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Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority.
Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority.
Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority.
Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority.
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What are your rights to a home after a parent dies and still owes a mortgage?
The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it is paid, they will take the house by force if needed.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
Should you pay off your house mortgage?
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Does PMI pay the forclosed house off?
i believe it does pay the mortgagee, and satisfies it with them, but doesn't absolve you of repayment (what is left after they sell the house).........but i'd call (or read the policy) on your mortgage insurance
What if the estates debt is a mortgage?
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
Can an executor allow a house to be foreclosed on if there is no money in the estate to pay monthly mortgage?
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
What are your rights to a home after a parent dies and still owes a mortgage?
The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it is paid, they will take the house by force if needed.
Do you have to have to pay the second mortgage if the house is sell for less than the whole amount?
Yes. You have to pay the second mortgage regardless of how much your home sells for. You borrowed the money, you pay it back.
What happens when you die and leave a mortgaged house to someone?
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Why do you need a mortgage?
basically a motgage is the "pay" for your house. you pay the mortgage. its just a word that stands for what you pay to own your house.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
Mother died had no money only house medical bill left to pay?
The executor will clear the assets of the estate and sell what is necessary to pay off the bills. That is the primary job.
What happens to a lien on a house after it expires?
The lain stays with the mortgage. And if the owner of the mortgage does not settle up with the lien holder that person cannot sell their house, car, boat or whatever the lien is on. They have to pay lien first or sell and before they get the money the amount of the lien will be deducted from total sell
Should you pay off your house mortgage?
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Does PMI pay the forclosed house off?
i believe it does pay the mortgagee, and satisfies it with them, but doesn't absolve you of repayment (what is left after they sell the house).........but i'd call (or read the policy) on your mortgage insurance
