0
Dad and daughters names are on the deed to a house with a mortgage and dad dies can creditors come after the house for payment on a unsecured loan?
Wiki User
∙ 7y ago
The answer to this may vary by state. The best recourse would be to meet with an attorney. The fee you pay for their time would be small compared to the cost of getting this wrong. With that said, creditors may sue the estate of the deceased person in an effort to obtain payment. They would have to win the lawsuit and obtain a judgment against the decedent and place a lien against the property. Once a lien is placed they could eventually take action against the property. I have 6 years experience as a mortgage underwriter and have yet to see a lien placed on residential property by an unsecured consumer creditor.
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
Is subordinated debt more senior than senior unsecured?
No. While both tranches of debt are unsecured (no collateral pledged in support of the debt obligation), by definition, senior unsecured ranks higher in the capital structure than subordinated debt, meaning that senior unsecured creditor claims will receive payment prior to subordinated debt creditors upon bankruptcy of the debtor.
Balloon payment you have a balloon mortgage payment and you lost your job how can you get help?
I have a balloon mortgage payment and i lost my job how can i get help
Are vendors guaranteed payment selling a company in Chapter 11 Bankruptcy?
No, but generally they receive higher preference than unsecured creditors that issued credit prior to the bankruptcy, should the chapter 11 company go to chapter 7.
What can you do if your mortgage payment is 2 months late?
call the mortgage holder and make payment arrangements
Bank of America mortgage payment address?
Where do I mail my mortgage payment to? I live in Chicago Ill.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
Where can one go to calculate a mortgage payment?
There are mortgage calculators online. Most typically one can find a mortgage payment on Bankrate. One can also contact any local bank to help them determine a mortgage payment.
What side of ledger is payment to creditors?
credit
How do you have a bankruptcy payment plan modified?
Discuss it first with the trustee and then file a motion to modify the plan. Unsecured creditors should not receive less than the loriginal plan, though this is not always prohibited. Copies of the motion and amended plan must be served on the trustee, US Trustee and creditors or their attorneys, or according to your local rules.
What affects the size of your monthly mortgage payment?
Your monthly mortgage payment is affected by the amount of the loan, the interest amount, and the length of time of the mortgage.
How do you use payment in a sentence?
I have to make a payment on my mortgage.
What is initial payment on a mortgage called?
Down payment
