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What happens if one spouse leaves and there is a mortgage on the home?
Wiki User
∙ 17y ago
The mortgage agreement is still valid and must be adhered to by all parties that are named in the lending agreement or the lender can begin foreclosure proceedings. The spouse abandoning his or her personal and financial responsibility has no bearing on the validity of any debt.
Wiki User
∙ 17y ago
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can the spouse live in the home after the spouse dies under a reverse mortgage?
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Can you drop a spouse from a mortgage without their signature by refinancing?
You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.
What is the meaning of non vested spouse on a mortgage where both husband and wife are the mortgagees?
if the wife owned a home prior to marriage and the spouse signed non vested spouse. does the home still belong only to the wife.
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
Who is the owner of a home if only one spouse signs the mortgage?
The owners of any property are the grantees listed on the current deed. The property may be subject to a mortgage if any owner granted a mortgage to a lender.
can the spouse live in the home after the spouse dies under a reverse mortgage?
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
How is a Reverse mortgage affected by nursing home?
the the remaining spouse can still live in the home
Can a married person sign a mortgage without spouse?
I would think so, the deed may be issued in your name only, and if you are taking on the mortgage yourself keep the deed in your name, your spouse will get the home anyway if you pass away, unless your will says otherwise. Also i would take out the insurance in case of death so the house gets paid for, its a little more added to the mortgage but if it is in your name and your spouse and something happens the mortgage gets paid, who knows what happens down the road. If newly married or for 5 yrs I would keep the home in your name, who knows these days? Divorce happens, couples fight, why worry down the road, why fight over the home, don't think it can't happen to you hope this helps
Can you drop a spouse from a mortgage without their signature by refinancing?
You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.
Can a spouse take a home equity line without the other spouse?
Depends who's name is on the mortgage. If both names are on, then you would need both spouse's to take out a home equity line of credit.
What is the meaning of non vested spouse on a mortgage where both husband and wife are the mortgagees?
if the wife owned a home prior to marriage and the spouse signed non vested spouse. does the home still belong only to the wife.
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
If your spouse voluntarily leaves the home does he pay child support?
If your spouse voluntarily leaves the home, they are still obligated to financially support their children. Child support is based on the income and circumstances of both parents, not on who is living in the home. Therefore, your spouse would still be required to pay child support.
Who is the owner of a home if only one spouse signs the mortgage?
The owners of any property are the grantees listed on the current deed. The property may be subject to a mortgage if any owner granted a mortgage to a lender.
Will the bank ask you if your married for a home loan?
Yes, since spouse should be on mortgage & can help you qualify for more.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
If you are divorced from your previous spouse who got the house and your name is still on the mortgage how responsible are you for the debt when it goes into foreclosure?
The home is simply collateral for the loan. Regardless of what happens to the vesting of the property (legal ownership) you are still liable for the loan. If a court awarded the home to a spouse, the loan should have been refinanced into their name. If that did not occur your liability for the loan has not changed.
