Yes..provided that there are no dubious circumstances..i.e in order to avoid bankcruptcy,or Dodge the Tax man or other interested parties like ex-partner/wife/husband.
Yes, once the mortgage on the house is paid off, you can gift the house to someone by transferring ownership through a legal process such as a deed transfer or a quitclaim deed. It's important to consult with a legal professional to ensure the transfer is done correctly and to understand any tax implications that may arise from the gift.
Yes, a house can go into foreclosure if the mortgage is not being paid, even if the property is tied up in probate. It's important to communicate with the lender and the probate court to address the situation and explore potential solutions.
No, you do not need to have a law degree to be a member of the House of Representatives. The qualifications to serve in the House are that you must be at least 25 years old, have been a U.S. citizen for at least 7 years, and be a resident of the state you represent.
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.
As the executor of an estate, you are responsible for executing the wishes outlined in the deceased person's will. If the will specifies that the house goes to a specific beneficiary, then you must follow those instructions. If there are no specific instructions, you may need to sell the house and distribute the proceeds according to the will or laws of the state.
Yes, a foreclosure on your deceased mother's house can potentially impact your credit report if you are listed as a responsible party on the loan or property title. The property being in probate does not automatically shield it from foreclosure proceedings. It is essential to consult with an attorney to understand your obligations and options in this situation.
Providing that all other requirements of law have been met, once the mortgage has been paid off and the clear title has been registered, you may give a house as a gift to whomever you want.
yes, only if the second mortgage does not get paid.
Yes. However, the mortgage must be paid. Some mortgage documents contain a clause that requires the balance be paid upon transfer. You should inform the bank of your plans. Perhaps they will allow the grantee to assume the note. Or, if you intend to reserve a life estate, perhaps the bank will allow you to keep making the mortgage payments.
The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
He was fortunate enough not to need a mortgage and paid for the house outright from his savings.
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
If the house is paid for he can present it as a gift and change the deed over(this will have a fee and you may need a lawyer or something). If the house is mortgaged, call the mortgage company, they will know.
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.