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Can a person agree to keep on paying for certain obligations such as a home mortgage?
Wiki User
∙ 12y ago
A person who executed a mortgage has already agreed to be responsible for paying it until it is paid off.
Wiki User
∙ 12y ago
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Can a person agree to keep on paying certain obligation such as a home mortgage?
If two people owe a mortgage and one agrees to pay it, the bank is under no obligation to free the other person from their obligations under the mortgage. If the person fails to make the payments both mortgagors will be held equally responsibility for paying the mortgage and in the case of a default it will be reported on both credit records. The answer is yes, a person can agree to keep paying a mortgage but their agreement will have no effect on the obligations of both mortgagors.
If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.
How do you add someone to your mortgage loan?
You can not add someone to the loan without refinancing the whole loan and the other person then applies with you. If the other person is looking for credit -- there is a way for them to show that they are paying on the loan. That person will send in his/her checks to the lender. That person must keep all the bank statements or copies of the checks to verify that they have been paying it. After a year, if they are applying with you on the mortgage, or they are applying for anything else, they can include a letter of explanation and copies of the checks, so the new lender can in fact see that they have been paying on the mortgage and have been paying on time.
Are you obligated for the mortgage if your name is on the title?
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
Does a quitclaim deed relieve a person of the debt on the mortgage?
Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.Of course not. If the person signed a mortgage they will be responsible for paying the mortgage until it is paid in full. The mortgage is a contract with the lender.You should not transfer property that is encumbered by a mortgage. Mortgages contain a due on transfer clause. That means if there is a transfer of ownership the lender can demand payment in full immediately. If the mortgage isn't paid the lender will foreclose and additions expenses and costs will be added to the amount due.
Can a person agree to keep on paying certain obligation such as a home mortgage?
If two people owe a mortgage and one agrees to pay it, the bank is under no obligation to free the other person from their obligations under the mortgage. If the person fails to make the payments both mortgagors will be held equally responsibility for paying the mortgage and in the case of a default it will be reported on both credit records. The answer is yes, a person can agree to keep paying a mortgage but their agreement will have no effect on the obligations of both mortgagors.
What are your rights with joint mortgage and you have split up and am am now paying all mortgage?
Each person who signed the mortgage is responsible for paying that debt. You should discuss your situation with an attorney, especially if the other person's name is also on the deed.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.
If 2 people are unmarried and deeds are in 1 name to avoid paying a huge amount of tax and they split where does the person who is not on the deeds stand with regards to paying mortgage or ownership?
First, the person who is the grantee on the deed owns the property. Period. Second, the person who signed the mortgage is obligated to pay the bank. If you signed a mortgage but didn't own the property the bank can come after you to pay if the property owner defaults on the mortgage. It will ruin your credit. Your answer: If you do not own the property and yet you signed the mortgage then you own nothing and you will be held responsible for paying the mortgage.
What is the advantage in paying with a lump sum?
The advantage of a person paying with a lump sum is that it will affect the interest that a person will pay on the money they have borrowed. Paying a lump sum will also help a person because a person will pay less on their interest and mortgage.
Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
How do you add someone to your mortgage loan?
You can not add someone to the loan without refinancing the whole loan and the other person then applies with you. If the other person is looking for credit -- there is a way for them to show that they are paying on the loan. That person will send in his/her checks to the lender. That person must keep all the bank statements or copies of the checks to verify that they have been paying it. After a year, if they are applying with you on the mortgage, or they are applying for anything else, they can include a letter of explanation and copies of the checks, so the new lender can in fact see that they have been paying on the mortgage and have been paying on time.
Does paying off another person mortgage payments help your credit?
No. Not if your name isn't on the loan.
Can a mortgage be discharged if it is assumed by the buyer?
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
Where can a person get a reverse mortgage lead?
A person or a certain individual can get a reverse mortgage lead from any mortgage company that offers it. You can even get one from the company you're working with right now.
