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What else can I help you with?
What rights does a mortgage holder have to inspect property?
Most notes and mortgage contacts give the lender many rights to inspect if they feel the house is not being taken care of and effecting their collateral position. Always remember, until that mortgage is paid, they own the house, not you.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?
forever
What happens when you die and leave a mortgaged house to someone?
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
Does your mortgage company have to ask or notify you when they inspect your home and charge a fee even if it's only a picture of the house?
no
Can a second mortgage company foreclose on your house?
Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.
What if a Mortgage holder never files a lien against your house?
If the mortgagee neglects to record the mortgage then it will not become a lien on the real estate. However, you are still obligated to repay the loan.
What must a mortgage holder do when the person with the mortgaged house dies without a will?
File a claim against the decedent's estate. If the mortgage was recorded in the land records it must be paid before the property can be sold.
What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?
You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.
What happens to the mortgage on a house if the house is deeded to a new owner?
The property cannot be conveyed without the permission of the mortgage holder, who will most likely insist that the mortgage be paid off first. In other words, this is kind of a non-question, since it describes a situation that can't legally happen.If the mortgage holder dies, the house becomes part of the estate, and the heirs would have to work it out with the mortgage company.AnswerIf the owner executes a deed the property would transfer subject to the mortgage. Transferring the property cannot defeat the mortgagees interest in the property. Also, mortgages contain a due on transfer clause. That means if the property is transferred the lender will require payment in full of the mortgage.
