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.
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.
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.
The property would pass subject to the life estate.
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.
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
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.
The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.
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.
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.
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.
Yes. The trustee must sign the mortgage as the owner of the property.
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.
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.
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
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.