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Does the homeowners insurance have to be in the name of the person on the mortgage if they died?
Wiki User
∙ 13y ago
If the Homeowner has died you should notify the Insurance Company. Any policy issues can be handled by the estate executor.
If you are an heir to a property in a jurisdiction that does not require transfer of deed until disposal you may purchase coverage as the owner.
You should also contact The Mortgage Company. The deceased may have purchased credit life option on the mortgage finance note at the time of purchase. If So, the credit Life insurance may pay off any remaining balance on an existing mortgage note.
Wiki User
∙ 13y ago
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Which type of insurance is sometimes used to guarantee the payment of mortgage in case the insurance died?
decreasing term insurance...
Which type of insurance is sometimes used to guarantee the payment of a mortgage in case the insured died?
decreasing term insurance...
Does a car insurance cover pay off on car in case of death?
Unless the person died while wrecking the car, no. I believe you are looking for a type of life insurance that pays the loan balance upon death of the owner of the loan and vehicle. This is mortgage life insurance.
Will home insurance cover Bee's that died in the wall in my home?
Most policies do not cover damage caused by pest.
Will insurance pay for dog that died in home fire?
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Does executor of the estate have to sign the new homeowners insurance policy with the beneficiaries?
As long as the estate is active and has not been probated, the beneficiaries have no interest in the home yet. Another issue here is that if no one is living in the home you cannot buy a homeowners policy on the home. Once the owner died the homeowners insurance is only good for 90 days after the home was no longer occupied, whether or not you are paying for the homeowners policy. The best you will get if it burns is a return of part of your premium. What you need to get is a Dwelling Fire policy and make sure it is listed as vacant. The answer to your question is whoever legally owns the home should sign the application. Once the estate is probated the home transfers ownership them the beneficiaries sign a new application for a homeowners application. To qualify for the homeowners policy the owner and occupant must be the same person or persons.
The husband has his name only in the mortgage deed and mortgage insurance if he dies would mortgage company get the house or would the wife?
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
What do you do when a person dies owing a mortgage and he conveyed the property before he died to someone who is not on the mortgage?
The property is still subject to the mortgage. The grantee should make arrangements with the bank to assume the mortgage. Some mortgage documents contain language that a transfer of the property will trigger a demand that the mortgage be paid in full. You should speak to the bank ASAP. Or, the grantee could just keep paying the mortgage.
Is car insurance still valid when the insured dies?
Is car insurance still valid on a persons car if the insured person has died
Does the life estate person or the remainder men in a life estate pay for the mortgage that is on home deed only in person who died name but mtg is in both person who died and his wifes name?
Look to the instrument that created the interests. If the instrument is silent on this point, in most cases, the decedent's wife is obligated since her name is on the mortgage. Option: If this is not desired, someone else (life estate tenant or remainderman) may refinance and pay off first mortgage.
If someone died intestate but you know house was bought as tenants in common because they did NOT want their common law partner to benefit how do you find out if the mortgage insurance paid?
You'd have to get that information from the mortgagee.
Why does a policeman not charge a person if they have alcohol in the car and no insurance and their passenger has died in a car wreck?
Because he is white.
