foreclosure Can the insurance company make you continue to pay or come after you for money after foreclosure?
I believe this question deals with Mortgage Insurance, not homeowners insurance. After foreclosure the lender will file a claim with the mortgage insurer. The claim is paid and since the mortgage is no longer in force the policy is void and no further claims can be made. Since the policy is no longer in force there are no premiums to be paid. The insurance company will not come after you unless they discover that you obtained the mortgage (thus the insurance also) by fraudulent means. If that is the case they will come after you. Also, any losses that the lender incurred beyond what the insurance paid are still collectible. It will be reported to the credit agencies and they will continue to try to collect from you. Homeowners insurance is one of the peripheral issues that families facing foreclosure must deal with. While it is possible that the county can take the home through a different type of foreclosure for unpaid property taxes, and the mortgage company will be pursuing a lawsuit for the defaulted mortgage contract, there is little the homeowners insurance company will do upon nonpayment. However, this does not mean that property owners have nothing to worry about. There are two most likely scenarios when homeowners begin missing their mortgage payments, and what happens with the insurance will relate to how the premiums are paid. The issue may be handled differently depending on if the owners pay the insurance on their own or if it is paid monthly through the escrow on the mortgage. Most homeowners, though, escrow their property taxes and insurance through their monthly mortgage payment. Typically, when payments are missed on an insurance policy, the coverage will continue for a period of months. If something happens to the house, the owners will be covered by their policy, although the amount they have fallen behind will be deducted from total awarded to them for the accident. However, if numerous payments are missed for longer than just a few months, the policy will lapse and the owners will no longer have any coverage. What may happen at this point is the mortgage company will buy its own homeowners insurance for the house, and they will add the monthly premiums to the amount owed on the loan. If the homeowners want to get back on track with the mortgage, they will have to pay back this extra amount for the forced insurance. Lenders will also not shop around for the best rates, so the monthly cost for the policy may be quite a bit more expensive than the owners were used to. Of course, this should not be an issue at all if the homeowners pay the insurance through their monthly payment to the lender. The bank will keep paying the taxes and insurance to make sure the policy does not lapse, while adding the amount of these missed payments to the total needed to reinstate the loan. Any insurance payments the lender makes will be included in the payoff and foreclosure judgment.
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If you are divorced from your previous spouse who got the house and your name is still on the mortgage how responsible are you for the debt when it goes into foreclosure?
The home is simply collateral for the loan. Regardless of what happens to the vesting of the property (legal ownership) you are still liable for the loan. If a court awarded the home to a spouse, the loan should have been refinanced into their name. If that did not occur your liability for the loan has not changed.
You live in a condo and leave a pot on the stove that causes damage to your's and three other units who is responsible for the deductibles?
This may be a civil court matter. Each homeowner is subject to the deductible on their respective policies. However, it is likely that if the other three unit owners sue you in court they would be awarded damages since you admit the damage was caused by your negligence and that cost them money. Damages would include the unit owners having to each pay the deductible on their own homeowners insurance. You should seek legal advice from an attorney. It may be wise for you to simply pay the deductibles rather than risking being the defendant in three lawsuits.
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