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Can a person who inherited real property that is subject to a life estate grant a mortgage on the property?
Wiki User
∙ 13y ago
Yes, but you would need the written consent of the life tenant.
Wiki User
∙ 13y ago
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When inheriting property when does the mortgage not go with it?
==One Answer== Inherited real property that is encumbered by a mortgage would be taken free of the mortgage IF the will also specified that the mortgage would be paid by the estate.
Can a deed be transferred to administrator of estate when a mortgage exists?
The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Ok if the judge give you the property out of the estate your sister left a mortgage behind do you pay it?
The mortgage has to be resolved. It is not something that is inherited and a new mortgage may have to be obtained.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
Transfer real estate property by will?
The transfer is done by the executor of the estate once the estate is settled. The will indicates who gets the rights in the property, but they are still subject to mortgage and liens and other items.
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.
Is mortgage better than a loan?
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
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.
What means is 'mortgage value' as related real estate?
what means 'mortgage value' as the real estate property
What happens when a person with a Will dies and their property is subject to a mortgage?
The mortgage must be paid if the heirs wish to keep the real estate. The decedent conveyed an interest to the lender and if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should discuss the situation with the attorney who handles the estate.
