0
Is it better to pay off old debts or let them go before applying for a mortgage?
Wiki User
∙ 8y ago
Any unpaid debts will not be conducive to procuring future credit. Especially a mortgage. The time frame is irrelevant. Unless the SOL has expired and the debts are untraceable. It still wouldn't be a sure thing, however.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
IS it better to prepay your mortgage or save the same amount?
If you have enough money to pay off your mortgage and no other debts, you should pay it off. If you have other debts, you should pay off those with higher interest rates before those with lower. If you have credit cards, you should pay them off and cancel them.
How might one still buy a house with bad credit?
By taking time to pay your debts and improve your credit rating you can make yourself eligible for a good credit rating resulting in mortgage approval. Paying your debts in full will prove you are serious when applying to buy a house
What is mortgage clearance?
This likely refers to the process to ensure that a property is clean of other encumbrances and debts before a new mortgage is given. Some examples if these might be past due HOA fees.
How does one apply for a mortgage loan if they have bad credit?
It is not a good idea for one to apply for a mortgage loan if they have bad credit. If one goes to a bank or financial institution for a loan, a mortgage specialist will advise them that they will need to increase their score in order to be approved for a mortgage. One can increase their score by making payments on time, paying off old debts and not applying for new loans.
Are the surviving adult children responsible for paying off the debts of the deceased - including a mortgage - when there is no estate?
If the decedent owned real estate then there is an estate. The estate is responsible for paying debts before any property can be distributed to the heirs. If the assets are not sufficient to pay the debts then the estate is insolvent. There is a statutory order by which debts must be paid in that case.If the children want to keep the house then they must pay off the mortgage. If not then the bank will take possession of the property by foreclosure. The children are not personally responsible for any debts unless they co-signed or agreed to be responsible.
Journal entry for personal mortgage to pay off debts of company?
debit mortgage payablecredit owners capital
Are a buyers' credit card debts listed on a document and presented during a closing on a home?
Mine never have been. I've needed to list all of my credit cards and balances when applying for the mortgage, but these aren't usually in the closing documents.
When a parent dies and there is no will and the mortgage is more than the house is worth who would be responsible for the mortgage?
The mortgage is the responsibility of the estate If the estate assets do not cover the debts, they distribute as best they can. If the court approves the distribution, the debts are ended.Another PerspectiveIn a title theory state if the mortgage isn't paid the lender will take the property by foreclosure.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
What is the term mortgage offset mean?
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
Are heirs responsible for deceased parents mortgage debt?
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.
