answersLogoWhite

0


Best Answer

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant.

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant.

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant.

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

12y ago

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant.

This answer is:
User Avatar

User Avatar

Wiki User

8y ago

Yes, it can be sold, but the value is difficult to determine. The rights still are attached to the life of the person it was granted to.

This answer is:
User Avatar

User Avatar

Wiki User

7y ago

The property would pass subject to the life estate.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Can an owner of a life estate in Kentucky take out a mortgage on their property?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How do you refinance a life estate property?

Generally, in order to refinance the property the owner of the property AND the life estate holder must both sign the mortgage. If you are only a life estate holder you cannot refinance the property. A lender will grant a mortgage to the owner of the property only and the life estate holder must sign their consent. See related question link.


What happens to property with a mortgage when the owner with a will dies?

The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.


Can the owner of a life estate in Florida sell or mortgage the property if a remainderman is on the deed?

They can only sell their rights to the property. Which only last as long as they live. No one would accept a mortgage on a life estate.


How do you get the deed to a house if the owner has died and the mortgage is paid?

The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.


Does Fannie Mae accept life estates?

If the fee owner applies for a mortgage the life tenant must consent in writing so the property can be taken by foreclosure free of the life estate if there us a default.If the fee owner applies for a mortgage the life tenant must consent in writing so the property can be taken by foreclosure free of the life estate if there us a default.If the fee owner applies for a mortgage the life tenant must consent in writing so the property can be taken by foreclosure free of the life estate if there us a default.If the fee owner applies for a mortgage the life tenant must consent in writing so the property can be taken by foreclosure free of the life estate if there us a default.


Can an ex wife place a mortgage lien on the property if she already quitclaimed her interest in the property?

No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.


What happens when Mortgagor never recorded deed for real estate property?

If a person is not the record owner of the property then any mortgage she signed cannot be enforced against the property described in the mortgage. The lender would need to go after the "mortgagor" personally. It would have no lien on the real estate.


Can a loan be obtained against real estate property to initiate repairs if that property is secured in an Irrevocable Trust?

Yes. The trustee must sign the mortgage as the owner of the property.


If Mortgage note is in one persons name and the deed to property is in another can mortgage company foreclose and take both house and land?

Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.


Who is responsible for mortgage payment on a survivorship deed the person who is on the warranty deed of survivorship or the estate?

The answer depends on the details: when was the mortgage granted- when was the survivorship created. If the mortgagor was the sole owner of the property when they granted that mortgage, and later created a survivorship with another, then ownership passed to the survivor subject to the mortgage. If the survivor doesn't pay the mortgage then the lender will take possession of the mortgage by foreclosure.Survivorship property does not become part of the decedent's estate and the mortgage passes with the property to the survivor.


What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?

The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.


Does a co-borrower on a loan who isn't an owner of the property need to sign the mortgage as well?

No. A non-owner should NEVER sign a mortgage. A person who has no interest in the real estate should have no interest in promising to be responsible for the mortgage debt. If someone who does not own the property signs the mortgage they are promising to pay for property they do not own. If the primary borrower defaults, the bank will go after the co-signer.