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If a husband is the only one on the mortgage if something were to happen to the husband can the wife buy other house as primary residence?
Wiki User
∙ 15y ago
Contact a First American Title office nearest to you or a real estate attorney to assist you with this. It depends on the real estate procedures and laws in your state.
Wiki User
∙ 15y ago
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Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
If you are married and refinance a primary residence in Florida does your wife have to go on the mortgage?
Yes. Your wife will have to sign the Mortgage. She will be on the Deed, the Title and the Mortgage. You however, if you are the only one that is borrowering the funds, will be the only on the Promissary Note.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
Can you file a chapter 13 solely on your primary residence if your husband has filed a chapter 13 solely in the past?
No.
Is it possible to get a mortgage on a second home that includes enough money to pay off the mortgage on the first house?
You could take out a mortgage on a second home to payoff the mortgage on your primary residence if you have sufficient equity. I guess the question would be, why would you want to do that? Generally, you are going to get better terms on a mortgage for an owner occupied residence vs. a 2nd home all else being equal.
Can you file chapter 13 and stop the interest on your house?
No, interest will continue. A court cannot alter a mortgage on the debtor's primary residence.
Do you get the same tax benefit if your mortgage is financed by a private party instead of a mortgage broker or bank?
Yes, it does not matter who you pay the interest to as long as it is secured by a loan on your primary residence or secondary residence. If your lender does not provide a 1099 at the end of the year, you will have to calculate your interest on your own.
Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Can your husband cosign on someone's home without your knowledge?
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
