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If a parent gives his adult child a retained life estate interest in a house that he paid the downpayment for and she paid the mortgage taxes etc how can she sell the house now and part ways?
Wiki User
∙ 15y ago
The individual who was granted life estate to the property is responsible for taxes, maintaining the property at the level it was when the estate was granted. However, the individual does not solely own the property and therefore cannot rent, sell or in any manner encumber the property without the other persons who are involved being in agreement.
Wiki User
∙ 15y ago
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Is a mortgage used to provide security for the note?
No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
Do you still pay interest on mortgage if you die?
You, personally, do not, what with being dead and all. Your estate, however, is still responsible for the mortgage.
Is a mortgage valid if not signed by all the title holders?
A mortgage is valid only against the interest of the person who granted the mortgage. If you own real estate with another person and they grant a mortgage then your interest isn't affected. If the lender forecloses it only acquires the interest of the one person who granted he mortgage.
Can a real estate judgment be recorded against your interest in property if you are not on the mortgage but on the deed?
Yes.
What is discharge of mortgage?
A mortgage grants an interest in the real estate to the lender. Once it is paid in full, a mortgage discharge must be recorded in the land records. A recorded mortgage discharge certifies that the mortgage has been satisfied and releases the interest of the lender in the property and thereby clears the title.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Can a bank be sued when it gives a mortgage loan to an administrator of an estate without consent from the beneficiary what are the banks defenses?
To me it sounds unlikely that a bank would give a new mortgage to an estate. How would the bank get its interest paid by a dead person? Did the administrator lie when he/she asked for the mortgage?
If a mother and daughter are both listed on the mortgage for a home and the mother passes away does the daughter listed on the mortgage become the sole beneficiary?
Signing a mortgage does not give you an interest in the real estate. An interest in real estate is acquired by deed. Hopefully you are also on the deed to the property as the joint owner with the right of survivorship. That would make you the sole owner of the property upon your mother's death. However, if you are not on the deed and you signed the mortgage then your mother's death would make you solely responsible to the lender for paying the mortgage and you would need to probate her estate so that title to the real estate would pass to her heirs. If there are other siblings they would inherit an equal interest in the property and perhaps you could make a claim against the estate for your mother's half of the mortgage balance. You should speak with an attorney.
What is an rbc mortgage calculator?
A Royal Bank Mortgage payment Calculator is used to see how mortgage amount, interest rate and other factors affect your payment. Mortgage calculators are used to help a current or potential real estate owner determine how much they can afford to borrow on a piece of real estate. Mortgage calculators can also be used to compare the costs, interest rates, payment schedules or determine the affect added principal payments will have upon the length of the mortgage loan.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
What happens when a person with a Will dies and their property is subject to a mortgage?
The mortgage must be paid if the heirs wish to keep the real estate. The decedent conveyed an interest to the lender and if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should discuss the situation with the attorney who handles the estate.
How do you buy out a spouse's mortgage?
You must pay off the mortgage and refinance. As part of the transaction your spouse must convey their interest in the real estate to you then you can refinance in your own name providing you qualify according to to the lenders requirements.You must pay off the mortgage and refinance. As part of the transaction your spouse must convey their interest in the real estate to you then you can refinance in your own name providing you qualify according to to the lenders requirements.You must pay off the mortgage and refinance. As part of the transaction your spouse must convey their interest in the real estate to you then you can refinance in your own name providing you qualify according to to the lenders requirements.You must pay off the mortgage and refinance. As part of the transaction your spouse must convey their interest in the real estate to you then you can refinance in your own name providing you qualify according to to the lenders requirements.
