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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?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Can your sister continue to reside in a home that was bought for her by our deceased father if he willed it to her and he was the only mortgage holder?
Provided the estate is solvent, she should be able to obtain the title to the home, subject to the remaining mortgage. She can remain in the home, but will have to satisfy the finance company's lien on the home through a new mortgage or paying it off. There may be additional clauses in the will directing that the mortgage be paid off by the estate. The executor of the estate, or their legal counsel, will be able to answer these questions.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
Is there any truth that if a mortgage company forecloses on you they have to pay you because of the Homestead Act?
No. The Homestead Act of 1862 provided a means for people to claim land that was ownerless. When you got a mortgage to buy property, someone else owned it. Foreclosure occurs as a result of failure to pay back money that you borrowed. In some cases, a mortgage company may pay you to move (cash for keys) in order to gain control over the property without long delays, but that is not the Homestead Act.
What happens to the second mortgage when the first mortgage forecloses on the property and will the second mortgage go after the holder or will they show the balance owed as earned income?
Depends on the state. In many states the holder of the second mortgage can come after you for the balance due. If the second is from the same company that holds the first that may not be as likely. It really depends on your state and whether the lending institution has the right to pursue you for the balance between what they eventually sell the house for and what you owed. Check to see if your state is a deficiency state and then talk to an attorney.
Does the mortgage company verify your income?
Yes the mortgage company verifies income.
If I foreclose on my house can the attorney come after me for attorney fees?
What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.
When a home in Virginia is inherited and sold and the title company misses a judgment of the deceased who is responsible the title company the heirs or the executor?
title company
If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Can your sister continue to reside in a home that was bought for her by our deceased father if he willed it to her and he was the only mortgage holder?
Provided the estate is solvent, she should be able to obtain the title to the home, subject to the remaining mortgage. She can remain in the home, but will have to satisfy the finance company's lien on the home through a new mortgage or paying it off. There may be additional clauses in the will directing that the mortgage be paid off by the estate. The executor of the estate, or their legal counsel, will be able to answer these questions.
How do you cancel a bill without power of attorney for a relative who is deceased?
Inform the company of the death of the person. And you should direct them to the executor of the estate.
Does the homeowners insurance have to be in the name of the person on the mortgage if they died?
If the Homeowner has died you should notify the Insurance Company. Any policy issues can be handled by the estate executor. If you are an heir to a property in a jurisdiction that does not require transfer of deed until disposal you may purchase coverage as the owner. You should also contact The Mortgage Company. The deceased may have purchased credit life option on the mortgage finance note at the time of purchase. If So, the credit Life insurance may pay off any remaining balance on an existing mortgage note.
What can the mortgage company do if the mortgage cannot be paid anymore on a deceased persons home?
I HAVE ALREADY PAID 40,000 INTI THE HOME I CANT PAY ANYMORE THE HOUSE PRICE WAS LOWERD 5X AND IT WAS ON THE MARKET 456 DAYS I MAILED IN THE KEYS TO THE MORTGAGE COMPANY WITH A LETTER
How do you get utility company's to close a deceased person account?
The executor sends a letter to the utility. A copy of their letter of authority is normally enough to satisfy their authority.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
If the homeowners association foreclose on property how does your loan get paid to the mortgage company?
If the homeowners association forecloses on a property, the foreclosure process typically involves a sale of the property. The proceeds from the sale are used to cover various expenses, including any outstanding debts, such as mortgage payments. The mortgage company will be paid from the sale proceeds first before any remaining funds are distributed to other creditors or the homeowner.
If two people buy a property as joint tenants and finance it through a mortgage company and one of them dies who does the deceased property pass to?
The survivor is automatically the owner of the property and is responsible for the full amount of the mortgage.
When a person with a reverse mortgage dies can the executor give the house to the reverse mortgage company?
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
