0
If one co-mortgagor dies does the other have to pay the mortgage?
Wiki User
∙ 13y ago
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
If we have a Joint mortgage one dies no insurance can lender foreclose?
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
What type of insurance do you need in order for the mortgage to be paid off when one owner dies?
Joint Mortgage Term Life Insurance
If one of the co-signers dies and they were married and the other one wants out how does can they do this?
You may have had the option for a coverage if one of you dies which you should check into but unfortunately if you both signed you would still be responsible. Not knowing the facility you have your financing through you would have to contact them, read the fine print and find out for sure.AnswerGenerally, in the absence of mortgage insurance, the only way for a co-signer to get out from under the obligation to pay a mortgage is to pay off the mortgage. Co-signers are equally responsible for paying off the mortgage.
What can one do with a mortgage cover?
Mortgage cover is a form of protection that means if you one dies during the time of that mortgage then the rest of it will be paid off. This provides a safe guard for the family to know that they will not be left to pay something they can't afford.
What happens to a mortgage when one spouse dies?
Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
What are some of the pitfalls of reverse mortgage?
The biggest pitfall of the reverse mortgage is that it is one of the more expensive credit options available. Because these loans are aimed at the elderly, other pitfalls maybe that an elder may need to move to assisted living and will still have a mortgage to pay, if the loan owner is unable to stay in the home all other family members must leave the house as per the mortgage rules, and if a reverse mortgage owner(s) dies the loan is still due.
What are the benefits of having life mortgage insurance?
The primary benefit of having mortgage life insurance is to eliminate the risk of passing one's debt onto their heirs. The point of having mortgage life insurance is that if one dies with an unpaid balance on one's mortgage then the insurance covers the remaining balance and whoever inherits the estate will owe nothing on the house.
What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.
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.
Where can one get a no documentation mortgage?
You can get a no documentation mortgage from Mortgage Rates Experts, Bills, Get a Loan with Bad Credit, Hasty Cash Advance, No Doc Mortgage and other websites.
If two people buy a property as joint tenants and finance it through a mortgage company and one of them dies who does the deceased property pass to?
The survivor is automatically the owner of the property and is responsible for the full amount of the mortgage.
What are the main benefits when getting life insurance mortgage protection?
There are many benefits from getting life insurance mortgage protection. When one dies, if he does not have his mortgage paid life insurance would pay it off so his next of kin could keep the house.
