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You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy

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โˆ™ 2005-11-17 07:11:39
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Q: If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
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Related questions

If payments have been made to the second mortgage holder but not to the first Mortgage holder can the first mortgage holder reclaim any of those payments from the second mortgage holder?

No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.


If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?

No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.


How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?

forever


What rights does the second mortgage holder have if the first mortgage payments are up to date?

If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.


When your private mortgage holder dies how do you make payments?

You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.


Should I notify my father's mortgage holder that he has passed away and the property should now be in my and my sister's name - and if so will they demand that we re-qualify with our credit scores?

I wouldn't. Just make sure the payments continue to be made.


Can a second mortgage holder foreclose on a first bank mortgage holder?

yes, but it rarely happens.


When creditor puts lien on your home will mortgage company make you pay it or foreclose on your home?

As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.


Can a second mortgage foreclose without letting the first mortgage know?

The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.


Why does the second mortgage holder have to approve of the first mortgage refinance?

the first mortgage is collateral for the second mortgage.


What is a Yield Maintenance Fee?

A fee paid by a mortgage holder as a prepayment premium in order to attain the same yield they would have if they had paid all payments to maturity.


What is the difference between mortgage and reverse mortgage?

In a regular mortgage the person is making payments o the mortgage holder in order to build equity in their home. In the case of a reverse mortgage, the bank is making payments to the person against the equity that is in the home. A reverse mortgage allows you to draw on the equity of your home with out having to sell it. Reverse mortgages were created by the U.S. Department of Housing and Urban Development and are federally insured private loans. A reverse mortgage loan is repaid only when you sell your home or no longer live there as your principle residence.


What happens to the first mortgage when the second mortgage is foreclosed on?

It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html


Can the mortgage holder sell the house if my name is on the deed?

Yes, but only if you have defaulted on the mortgage. When you granted the mortgage you gave the lender an interest in the property that it could foreclose if you do not keep up payments on the mortgage. The lender can sell the property to recover the debt. If your name went on a deed after the mortgage was granted, and the mortgage was granted by the owner of the property at the time of the mortgage, the bank has a superior claim and can take the property if the mortgage isn't paid.


Can a second mortgage holder foreclose and force the property to be sold a public auction?

Yes. The second mortgage holder would take possession of the property subject to the first mortgage.


What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?

The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.


Does mortgage holder or deed holder sign at closing?

If the property is subject to a mortgage the mortgage must be paid off at the time of the sale of the property to a new owner. The holder of the mortgage must provide a signed release of the mortgage that can be recorded in the land records.The owner of the property signs the deed that transfers the property to the new owner.The new owner of the property signs the new mortgage.


Hi, I am happy to he?

Hi, I am happy to help with this. If I understand you correctly, you are the mortgage holder for this property, and you either want to start getting your monthly payments on time, or foreclose on the property. I don't know of any companies that take over the maintenance of a mortgage, unless they actually buy the mortgage from you, which is an option.


Are mortgage companys the fee simple titleholder?

No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.


What is Bad Credit Remortgage?

Bad credit remortgages can be used to stop monthly payments of a high interest or inflexible mortgage, which is a sweet deal for any adverse credit holder.


What happens to your mortgage if your condo is condemned in California?

You can find the answer you want by asking the mortgage holder.


What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?

You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.


Can the second mortgage holder force the sell of your home?

Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.


Can you refinance your mortgage if you did not reaffirm your mortgage in your chapter 7 bankruptcy?

In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.


What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?

The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.