You need to have your parent's estate probated in order for legal title to pass to the heirs at law. You cannot insure the premises until you have legal title. If the premises are covered by an existing homeowner's policy and any damages occur, the proceeds will be paid over to your parent's estate, not you. If there are other heirs you are depriving them of their property and that can cause legal problems for you that may be costly to resolve. If your parent died owing any debts, they must be paid before any property can pass to you. You will be required to publish a notice of death in the local paper.
If someone gets injured on the property you have no protection if they sue since you are not the legal owner of the property. A creditor could open a probate and make a claim against or sue the estate and you could lose the property. On the other hand, if you do things the right way and probate the estate so that you have legal title, you will be able to take advantage of a state homestead protection to protect your primary residence from creditors.
You should consult with an attorney who specializes in probate in your area. You should note that by not doing things properly you are inviting legal trouble that could prove to be costly.
No, that would not be legal. The mortgagee is no longer living. The mortgage holder will want to evaluate the risk and credit of the people that owe them money.
One way is to check with the lender. Most lenders have affiliations with mortgage life insurance companies to provide this service and in most cases the insurance premium is included in the mortgage payment.
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
i have mortgage and homeowner insurance and fidc risk insurance
That depends on the mortgage holder. In most cases, they will not modify the existing loan. However, they may be willing to re-finance with those that inherit it.
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
Yes and no, mortgage protection insurance is necessary to have. According to the Private Mortgage Insurance Law lenders who put less than a 20 percent down payment on there loans are required to pay private mortgage insurance or mortgage protection insurance.
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.