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Father died 2 years ago mother is elderly and brother lives with her helping with mortgage payments and upkeep on house if something happens to mother can brother continue to pay?
Wiki User
∙ 15y ago
Your mother needs to do some estate planning now. If the house is in mother's name alone her estate would need to be probated for title to the real estate to pass to her heirs. She could transfer the property now to herself and her children as joint tenants and the property would automatically pass to the children upon her death with no need for probate. Since brother is helping her financially with the house she could transfer it to herself and brother as joint tenants then he would become thw sole owner upon her death. You should seek the advice of an attorney to discuss your options and the consequences of a transfer (including the mortgage). Brother should keep a good record of any sums of money he spends on mortgage payments and upkeep. The funds should be paid over to his mother by check or deposited in her account by check.
Wiki User
∙ 15y ago
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Do you have to pay your deceased brother's mortgage?
No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage.If you stand to inherit his property, the estate must be probate and the mortgage must be paid or the lender will take possession of the property by foreclosure.No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage.If you stand to inherit his property, the estate must be probate and the mortgage must be paid or the lender will take possession of the property by foreclosure.No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage.If you stand to inherit his property, the estate must be probate and the mortgage must be paid or the lender will take possession of the property by foreclosure.No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage.If you stand to inherit his property, the estate must be probate and the mortgage must be paid or the lender will take possession of the property by foreclosure.
You posses the deeds to a house you part own with your brother and he has the mortgage in his name he says he can sell without your say is this true?
You need to check on your state laws. That being said, in more cases the answer is NO. He can not.
Can your brother and sister buy your portion of the family farm by using the property as collateral?
As long as you get your share of the money, does it matter how they get it? A mortgage on the property is one way of doing it. In your case you want to be sure that the value of the property is established by an appraiser and you should be paid one third of the price.
Primary borrower on loan?
I recently co-signed for a loan for my brother. The dealership not only put me in the primary borrower position (which was a mistake), but since then there have been payment issues. So it has been my phone ringing off the hook. Even as a co-signer (non primary borrower) I would have been responsible to make the payments in the event the primary borrower did not. I understood that. However, if you are applying for a loan being the co-signer does make a difference rather than being the primary. Typically, to be a co-signer you will have to prove (by showing the payments being made from a co-borrowers account) that they are making the payments or it will affect your DTI (Debt to Income ratio). Also as the primary YOU will get the calls if there is a late payment - in my case they did not even have the co-borrowers phone number. This really doesn't mean anything except that I had all of the pain for their being late on their payments. My credit has been negatively affected. SO IF you are going to be the primary borrower - be sure that you are willing to make the payments.
Why the interest on a loan is a business expense and a tax deduction but the principal payments are neither?
Because the princial payments are your simply returning the money you borrowed. WHEN YOU BORROWED THE MONEY, IT WAS NOT TAXABLE INCOME, RETURNING IT THEN CANNOT BE TAX DEDUCTIBLE. (Or every year I would borrow an amount say equal to my taxable income from all sources from someone/thing (bank, brother, friend who I lend the same amount to at the same time), and pay it back the next day...creating a deduction, and eliminate all my taxable income from all other sources).
What happens if your mother dies and she owns the mortgage on your brother's house but your brother is the only one on the deed?
Chances are that you mother owned the property, borrowed against it and then deeded it to your brother. Your brother took title subject to the mortage. The best thing to do is to encourage your brother to refinance and get a loan in his name. The existing loan might have a clause that accelerates payment in case of the death of the borrower. It is unclear if the lender would be willing ot continue accepting the payments, but your brother will lose the house in foreclosure if he doesn't make the payments.A Different PerspectiveYou stated that your mother owned the mortgage. That sounds like your brother purchased a home and your mother loaned him the money. That means your brother owes a debt to her estate. If she had a will her property, including the mortgage, will pass according to the provisions in the will. If she died intestate, without a will, her property, including the mortgage, will pass to her heirs at law according to the state laws of intestacy. Your brother owes the balance of the mortgage to his mother's heirs and that may include himself. You can check the laws of intestacy for your state at the related question link provided below. You can add more details on the discussion page.
Single Brother died No will No children No estate Trying to handle his affairs How do I get authorization for mortgage company or other creditors to talk to me?
Your brother has an estate if he has a mortgage. You need to petition the probate court in your brother's jurisdiction to be appointed the Administrator of his estate. The court will issue Letters of Administration that will enable you to carry on the business of disposing of his estate.
I'm buying a car from my brother he's buying it from Chrysler Can the payments be transferred to my name?
yes have to talk to cheysler Unless the loan is in your name, the payments will be in his name.
Your brother co-signed a mortgage for his son The mortgage was not paid and the house was foreclosed your brother did not know What are his options?
They can pay the back money prior to the sale, or get the hit with the son. My son asked me to co-sign a loan. I said no for this reason. Let them become adults on their own.
In which season did Michelle Bass appear on Big Brother?
Michelle Bass appeared on the fifth season of Big Brother and later competed on Ultimate Big Brother. She has also worked as a model, and prior to Big Brother, a mortgage adviser.
I have mortgage but i would like to delete my name and put my brother name.?
That's illegal (it's fraud).
What can you get for your boyfriend with out your parents knowing?
You can act like you are getting your brother something if you have a brother
Can your brother be annoying to the older brother?
Yes if he do something to annoy the older brother and it depend if the older brother hate the younger brother but if not then the answer is no. and i think i answered your question?.
When does season 4 of desperate housewives continue on channel 4?
after big brother finifshes
Can you continue to bather with your brother who is 15 and you are 13?
sure.. he can wash your back easily.. enjoy!
What to do when you get in trouble if something your brother did?
Have a witness with u like a friend or something
What does it mean when you say to a boy you love him and you want him and he says cool and something about your brother?
If it was something sexual about your brother or that he was cute or something I'd say he's either gay or bisexual
