You need to discuss it with your lender. If you are unable to refinance then the mortgage will remain in both names regardless of any divorce agreement and both remain responsible in the case of a default. Any person who gives up their interest in marital property in a divorce proceeding must make certain they will no longer be responsible for paying the mortgage. Generally, that can only be accomplished by a refinance.
Yes. You can assume a mortgage. However, I personally always have a look at all these assumable mortgages for my clients before I recommend assuming a mortgage as I want to find out all the details of this mortgage. Details would include interest rate on it, amortization period, repayment options, early repayment penalties, frequency payments, etc. I then explain all these to my clients and if they agree to this then they would go ahead with the assumption of the mortgage. Please bear in mind you still have to qualify to assume a mortgage.
If you have zero equity (both loans combined and individually are more than the home value) then the only option available is to seek refinance or modification options with your existing lender. Since they already own the risk, they don't assume further risk for working with the "underwater" property. No new lender will be able to finance a home without equity regardless of CH7 status. Equity aside, most lenders require 2 years to have passed from the CH7 discharge date.
Type your answer here... No, if the business is a corporation.
You can only assume a mortgage if the loan is assumable, and a great many are not. The mortgagor can call their mortgage company and ask for an assumption package which will tell you what is required. True, but, actually a great many mortgages ARE assumable. Everything you need to know and thousands of homes with assumable mortgages are available for search by visiting www.havemyhouse.com
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
Quitclaim deeds do not release the person quitting claim from their obligations under a mortgage, although a quit claim deed is a step in the right direction. In order to remove the party who quits claim from the mortgage, you must refinance the mortgage in the name of the party to whom title or interest in the property has been conveyed. The credit scores, income and assets of the party quitting claim can no longer be used for the mortgage, and this has traditionally meant trouble for borrowers seeking to refinance to remove the party who quit claim. Quit Claim deed refinancing can be a complex situation, which requires sensitivity and specific expertise in handling refinance transactions pursuant to quit claim deeds.If you have received property or plan to receive property through the execution of a quit claim deed, for example in case of divorce, the only way to finalize ownership of property and mortgage in your own name is to refinance the mortgage once the property is deeded to you, however the overwhelming majority of lenders will not allow you to refinance property unless you have been on title to the property for at least 12 months..
You need to probate your mother's estate in order to pass title to the real estate to her children. The bank should be notified of her death and should also be willing to allow you to assume the mortgage payments. If the terms of the mortgage are reasonable then try to negotiate an assumption of the existing mortgage rather than a refinance. You should seek the advice of an attorney.
Yes. You can assume a mortgage. However, I personally always have a look at all these assumable mortgages for my clients before I recommend assuming a mortgage as I want to find out all the details of this mortgage. Details would include interest rate on it, amortization period, repayment options, early repayment penalties, frequency payments, etc. I then explain all these to my clients and if they agree to this then they would go ahead with the assumption of the mortgage. Please bear in mind you still have to qualify to assume a mortgage.
I would assume that you have a variable rate mortgage. If so, I would refiance to a fixed rate mortgage. the stimulus package has provisions that should make it easier for you to refinance a fixed mortgage. However, if you have a fixed rate mortgage and the increase is because your taxes are going up and your mortgage company escrows your tax bill, then there is little that you can do because the increase is based on your taxes.
Generally, the estate must be probated in order for legal title to vest in you. You can try to keep making the payments. However, the bank may require that you refinance the property. Perhaps you should discuss the situation with the attorney who is handling the estate. It may be best if you could assume the mortgage if it has a low interest rate.
I assume you notified the mortgage company that the daughter is making the monthly mortgage payments on behalf of the mother. If that is the case, the daughter really isn't benefitting from making these payments from the credit agencies, proving mortgage history, and establishing credit on her own. Essentially, the mother would have to refinance the loan to get the daughter on the mortgage with her in order for the daughter to benefit. Even a quit claim deed would only add the daughter to the title, and the mother would ultimately be responsible for the monthly mortgage payments. I hope this information helps. Regards, Total Mortgage Services
Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
If you have zero equity (both loans combined and individually are more than the home value) then the only option available is to seek refinance or modification options with your existing lender. Since they already own the risk, they don't assume further risk for working with the "underwater" property. No new lender will be able to finance a home without equity regardless of CH7 status. Equity aside, most lenders require 2 years to have passed from the CH7 discharge date.
If you live in the US… I assume you mean you signed a quitclaim deed? If so, that was a mistake. That removed your name from the deed, but not the mortgage. So, that means you have no interest in the property, but you are still responsible for the payment. If he can't refinance and he defaults on the loan, the bank will foreclosure against both of you. Your credit will be ruined along with his. And the bank will seek a deficiency judgment against both of you for their loss (if your state allows for deficiency judgments, and most states do).
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
Type your answer here... No, if the business is a corporation.
A quitclaim deed is used to transfer interest in real estate from one party to another. I assume the former "owner" transferred their interest in the house to you and you recorded your deed in the land records. You now own the property subject to the mortgage. If it is not paid the lender will take possession of the property by foreclosure. You should have an attorney review your title and advise you of your options. Most mortgages contain a due on transfer clause whereby if the property is transferred the lender can demand payment of the note in full. You may need to refinance in your own name. The attorney can advise you.