What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
It does not follow. The lien of the debt collector comes after the mortgage loan. Which means that the debt collector still may not be able to collect any money.
Both spouses are responsible for the DEBT represented by the lien, but the lien can only attach to the interest of whoever is actually on title to the property.
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.
No, the estate is responsible for the mortgage. This sounds like a case for getting the estate set up and get the house sold as quickly as possible.
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.
You can stay as long as you continue paying the mortgage. Or if you dont plan to keep the house, then you would be able to stay several months before the lender forecloses.
Of course, if you dont make mortgage payments, the lender usually forecloses on the property. You may also try to work out a deed in lieu of foreclosure.
Unless the house was owned free and clear by the debtor, the trustee does nothing. The mortgagee forecloses and auctions the house off. If there was no mortgage, the trustee will either sell the house or auction it off.
Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
Unless the seller of the house offered you an assertion that there was no asbestos there, or local law says otherwise, you are responsible for any problems created by the presence of asbestos. The mortgage company gave you a loan, they have no responsibility for cleaning up asbestos.
how long can you leave house in deceased name
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.
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
The estate of the father is responsible for their share of the house. The home will probly have to be sold to pay debts and pay off the mortgage. It may also depend on how the property was deeded, she may inherit the home free and clear (along with the mortgage) on his death.
it's your house. it's your house.
Yes. A person who doesn't own the property can agree to be responsible for paying the mortgage. However, they would be a volunteer and signing the mortgage and note would give no ownership interest in the property. If the primary borrower failed to pay the volunteer would be held fully responsible for paying the mortgage.
No, the executor is responsible to insure the estate is taken care of. Them means either selling the house or paying off the mortgage. One way or another the debts have to be resolved before the estate is closed.
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.
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
He owns an interest in the property but he is not responsible for paying for it. He got a great deal. If the property is sold he will be entitled to half the proceeds after the mortgage is paid off.
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.