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Mother passed away She still owes on a mortgage and none of us kids can afford to pay the mortgage We do have house up for sale and hoping for quick sale. What can we do about montly payment until?
Wiki User
∙ 14y ago
I would contact mortgage company and send them copy of Death Certificate and see if they will hold off on foreclosure ( if it has gone that far 3-4 mos with no payments). If it is a HUD/FHA loan contact them and see what you can do. Go to www.hud.gov. and get your local HUD office number. The other solution would be to rent the house out until it sells. As long as your tenant knows you are selling and is willing to show the house when you need it...that's what I would do. I just went thru this in November 08...my dad died. He had a VA loan but luckily the house sold in 2 mos. Good luck to you.
Wiki User
∙ 14y ago
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Is A Balloon Payment Wise?
When you take out a mortgage, you have a number of options. One of them is a balloon payment mortgage. This is a mortgage that starts out with small payments, and these increase near the end of the mortgage. You will probably even have one large payment that is due at the very end. If you have been paying $1,000 each month for your home, you will then need to pay $10,000 at the end. These numbers are not indicative of real mortgages since each one is different, but they demonstrate the basic idea. Some people love the idea of these mortgages because they can pay such a low amount at the beginning. For a businessman, for example, this can be a good idea. His business may be very small, but he can still buy a nice first home for him and his wife. As his company grows, he can just put away money for that last payment. By the time that he gets to it, his company may be very large and he will be able to pay off his house with ease. This is a perfect way for him to have a very nice home the whole time. The problem that this causes is that some people use these and then even the small payments are at the max level that their budget allows. They are trying to live above what they can really afford and they are hoping that they will be able to save up enough money over the duration of their mortgage to pay off the home. When deciding if this is a wise idea, you need to think about how likely it is that you can come up with that last payment. Use a balloon payment calculator to find out what all of your payments, including that one, are going to look like. If you cannot come up with the money, you could lose your home even though you have been paying for it for years. There is a large degree of risk here. Only use this if you are sure that you will not lose in the end.
What are the disadvantages to the seller when they are carrying the financing for a house?
If the seller has a mortgage on the subject property and the person who is buying it from him does not make the monthly payment, the seller is obligated to pay. The seller is holding all of the risk under his credit profile while hoping that the other party will pay. The seller risks the other party destroying the property. If the other party doesnt pay, seller will have to attempt to sell his propety again and may have to update or do repairs to make it attractive.
Can you remove your name by deed transfer if you signed the initial mortgage with the lender?
You can effectively remove your name from a deed by executing a quitclaim on the property. However, this doesn't release you from paying the debt. If you were hoping to stick somoene else with the bill, no, it doesn't work that way.
Do you search the house before applying for a loan or vice versa?
Its usually best to apply for a loan prior to searching for a house. This way you have a solid idea of your financing terms, payments, down payment requirement and other essential factors of the home buying process. In addition, you will have the benefit of knowing what you can afford after being pre-qualified and then shop within your range instead of finding a home first and then hoping you qualify. If you need any further assistance feel free to contact me at eloy@platinumfinancialonline.com or 214) 607-1445.
Person who starts a new busimess hoping to make a profit?
An entrepreneur
What are reverse mortgage fees?
Reverse mortgage fees are expensive in the long run. Several homeowners have relied on reverse mortgages hoping to save their homes and still didn't succeed. Be sure to talk to your finance agent. A reverse mortgage does not fit the interest of every homeowner.
Is A Balloon Payment Wise?
When you take out a mortgage, you have a number of options. One of them is a balloon payment mortgage. This is a mortgage that starts out with small payments, and these increase near the end of the mortgage. You will probably even have one large payment that is due at the very end. If you have been paying $1,000 each month for your home, you will then need to pay $10,000 at the end. These numbers are not indicative of real mortgages since each one is different, but they demonstrate the basic idea. Some people love the idea of these mortgages because they can pay such a low amount at the beginning. For a businessman, for example, this can be a good idea. His business may be very small, but he can still buy a nice first home for him and his wife. As his company grows, he can just put away money for that last payment. By the time that he gets to it, his company may be very large and he will be able to pay off his house with ease. This is a perfect way for him to have a very nice home the whole time. The problem that this causes is that some people use these and then even the small payments are at the max level that their budget allows. They are trying to live above what they can really afford and they are hoping that they will be able to save up enough money over the duration of their mortgage to pay off the home. When deciding if this is a wise idea, you need to think about how likely it is that you can come up with that last payment. Use a balloon payment calculator to find out what all of your payments, including that one, are going to look like. If you cannot come up with the money, you could lose your home even though you have been paying for it for years. There is a large degree of risk here. Only use this if you are sure that you will not lose in the end.
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What are the disadvantages to the seller when they are carrying the financing for a house?
If the seller has a mortgage on the subject property and the person who is buying it from him does not make the monthly payment, the seller is obligated to pay. The seller is holding all of the risk under his credit profile while hoping that the other party will pay. The seller risks the other party destroying the property. If the other party doesnt pay, seller will have to attempt to sell his propety again and may have to update or do repairs to make it attractive.
