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Can a remainder interest owner be held responsible for paying a mortgage?
Wiki User
∙ 13y ago
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoIf they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
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How does mortgage work?
Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.
Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
How does cosigning for a mortgage differ from a joint mortgage?
A joint mortgage is executed by two people who own real estate. Each is responsible for paying the mortgage in full.A co-signer has no ownership interest in the property but they have agreed to pay off the mortgage if the primary borrower fails to pay. In other words, they agree to pay the mortgage for property they don't own.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
Can a person agree to keep on paying for certain obligations such as a home mortgage?
A person who executed a mortgage has already agreed to be responsible for paying it until it is paid off.
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.
How does mortgage work?
Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.
Can you have two people on a mortgage and only one of them on the deed to a house?
Yes. A person who doesn't own the property can agree to be responsible for paying the mortgage. However, they would be a volunteer and signing the mortgage and note would give no ownership interest in the property. If the primary borrower failed to pay the volunteer would be held fully responsible for paying the 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.
3 people have right of survivorship and one quitclaimed their interest to a new party Is this new co-owner responsible for that persons part of the mortgage?
If the joint owner who conveyed her interest was paying a third of the mortgage then her grantee would also be responsible for paying that share. The grantee in the quitclaim deed is a tenant in common with the other two joint tenants.
If my boyfriend is on the deed but not the mortgage what rights does he have to the house?
He owns an interest in the property but he is not responsible for paying for it. He got a great deal. If the property is sold he will be entitled to half the proceeds after the mortgage is paid off.
I am getting divorced and my husband is threatening to make me sell the house. What rights do I have to my home if my husband's name is on the title with mine however the mortgage is in my name alone?
You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.You are in an extremely vulnerable position since you signed the mortgage alone and then granted your husband an equal interest in the property even though he had no responsibility for paying the mortgage. You own a half interest in your home and you are the only one responsible for the mortgage. You may be required to buy his interest if you want to keep your house. You need to discuss your situation with an attorney ASAP.
A mortgage is in the husband's name the deed is in the wife's maiden name along with the husband's. If the husband dies is the wife responsible for the mortgage that she did not sign?
She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.She is not responsible for paying the mortgage if she didn't sign it. Furthermore, if the bank tried to foreclose, it could only take possession of the husband's half interest. The wife should contact an attorney who specializes in real estate law.
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
You quitclaimed your interest in your home to ex who recently died. How do you get your name off the mortgage?
You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.You can't take your name off a mortgage that you signed. When you quitclaimed your interest in the property to your ex-husband you should have made it a condition that he refinance the property and pay off the existing mortgage that has your name on it. An attorney would have, should have, advised you to do that. When you conveyed your interest in the property without getting your name off the mortgage at the same time you made yourself responsible for paying a mortgage on property you no longer own.
Who pays the mortgage when living together while separated in New Hampshire?
Whoever signed the note and mortgage is equally responsible for paying it. If two people signed they are equally responsible for paying it.
