tony
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
Only if they had mortgage insurance.
The mortgage payments must be made or the lender will foreclose the mortgage.
Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.Yes, if you are the owner of the mortgage or the mortgagee.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
In addition to the question, I am interested in buying this house and the owner is a relative.
Yes, a son can purchase a house from his father as long as his father is the owner and there is no outstanding mortgage.
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.
The only way to become the owner of real property is by deed or by inheritance. A person cannot make themselves the owner. They must acquire ownership via a deed from the legal owner. If you co-signed a mortgage for land you do not own then you are simply a volunteer who agreed to pay the mortgage on land you do not own. That doesn't give you any ownership interest in the property. If you are a co-owner of the property who also co-signed a mortgage, you cannot make yourself the "primary" owner of the property. You would need a deed from the other co-owner.
Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing.