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Clearing an unreleased mortgage on property if mortgageholder is deceased?
Wiki User
∙ 13y ago
That is one of the primary reasons to open an estate is to resolve such issues and to clear titles. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Another Perspective
In a title theory state if the mortgage isn't paid the lender can take possession of the property by foreclosure.
Wiki User
∙ 13y ago
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What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Should you sue a title company for not paying your mortgage balance at closing which caused your house to go into foreclosure?
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
What if I can't refinance my deceased parents home?
Continue paying the mortgage. Don't mention that your parents are deceased. Unless the mortgagee is an individual, no one will notice a thing.
Can the executor assume the mortgage of the deceased?
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.
What is an unreleased mortgage?
An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
Can I move into mom's house if she died with out a will and I am only heir?
Depends on whether your Mother owned the house. While you would inherit your Mother's financial interest in the house, if there is a mortgage on the home, then the mortgageholder also has a financial interest. They may want to be paid the outstanding amount still owed on the mortgage.
What if name was changed on mortgage afer death of deceased?
The name on a mortgage cannot be changed. A different person can become obligated on the mortgage if he guarantees it or the mortgage is refinanced.
What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Should you sue a title company for not paying your mortgage balance at closing which caused your house to go into foreclosure?
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
How long can you leave a house in a deceased person's name if there is no mortgage Who is responsible for the property taxes?
how long can you leave house in deceased name
Does mortgage responsibilty fall on the daughters of their deceased dad if he gave them the house with a quit claim deed?
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
Is a mortgage a estate?
A mortgage is not an estate. An estate is a collection of assets that belonged to a deceased. It is created on the death of the individual and may include property and the related mortgages.
What if I can't refinance my deceased parents home?
Continue paying the mortgage. Don't mention that your parents are deceased. Unless the mortgagee is an individual, no one will notice a thing.
How can a bank foreclose on a deceased person?
A bank can not foreclose on a deceased person. A bank forecloses on a piece of property when the mortgage has not been paid. There is a difference. If the deceased person had the money in the bank to pay the mortgage and the will is in probate, someone should tell the probate judge about the situation. In this state the probate judge has the authority to pay the mortgage. He also has the authority to make the car payment. The probate judge will not do anything unless someone tells him!
