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Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property.
Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property.
Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property.
Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property.
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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.
Can a second mortgage company buy the first mortgage and foreclose?
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
Can the mortgage company keep homeowner claim money that is left over?
Yes, If money is still owed on the property. The mortgage company is a co-owner and a co-insured until the mortgage note is paid off. Of course, these funds would have to be credited to any amounts you still owe on the property.
What do you do if you inherit a reverse mortgage?
If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
What happens to mortgage debt when adult children acquire it?
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Can a secound mortgage company make you pay for the mortgage if the owners my parents both past away?
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
Are you responsible for your mother's mortgage on her house that was left to you by survivorship rights?
If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or just keep paying the mortgage until the debt has been paid in full. If you owned the property as joint tenants with the right of survivorship and only your mother granted a mortgage in the property then you should consult an attorney who is familiar with your state laws regarding real property and mortgage by one co-owner.
Does the bank sell a reverse mortgage home on owners death?
Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.
Can an executor allow a house to be foreclosed on if there is no money in the estate to pay monthly mortgage?
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
You are on the deed but not the mortgage. Can you pay the mortgage without being on the mortgage if you want to keep the house?
You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.
