0
If a person left a house in a will with a mortgage payment what happens with the mortgage?
Wiki User
∙ 11y ago
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is a monthly payment called?
Amonthley payment on a house is called a "Mortgage"
What does the average American mortgage payment?
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
What is a monthly mortgage payment?
A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.
What is a monthly payment called?
Amonthley payment on a house is called a "Mortgage"
What does the average American mortgage payment?
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
What does Mortgage insurance premiums cover?
the house payment
Who has to leave the house when a legal separation is taking place and who is responsible for paying the mortgage?
You can be separated and still live in the same house. No one has to move.The mortgage payment is made by the person whos name is on the mortgage. If it is in both names you are both responsible.
What does a mortgage payment cost?
A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years
What is the definition of 'senior mortgage'?
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
What to do if one owner is not making house payment?
The mortgage payments must be made or the lender will foreclose the mortgage.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
What is a monthly mortgage payment?
A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.
What would be considered an average mortgage payment?
There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary.
Why would a person want to remortgage their home?
Remortgaging a home can lower a monthly house payment. With today's lower interest rates one can save hundreds monthly on a mortgage. Shortening the mortgage term is another reason to remortgage. With lower interest rates one can keep the same mortgage payment, but the length of mortgage is shortened. While the monthly payment may remain the same, the overall term of the loan is decreased.
