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If one dies and leaves no wife Isn't the house paid in full and secondly even if he took out a second mortgage why should anyone be responsible for it?
Wiki User
∙ 16y ago
This question would be better answered by someone in the finance/mortgage industry.
As far as the first part of the question is concerned, the first mortgage wouldn't be paid off unless the homeowner had made arrangements to have it paid off in the event of their death. A life insurance or mortgage protection insurance policy would be necessary to do this.
As far as the second part of the question, I have no idea who is or is not responsible for paying that mortgage. I would think that the home would be sold, the 2nd mortgage paid, and the remainder of the money would go to the beneficiaries of the estate.
You should also check to see if the homeowner had a standard mortgage, or if they were using a reverse mortgage. Reverse mortgages are becoming increasingly common among retired persons.
Wiki User
∙ 16y ago
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When a husband leaves and doesn't pay any of the mortgage is he entitled to half the equity in the house?
If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.
Is your ex partner responsible for her part of the mortgage if she is on the deed also and leaves the house?
Yes. She is responsible for paying the mortgage. However, if she doesn't pay and you want to keep the property then you will need to pay the mortgage or the bank will take possession of the property by foreclosure and both your credit records will be affected. On the other hand, if you continue to make the payments she will still own a half interest in the property. You should consider selling the property or making an offer to buy her share. Answer If you want to keep the house and she doesn't, refinance the house in your name only. You would need for her to sign a quitclaim.
Who is responsible when your spouse uses your credit card and leaves you with the debt?
You are, I'm afraid. Your credit card is a binding contract that makes you responsible for all debts incurred. It is your responsibility to collect from anyone that you allow to use your card. If the use was without your consent, then it gets a lot more complicated.
Does a spouse have to sign for a reverse mortgage?
At the moment there are very few investors willing to purchase reverse mortgage loans with a non-borrowing spouse due to the AARP / HUD lawsuit. It's advised that both you and your spouse go on the loan together as the reverse mortgage becomes a balloon payment when the last surviving borrower passes.Some helpful reading on this topic here:Reverse Mortgage with Spouse Under 62 Leaves Vulnerabilityhttp://www.allrmc.com/blog/reverse-mortgage-with-spouse-under-62-leaves-vulnerability
House in wifes name leaves husband who pays for house?
The answer is who is on the mortgage or deed of trust contract not who has title to the property. All parties on the mortgage are equally obligated for the mortgage payments irrespective whether or not they are in title to the property. A mortgage or deed of trust is a contract and the parties thereto are bound by the terms of the contract.Another PerspectiveIn addition, The lender will foreclose if the mortgage isn't paid. You have not stated who signed the mortgage and that is important to your question. If the husband is paying the mortgage and is not on the title he is paying for property he doesn't own. If he signed the mortgage then his credit record is at risk if the mortgage isn't paid. This matter will need to be addressed at some point by a court, perhaps divorce court, since the owner has abandoned the premises. You need to consult with an attorney.
If my wife has a house in her name, only, and she dies am I responsible for the mortgage?
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
Is the home spouse responsible for half of the mortgage if his or her name is on the deed and mortgage?
Actually, when both parties sign the mortgage they are each responsible to the bank for the full amount of the loan. Between themselves, they can make any type of arrangement regarding who is responsible for what amount. However, If one party refuses to pay, leaves or dies, the other party will be held responsible for the full amount of the loan.
When a husband leaves and doesn't pay any of the mortgage is he entitled to half the equity in the house?
If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.
What are your rights as a mortgage cosigner?
Co-signing a mortgage doesn't provide any rights. Co-signing creates responsibility. The co-signer is completely responsible for paying the mortgage if the primary borrower fails to pay, even if they don't have any ownership in the property covered by the mortgage. Co-signing is an agreement to take legal responsibility for someone else's debt.
Do you have to be on the deed to sign a mortgage married nj?
You should always be on the deed if you are going to sign the mortgage. Otherwise you are promising to pay for property you do not own. If the other party leaves you will have to pay the mortgage.You should always be on the deed if you are going to sign the mortgage. Otherwise you are promising to pay for property you do not own. If the other party leaves you will have to pay the mortgage.You should always be on the deed if you are going to sign the mortgage. Otherwise you are promising to pay for property you do not own. If the other party leaves you will have to pay the mortgage.You should always be on the deed if you are going to sign the mortgage. Otherwise you are promising to pay for property you do not own. If the other party leaves you will have to pay the mortgage.
What do leaves do for its plant?
Leaves are mainly responsible for photosynthesis in a plant.
There are two people on mortgage one leaves what happens?
Both parties who signed the mortgage are equally responsible for paying the mortgage. If one leaves and refuses to pay the other will be held responsible for payment. If the mortgage isn't paid the bank will take possession of the property by foreclosure and your credit will be ruined. You may want to arrange a meeting with the bank, explain your circumstances and arrange to sell the property. Perhaps the bank will accept whatever you can get for the property instead of going through the expense of a foreclosure. You have another problem. If the other person is on the deed, you will need their signature to sell the property. You should seek the advice of an attorney, perhaps one who specializes in family law and real estate, to help you resolve the situation. They would have the knowledge and experience to negotiate with the bank for you.
Is your ex partner responsible for her part of the mortgage if she is on the deed also and leaves the house?
Yes. She is responsible for paying the mortgage. However, if she doesn't pay and you want to keep the property then you will need to pay the mortgage or the bank will take possession of the property by foreclosure and both your credit records will be affected. On the other hand, if you continue to make the payments she will still own a half interest in the property. You should consider selling the property or making an offer to buy her share. Answer If you want to keep the house and she doesn't, refinance the house in your name only. You would need for her to sign a quitclaim.
What are plant leaves responsible for?
Plant leaves contain cells with chloroplasts which are important in the process of photosynthesis.
Can anyone be afraid of falling leaves?
um no.
Who is responsible when your spouse uses your credit card and leaves you with the debt?
You are, I'm afraid. Your credit card is a binding contract that makes you responsible for all debts incurred. It is your responsibility to collect from anyone that you allow to use your card. If the use was without your consent, then it gets a lot more complicated.
Does a spouse have to sign for a reverse mortgage?
At the moment there are very few investors willing to purchase reverse mortgage loans with a non-borrowing spouse due to the AARP / HUD lawsuit. It's advised that both you and your spouse go on the loan together as the reverse mortgage becomes a balloon payment when the last surviving borrower passes.Some helpful reading on this topic here:Reverse Mortgage with Spouse Under 62 Leaves Vulnerabilityhttp://www.allrmc.com/blog/reverse-mortgage-with-spouse-under-62-leaves-vulnerability
