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.
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.
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.
A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.
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.
If you signed a mortgage, your name won't come off until the mortgage is paid off.
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
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 must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.
A mortgage is a loan from a bank used to purchase real estate. Until the loan is paid off the bank has a lien on the property. The property cannot be sold or refinanced until that mortgage is paid.
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.