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If the mortgage on a house is paid do you still have to take it through probate?

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2005-11-29 19:40:56
2005-11-29 19:40:56

That depends on several factors, the main one being the state probate laws, if there was a valid will, how the property is titled, and if the deceased had any outstanding debts.

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You still own the house if you have a reverse mortgage, yes.

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it is quite unlikely that you will be able to get a mortgage lender with that history.

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With the permission of the court, certainly. And you can't get out of probate until something is done with the house.

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Of course! The money is still owed to the bank and you cannot legally sell it without satisfying the mortgage.

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I am so sorry your mother passed away. If you are executor (male) executrix (female) or heir in the Will, then it will go into Probate. Probate makes sure all debts are paid for before the heirs (such as yourself) receives the balance of the Estate. You must contact a lawyer to do this and they will be sure that all debts, mortgages, etc., are paid off and the Probate is finalized. If the mortgage is more than the monies left in your mother's Estate you still have to go through Probate so all bills are paid off, get the total amount your mother owes (hopefully you will get some money) but should her debts be more than what your mother had left in total, then you will have to go to the banking institution after Probate and take a mortgage out on that property. Be sure you have been left in the Will. If your mother has divided the Will between siblings or any other persons then I am afraid you will have to discuss the fact you want to buy the house. EXAMPLE: If the house was bought at $200,000 and your mother has a mortgage left of $60,000, and she owes taxes and other debts then unless she has other stocks/bonds/savings accounts, etc., to pay these bills off, the house will have to be sold to pay off these debts. This is when you could go into your banking insitution and ask to take over the mortgage on the house (providing the other heirs are in agreement) which I am sure they will be. Good luck Marcy

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Yes. There are almost no obstacles if you still own and live in the house after.

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NO, the Court must clear the Probate with an Order of Formal Administration prior to selling the home.

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Yes, your will must go through the probate process. That makes sure all of the legal requirements are met and taxes paid.

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Probate can be a long process. At a minimum it will take about 4 months. There are some estates that are still open after decades of work.

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Of course. Until you pay off the mortgage loan, you have to pay payments on the home.

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Yes, but the mortgage will still have to be paid or the bank will take possession of the property by foreclosure.

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That is the beauty of life insurance~! With a properly named beneficiary there are no taxes and it avoids probate!

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Don't do anything. The property left to you does not legally become yours until such time as the deceased's will has completed the probate process.

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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.

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If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.

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if the mortgage is in your name then keep paying it off. if the mortgage is in both names of you and your ex then contact the finantial institution for advise so you dont have trouble later down the track with your ex claiming half when the house is paid off.

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Probably. The existence of a valid will does not avoid the need for a probate proceeding. In fact, the will functions as instructions to the probate court as to (a) who will administer the estate (the executor or, in some states, personal representative), (b) who will receive property, and/or (c) who will have priority for appointment as guardian of the decedent's minor children (or, in some cases, adult incapacitated children or spouse).If the house in question was titled to the decedent alone at the time of death (that is, was not held in joint tenancy or by a trust or similar arrangement), then a probate proceeding will probably be required to determine the successor to the property. If the value of the property is not large, some states may permit a summary probate proceeding to convey title, but the proceeding is still a probate (albeit simpler).

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For Heirs Who Want Advance Inheritance Cash Quickly & Securely: Probate Cash ... form of a house and property only, with no cash, can we still apply for a Probate Loan? ... What court fees and legal costs are associated with Probate? .... The inheritance advance took my focus off money. Instead of getting further ...

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The short answer is, nothing good. As a co-signer, you are still responsible for making sure the mortgage payments are made in full on time. However, you should talk to the bank that holds the mortgage to see what you need to do, particularly if the title of the house doesn't come to you through the will or settling of the estate.

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Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.

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Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.

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If your still buying the house and you still owe the mortgage company then Yes. It is a part of your mortgage contract. Failure to comply with the terms of your mortgage contract will put you in default on your mortgage and subject you home to foreclosure. It has nothing to do with whether you filed a bankruptcy or not, it's a totally separate issue.


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