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Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Wiki User
∙ 13y ago
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
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What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
Can life insurance proceeds be used to pay off a home mortgage?
Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.
What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
Can you leave your home to your niece in your will and add her to the house title even if you still have a mortgage?
You can leave your home to your niece in your will but you should do it right now and don't put it off. However, you should check with your bank before you make any changes in the title to the property. There may be a clause in your mortgage that prevents deed changes.
Can you will someone your home if it is not paid for?
Yes. You can leave your property to a beneficiary. However, the beneficiary must pay off the mortgage or the lender will take possession of the property by foreclosure. When you grant a mortgage you are granting the lender an interest in your property. Your beneficiary would take the property subject to the bank's interest.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
How long does the mortgage company have to give you before they can force you to leave your home?
They take you to court first
Would the beneficiary under the will be liable for a home loan of the deceased?
If the property is subject to a mortgage the mortgage must be paid or the lender will take possession of the property by foreclosure. The home is collateral for the loan, which means you are not responsible for the loan, but the home can be taken if the loan is not paid. Most mortgages or Deeds of Trust allow the loan to be "called" or to become payable upon death. Many lenders will either not become aware of the death or may be aware and decide to allow the beneficiary to continue payments, but the ideal solution would be to refinance the loan into the new owner's name. So are you responsible for the loan? It doesn't affect your credit and you can not be sued for any loss the lender may realize if they foreclose, and you are not legally bound by the terms. However, they have rights that affect the home, which affects the beneficiary.
What has the author Ken Scholen written?
Ken Scholen has written: 'Your new retirement nest egg' -- subject(s): Mortgage loans, Reverse, Retirement income, Reverse Mortgage loans 'Home-made money' -- subject(s): Home equity conversion 'Retirement income on the house' -- subject(s): Reverse Mortgage loans, Retirement income
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
Can life insurance proceeds be used to pay off a home mortgage?
Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.
What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
Who is the owner of a home if only one spouse signs the mortgage?
The owners of any property are the grantees listed on the current deed. The property may be subject to a mortgage if any owner granted a mortgage to a lender.
Can you sell a mobile home before it goes to foreclosure and do you have to give that money to the mortgage co?
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.
Can you leave your home to your niece in your will and add her to the house title even if you still have a mortgage?
You can leave your home to your niece in your will but you should do it right now and don't put it off. However, you should check with your bank before you make any changes in the title to the property. There may be a clause in your mortgage that prevents deed changes.
What has the author Hughes H Spurlock written?
Hughes H Spurlock has written: 'Home mortgage credit terms' -- subject(s): Mortgages, Credit, Mortgage loans
