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My father is deceased. Can I take over his mortgage and keep it in his name?
Wiki User
∙ 11y ago
Yes. If you are a relative of the deceased and choose to live in the house, you can take over the mortgage in the deceased's name. See: Garn-St. Germain Depository Institutions Act of 1982. You can also take over the mortgage if the property is in a trust, and you are listed as trustee.
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No. Once a family member is deceased you cannot take over the mortgage under his/her name. The only way is if you are on the Deed of Trust, Title, or his will.
Note: Technically, most mortgage notes and deeds of trust state that the loan may be called due and payable in the event of borrower death. However, first the lender must become aware of the death, and second they must decide to enforce that clause.
It is possible to continue paying your father's loan until the lender becomes aware of the death (although from a legal and possibly ethical standpoint you should submit a death certificate to them as soon as you have it).
Mortgage documents usually contain a "delay of enforcement" clause that allows the bank to decide not to enforce any adverse action without losing the right to do so later, which includes calling the loan due and payable. There have been instances where a lender was aware of a borrower death yet allowed the estate to continue making payments for a certain period of time (such as 120 days to sell the home) up to and including the remaining life of the loan.
Remember that while lenders usually require the loan be refinanced or paid off after a sole borrower dies, their primary interest is the performance of the loan. This is where the gray area lies that allows for some ambiguity and wiggle room.
Wiki User
∙ 11y ago
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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.
Can a daughter continue to make the mortgage payments on a house she lives in but that is in her father's name after the father dies if there are no outstanding estate bills and no other beneficiaries?
Yes you can. Make an appointment with a loans officer at the bank your mortgage is at. They will take you through all the paperwork and answer any questions you may have. You will have to have proof of death (death certificate) and possibly the birth certificate of the deceased. Phone first and see what legal documents they require. Be sure you phone other banks and check out the prime rate of mortgages so you can dicker at the bank for a good mortgage rate. Very sorry to hear about your father passing away. Marcy
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Mortgage in my partners name will i be forced to sell house if he dies?
It is possible to have a mortgage in a different name than a "deed" to a home. You will not be forced to sell the home if you transfer your fathers name from the deed to yours. You may do this at your local recording office and/or also, you may contact a local title company (they can help you). Also, I would send a letter to the lender holding the mortgage...asking to give you rights to speak on your fathers behalf. Please keep in mind that you father will have to sign off on all of the above.
What if name was changed on mortgage afer death of deceased?
The name on a mortgage cannot be changed. A different person can become obligated on the mortgage if he guarantees it or the mortgage is refinanced.
How long can you leave a house in a deceased person's name if there is no mortgage Who is responsible for the property taxes?
how long can you leave house in deceased name
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.
Can your child's father name a new child after your deceased son?
yep
If mortgage note is in the name of a deceased spouse but your name is on the deed will your credit be affected if you chose to walk away from the home?
If you are only on the title, then your credit will not be affected.
Can you keep utility bills in the name of a deceased spouse or parent?
You can, but its fraud.
Can the person who holds the mortgage but not the deed sell a house?
Yes, but only if you have defaulted on the mortgage. When you granted the mortgage you gave the lender an interest in the property that it could foreclose if you do not keep up payments on the mortgage. The lender can sell the property to recover the debt. If your name went on a deed after the mortgage was granted, and the mortgage was granted by the owner of the property at the time of the mortgage, the bank has a superior claim and can take the property if the mortgage isn't paid.
Can a child inherit a mothers house if deceased step father's name is still on the deed?
In the event the step father is deceased, yes. But, you will need a copy of the death certificate showing that he is in fact deceased. Also you will need to know if he had a will that willed the property to someone else.
Your dad died and he was the only name on the mortgage is your mom responsible for the mortgage?
The mortgage must be paid if you want to keep the property. If the mortgage isn't paid the bank will foreclose and take possession of the property. If your father was also the only one on the deed then his estate must be probated for title to the real estate to pass to his heirs. You should consult with an attorney who specializes in probate.
Who gets tax deduction for payment of mortgage and home equity line if deceased is no longer paying them and house passed to this person through will but deed not yet in their name?
The deductions will belong to the estate. One cannot inherit a mortgage.
Your name is on the deed of trust however your father was the mortgage holder Can you report the gain for tax purposes or does that fall on the mortgage owner only?
You must do this through an accountant as they will indicate the amount and percentage being claimed by your Father and You. You do not need to be on the mortgage, but intentions must be clear and that is where the accountant comes in.
Can a daughter continue to make the mortgage payments on a house she lives in but that is in her father's name after the father dies if there are no outstanding estate bills and no other beneficiaries?
Yes you can. Make an appointment with a loans officer at the bank your mortgage is at. They will take you through all the paperwork and answer any questions you may have. You will have to have proof of death (death certificate) and possibly the birth certificate of the deceased. Phone first and see what legal documents they require. Be sure you phone other banks and check out the prime rate of mortgages so you can dicker at the bank for a good mortgage rate. Very sorry to hear about your father passing away. Marcy
