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Do you have to pay for a mortgage on a mobile home left to you by your parent or can you let the lender take it without taking the land it is on?
Wiki User
∙ 13y ago
You would need to look at the contract. Often a mobile home contract is secured by the land it is placed on.
It may be that you cannot default on the mobile home without losing the land.
Wiki User
∙ 13y ago
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Can your spouse assume your deceased parent's mortgage?
If your spouse has a good credit record that lender should approve. However, you will need to discuss it with the lender.
If your name is not on mortgage application can it be put on deeds?
No. All the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property. If the deed and mortgage are both done at the same time, all the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property.Also take note that if a parent grants a mortgage to a bank there is a due on transfer clause in the mortgage. That means if there is a transfer of ownership the bank can call in the full amount of the loan. Therefore if the parent transfers the property to their children after they have mortgaged the property, the bank can demand payment of the mortgage in full.You should seek legal advice before you act.
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.
Can a child's savings account be seized if a parent is behind on their mortgage?
Absolutely. The account will have been opened by one of the parents - therefore legally speaking the account is the parents property, with the child as beneficiary. If the parent falls behind with the mortgage, the lender can seize anyassets deemed to be owned by the parent !
Can an existing mortgage be transfered from parent to child in Minnesota?
You need to discuss this matter with your lender.You need to discuss this matter with your lender.You need to discuss this matter with your lender.You need to discuss this matter with your lender.
When a parent dies and there is no will and the mortgage is more than the house is worth who would be responsible for the mortgage?
The mortgage is the responsibility of the estate If the estate assets do not cover the debts, they distribute as best they can. If the court approves the distribution, the debts are ended.Another PerspectiveIn a title theory state if the mortgage isn't paid the lender will take the property by foreclosure.
When parents die who pays mortgage?
The estate of the parent 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. However, a mortgage runs with the land. If it is not paid, the lender will take possession by foreclosure.
Can a parent add a son or daughter to their reverse mortgage when one parent passes away and son or daughter is not quite 62 yrs old?
Typically, to be eligible to be added to a reverse mortgage, the son or daughter would need to meet the age requirement. If they are not yet 62 years old, it may not be possible to add them to the reverse mortgage. It would be best to consult with the reverse mortgage lender or a financial advisor to explore available options.
What is loan consolidation?
Is combining all federal educational loans into one loan Consolidation Loans is similar to refinancing a mortgage. Where it's combine several student or parent loans into one bigger loan from a single lender.
Can your daughter and you go on mortgage together?
Qualifications aside, any lawful borrower may go on a mortgage loan with another lawful borrower. Two issues that cause people to question this are: 1) Title vesting. Anyone who seeks to be considered for a mortgage loan must be on the title of the home. Parent and daughter must BOTH be on title. 2) Occupany status. If the parent does not live with the daughter, is the home owner occupied or not? This determination can vary by lender. Make sure this is clarified up front as it may drastically change your loan options.
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.
Can a parent with bad credit co sign a college loan for there child?
It is not likely that the lender will accept that parent as a co-signer.
