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If both spouses are listed as borrowers on the mortgage and one dies can a surviving adult child have prevent the property from being sold?
Wiki User
∙ 11y ago
I am very sorry for your loss. Most parents have Wills and if there is a Will then according to Canadian Law the surviving spouse (mother/father) would have complete control over the selling of the home and all other monies and properties unless otherwise specified by the deceased. The only way this may be altered is if the surviving spouse is "not of sound mind" and the adult children can go to a lawyer and have Power of Attorney (which has some control). Example: If your mother/father was of not sound mind and incapable of making decisions for themselves then the two adult children must have more than one doctor examine the parent to verify this. If it is true, then Power of Attorney helps the adult children to protect the property, monies and paying of bills and taxes for the living parent. For some adult children it's difficult if one parent sells the property and the only way you can get around this is to buy that property from the remaining parent. In the US the surviving spouse and co-borrower is responsible for keeping the terms of the mortgage or the house will be subject to foreclosure. In some states the lender can require the surviving spouse and/or co-borrower to reaffirm the mortgage contract. In the US the title of the property designates ownership, not the mortgage contract, in the majority of states the primary residence automatically reverts to the surviving spouse whether the other spouse died intestate or not. Regardless of the circumstances, any person who has a legal interest (inheritance, joint ownership,) in the property would also be responsible for paying the debt attached. FYI, all POA's become null and void upon the death of the grantor.
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∙ 11y ago
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What happens if you have a reverse mortgage and then marry someone who is under 62?
You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.
A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?
What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?
Seniors--Take a Dream Vacation Using a Reverse Mortgage?
After a lifetime of hard work, most seniors want to relax and enjoy their retirement. A dream vacation is the perfect way to start the retirement years. In today’s economy, many seniors cannot imagine that they would ever be able to afford that long-desired dream vacation. However, many seniors have not considered the benefits of a Home Equity Conversion Mortgage, also known as a reverse mortgage. A reverse mortgage allows seniors to access the equity in their property. Often seniors are confused about reverse mortgages. Many believe that the house belongs to the bank once a reverse mortgage is closed. This is not accurate. A homeowner has title to the property the same as with a traditional mortgage. Seniors have several options to consider once obtaining a reverse mortgage. First, the senior has the option of doing nothing other than maintaining the property and keeping the real estate taxes and hazard insurance current. Because there are no monthly mortgage payments with a reverse mortgage, the senior’s monthly expenses are not increased. For seniors with a monthly mortgage payment, a reverse mortgage eliminates those payments. The reverse mortgage does not require repayment until the last surviving senior homeowner dies. At that point, the heirs could repay the mortgage by selling the property—keeping any profit after repayment of the reverse mortgage—or by obtaining a traditional mortgage. If the heirs choose not to do so, they can simply walk away from the property, but they are never obligated to repay the reverse mortgage. Second, the senior can always sell the property to someone else and pay off the reverse mortgage. Having a reverse mortgage does not prevent a homeowner from selling the property, as some mistakenly believe. The homeowner retains title to the property, so the bank cannot prevent the sale of the property. A third option available to senior homeowners with a reverse mortgage is refinancing the property. If the homeowner decides not to continue with the reverse mortgage, the homeowner can refinance the property by obtaining a traditional mortgage. Seniors can take advantage of this unique mortgage product and start packing for that long-deserved dream vacation.
Intend to give a house to your children and place their name on the ownership you wish to place a lien on it to prevent anyone else being able to possess it in foreclosure?
Your idea won't work if your children ever grant a mortgage on the property. If you convey your property to your children and they grant a mortgage at some future time, the lender would insist on a clear title in case of a default and foreclosure. If you had arranged to have a recorded lien on the property the lender would require that it be released before they would approve a mortgage. The only way for you to insure the property won't be taken by foreclosure is to not allow your children to mortgage it. That could be accomplished by your reserving a life estate. They couldn't mortgage the property without your signature.
What happens if your mortgage exceeds the house value?
If your mortgage exceeds the sale price of your property your will be subject to a "Mortgage Shortfall" If you are selling your property to move to another and the shortfall is less the 2% most high street lenders can arrange a loan for your replayment of the mortgage shortfall and will not prevent you selling your property. If the % of "Shortfall" is significant some lenders will insist in you taking a secured loan, or disallow the sale of your property until some of the shortfall is paid. If you have mortgage shortfall, AND mortgage arrears it is unlikely any high street lender will allow you to sell the property and move to another. If your mortgage arrears exceed 3 months they may start repossession proceedings. In most cases if individuals financial situation allows the most cost effective way of dealing with mortgage shortfall if you intend to move and do not have adverse credit is to find the cheapest unsecured loan for the minimun required by the lender to pay off a lump sum of the mortgage which will reduce or remove any shortfall your property currently has.
How do you prevent a home mortgage loan company from securitizing your loan?
You can not prevent home mortgage loan company from securitizing you loan. The only way out is do not default your repayment.
If a spouse dies in Texas and has no will what happens to the house when there is a surviving spouse and kids involved?
Texas is a community property state, therefore home ownership will automatically revert to the surviving spouse, and will not be included in probate procedures. Of course all the terms of a mortgage and/or home equity agreement will need to be adhered to, to prevent foreclosure or other legal difficulties. How very sad. Dying without a will is very common, both Abraham Lincoln and Howard Hughes died without making a will. check out this website which has a lot of very useful information, and the law you are looking for. http://www.professorbeyer.com/Articles/Intestacy_Texas_Basics.htm
Is the due on transfer clause in the deed of trust used by lenders to prevent sellers from conveying the property without notifying the lender?
Yes. The owner has no right to sell the property without notifying th bank. The present owner applied for the mortgage and was approved after a lengthy process. If that owner sells the property the lender wants its money back.
How do you prevent your home from going in to foreclosure?
By paying your mortgage payments on time.
Will a drug conviction prevent you from being employed in the mortgage industry?
No, a drug conviction will not automatically prevent a person from being employed in the mortgage industry. Each company has their requirements that a person must meet to be hired.
What is a second mortgage and is there a statute of limitations on a lien?
AnswerYou can have more than one mortgage on a property. The second mortgage will always be smaller, and will depend on the equity you have in the property. (Equity is the difference between what the house is worth and what you still owe on it, ie. the first mortgage.)People typically get them to do home improvements or pay off credit card debt.AnswerThe second mortgage also refers to the position on the lien.Lenders who are in the first position have the primary lien against the property. They would be able to foreclose on the property should a borrower default because of their primary lien position. The second lien position relates to the amount of money loaned and that second position. A secondary lien holder would find much more difficulty foreclosing on the property. This is why second mortgage interest rates are typically much higher than first mortgage rates, to compensate for the higher risk.Think of this in terms of other liens against property. For consumers who have money problems, get sued and have judgments issued against them; there can be a number of lien against their property. The position would depend on the time frame and amount of money owed.All liens (which is what a mortgage is) encumber title and can prevent sale of the property.There is no statute of limitations per se for a perfected judgment (one attached to property). A judgment lien can be from 5-20 years and in most cases is renewable.There are time restrictions on when a judgment can be perfected and those are set by the state in which the judgment debtor resides.
What is Equity Redemption?
The right of a mortgagor, that is, a borrower who obtains a loan secured by a pledge of his or her real property, to prevent foreclosureproceedings by paying the amount due on the loan, a mortgage, plus interest and other expenses after having failed to pay within the time and according to the terms specified therein.This right is based upon the equitable principle that it is only fair that a borrower have a final opportunity to keep his or her property even if he or she has failed to make payments on the mortgage, since the property is to be sold in foreclosure proceedings.
