answersLogoWhite

0


Best Answer
Copy

That's difficult to say without knowing the terms of the original contract and perhaps the way the property is held under state law. The lender can accelerate the loan making the entire amount owed due upon demand or demand the property be refinanced by the present occupant(s) or other action. Another contributing factor is how the property was partitioned under the state probate laws.

2006-07-14 18:04:21
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: What action might a lender take if they discover the borrowers are deceased and someone else has been making the mortgage payments?
Write your answer...
Submit

Related Questions

Who pays deceased unpaid mortgage?

If there is a will, the executor makes all mortgage payments from the estate of the deceased.


If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?

The only way to remove a borrower from a mortgage is to refinance the mortgage.


Does Chase provide amortization tables for borrowers?

Chase does provide amortization tables for borrowers if the borrower is looking at a mortgage. It can be accessed through one of their calculators that calculates the benefit of making extra payments.


What services are offered by a reverse mortgage lender?

A reverse mortgage lender allows people to receive monthly payments and not have to pay back any of the money until the home is sold or all the borrowers passes on.


Why are refinance rates lower than new mortgage rates?

Because new borrowers may have no history of making payments while in a re-fi the bank knows the borrower made their payments reliably.


Federal Student Loan Payment Based on Income?

Borrowers who enter the repayment period on their student loans, but have trouble affording their payments have an option. The federal loan service allows borrowers to make payments on their student loans based on their income. Borrowers must submit records of their income to qualify for income-contingent payments. The lender will evaluate the borrowers' income and set their payment amount accordingly. Borrowers still accrue interest during the period of time that they are making income-contingent payments. However, borrowers may still save money by making these lower payments if they do so in a timely manner, thereby avoiding earning late fees or defaulting on payments.


Can your mortgage company harass you?

It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.It depends on what you consider harassment. They can demand that you pay your mortgage if you are behind in your payments.


What can I use to calculate mortgage payments?

Mortgage payments are very expensive nowadays, so you have to work hard to get rich and to get all the worldly desires you have, you can use a calculator to calculate mortgage payments.


What store will accept discover payments?

what stores accept payments for the discover card


Does the next of kin have to pay off a mortgage when the borrower has deceased?

Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.


Should your parents have you on the title of their house to avoid forced sale?

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.


Can creditors charge late fees on a deceased person's estate when there is no spouse For example late condo association fees late mortgage payments etc.?

Yes.


What would I need a mortgage amortization calculator for?

The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.


Where can a veteran get a VA loan?

VA loans are mortgage options for borrowers who do not have down payments. They are available to veterans and active military personnel. VA loans are a little easier to qualify for than conventional mortgages.


Do you still have to pay monthly mortgage if you have a reverse mortgage?

No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.


If a mortgage payment is 20 days late will that be reported to the credit bureaus?

Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.


Do Mortgage insurance premiums payments have be escrowed by the lender?

Yes, Mortgage Insurance Premiums Payments do have to be es-crowed by the lender.


What type of home mortgage has payments that can change?

varialbe-rate mortgage


Why Every Homeowner Should Consider Mortgage Refinancing?

Mortgage refinancing is one of the easiest ways for homeowners to save money each and every month. Borrowers who took out a mortgage during the height of the housing bubble may be paying as much as 8% interest on their home mortgage. Borrowers are now able to lower their monthly mortgage payment by hundreds of dollars thanks to low interest rates being offered by banks. One of the reasons many homeowners have not considered mortgage refinancing is due to the costs involved. Closing costs include application fees, mortgage insurance, points and legal fees. Points are calculated as a percentage of your loan. For example, if you have a $200,000 home mortgage and the lender requires 1 point you would have to pay $2000 in points. Application fees, mortgage insurance and legal fees vary from lender to lender. Borrowers often believe that the legal fees will outweigh the amount that they can save. This is rarely true. For example, if your loan cost $5,000 to refinance you would be able to see savings in just ten months with a $500 a month payment reduction. Borrowers should calculate how long it will take them to see savings on their home mortgage. Most borrowers are able to save thousands of dollars over the course of their home mortgage by refinancing. Lender expenses are another cost factor in mortgage refinancing. Attorneys fees will be included in your mortgage refinancing. These are legal costs that a mortgage company has to pay when refinancing your mortgage. Points are included in your expenses as well. Prepayment penalties will be included in your mortgage refinance. Make sure to review your mortgage documents for your existing mortgage to determine whether or not you are subject to a prepayment penalty. Borrowers also should refinance their mortgage if they can afford to make larger payments over a smaller term. Decreasing the term of your home mortgage enables a borrower to be able to pay less interest as well as pay off their mortgage faster. Borrowers also can increase the length of their mortgage if they have a lower income. Borrowers should consider the costs of both of these actions before proceeding. Refinancing your mortgage can be an excellent opportunity to save yourself both time and money. Being able to save thousands of dollars a year means borrowers can have extra money to pay for other expenses. Refinancing your mortgage is more affordable than many homeowners might believe.


Can mortgage payments be make in cash?

no


What does a mortgage amortization calculator do?

The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage. So it will help you keep track of your mortgage and let you know how things stand.


How do we receive a grant up to $50,000 or 6 months mortgage payments?

How do we receive the government mortgage bailout money available up to $50,000 or 6 months mortgage payments?


Where can one find information on how to calculate mortgage payments?

Information on calculating mortgage payments is often available on the website of banks that offer mortgage, some examples include NatWest and HSBC. There are also specialist sites, such as BankRate that allow one to calculate mortgage payments for free on their website.


What type of home mortgage has payments that CANNOT change?

fixed-rate mortgage


What is the phone number to make a Bank of America mortgage payment?

The number needed to make mortgage payments are different in each state. Mortgage payments can also be made online or by mail.