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Can you get a mortgage on land that is subject to a life estate?
Wiki User
∙ 12y ago
Any person with an interest in the real estate would need to sign the mortgage so that the lender could foreclose in case of a default. Therefore, the fee owner, or remaindermen, can mortgage the property only with the written consent of the life estate holder. The holder of the life estate can only mortgage the property with the written consent of the fee owner.
Wiki User
∙ 10y ago
Wiki User
∙ 15y agoIt is unlikely that you would find a lender interested in loaning money on a life estate. If you defaulted on the loan, the lender would only acquire your right to use the property if there was a foreclosure. The lender doesn't want to occupy the property it wants to sell it if the loan isn't paid. The fee owner would also have to sign the mortgage. On the other hand, the lender would not allow the fee owner to mortgage the property unless the life estate holder also signed the mortgage. That way, it could take full possession of and sell the property if there was a default on the loan.
Wiki User
∙ 12y agoYes but the life tenant must consent in writing by signing the mortgage.
Yes but the life tenant must consent in writing by signing the mortgage.
Yes but the life tenant must consent in writing by signing the mortgage.
Yes but the life tenant must consent in writing by signing the mortgage.
Wiki User
∙ 12y agoGenerally, you can refinance as long as the life tenant signs the mortgage. They must consent in writing so the lender can take possession by foreclosure, free of the life estate, in case of a default.
Generally, you can refinance as long as the life tenant signs the mortgage. They must consent in writing so the lender can take possession by foreclosure, free of the life estate, in case of a default.
Generally, you can refinance as long as the life tenant signs the mortgage. They must consent in writing so the lender can take possession by foreclosure, free of the life estate, in case of a default.
Generally, you can refinance as long as the life tenant signs the mortgage. They must consent in writing so the lender can take possession by foreclosure, free of the life estate, in case of a default.
Wiki User
∙ 13y agoThe fee owner of the property would need to consent to the loan and it would be a lien on the real estate. When property is encumbered by a life estate both the life tenant and fee owner must sign any mortgage.
Wiki User
∙ 12y agoGenerally, you can refinance as long as the life tenant signs the mortgage. They must consent in writing so the lender can take possession by foreclosure, free of the life estate, in case of a default.
Wiki User
∙ 13y agoYou can ask. If you are approved, the bank will require the written consent of the life tenant.
Wiki User
∙ 14y agoYes but the life estate will be subject to the mortgage. If there is a default and the lender forecloses on the mortgage the life estate will be wiped out.
Wiki User
∙ 12y agoYes but the life tenant must consent in writing by signing the mortgage.
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Does the life tenant loose interest if the remainder man defaults on the mortgage on the property?
As long as there is notice of the life estate in the public land records the bank would need the life tenant's signature on the mortgage and note in order to wipe out the life estate. If the life tenant didn't sign the original mortgage and note then the bank has a problem. If it forecloses, it would acquire possession of the property SUBJECT TO the life estate.
How does a life estate deed supersede a will?
If a person was granted a life estate in property and then the owner dies, the property remains subject to the life estate. Even if the decedent leaves the property to a different beneficiary in the will, the property passes subject to the life estate.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
Can you mortgage a fee simple deed with a life estate?
Yes. You can grant a mortgage on property owned in fee simple that is subject to a life estate. However, the life tenant must give their written consent by signing the mortgage. That way the lender can take possession by foreclosure, free and clear of the life estate, in the case of a default.
Who owns the house equity in a life estate deed?
The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.
Both husband and wife jointly own property His mother has Life Estate but leaves home who owns the property?
The H & W own the property in fee. However, the property is subject to the life estate of the mother. If they wish to sell or mortgage the property she would need to sign the deed or mortgage. If she no longer lives there then they should obtain a release from her for her life estate and the release should be recorded in the land records. Otherwise, only a death certificate will extinguish the life estate as a burden on the property.
Can a person who inherited real property that is subject to a life estate grant a mortgage on the property?
Yes, but you would need the written consent of the life tenant.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
Can a remainder interest owner be held responsible for paying a mortgage?
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
Can someone other then the life estate holder take a mortgage out on the property without the life estate holders permission?
No. Only the fee owners can mortgage the property and they can only do so with the written consent of the life tenant.
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.
Does an owners life estate hinder my forcing the sale of land?
A life estate grants the right to the USE and POSSESSION of real property for life. The holder of a life estate is not the owner of the property. Therefore, you cannot take possession of the property and sell it if you have a judgment lien only against the life estate holder. If you have a judgment lien against the owner of property that is SUBJECT TO the life estate of someone else, the property would remain subject to the life estate if you took possession and tried to sell it. You would need to find a buyer who is willing to honor the existing life estate.
