If the mortgage isn't paid the lender will take possession of the property by foreclosure and sell it.
Generally, not if the property will be in the wife's name alone and her income is enough to qualify her as the sole borrower for the loan. Some lenders insist that both spouses sign the mortgage.
Check the deed at the court house. There will be a lien against the property if their is a mortgage.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Absolutely not legal.
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
If you are married in a community property state, then yes, it is a community property. The mortgage is irrelevant - it is whose name on the deed that determines ownership.
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.