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If your father and stepmother are both deceased and left their home to you and your siblings are you responsible for the mortgage or foreclosure of the property?
Wiki User
∙ 17y ago
Because the property was not owned outright by the deceased persons being willed the property are responsible for the debt attached as well. If they do not want to take the financial responsibility of paying the debt or selling the property they can allow it to be included in the probate procedure and therefore are not responsible for foreclosure or other litigation connected to it. yes, you are responsible otherwise you lose the house you don not get it free just because someone dies. only the person named as heir to the house has to pay. just did this.
Wiki User
∙ 17y ago
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Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Who is legally responsible for a mortgage after death?
The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
If you are in foreclosure for your first mortgage are you still responsible for the second mortgage if there is a second mortgage on the property?
If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent interests in the real estate. After the foreclosure the real estate can be sold free and clear of any subsequent mortgages or liens. However, the debtor remains responsible for the second mortgage debt.Any remaining proceeds from the foreclosure sale after the first mortgage is satisfied are paid toward the second mortgage. In some states the second mortgagee can seek a "deficiency judgment" in court against the debtor. However, even when possible it's not often done due to the costs and the slim probability the debtor will have the ability to pay.You should check your state laws.
What to do if your name is the thrid name on a time share deed that was foreclosed on?
All three owners are equally responsible for paying the mortgage and the foreclosure will affect all owners equally. You can avoid foreclosure by paying the mortgage.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Only one spouse on mortgage are both responsible for foreclosure?
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
