The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
If your husband has a will then his property is distributed accordingly, if he not have a will then the distribution of property is determined by a probate court.
When a lien is recorded against your property you cannot sell or mortgage the property until the debt is paid.
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
once it is your turn than you are able to unmortgage your property the price for your mortgage house will be on the back of the card and if there are any other problems just read the instruct book.
Depends on the property. It says on the property card.
If the mortgage isn't paid the lender will take possession of the property by foreclosure and sell it.
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
Check the deed at the court house. There will be a lien against the property if their is a mortgage.
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.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
The property cannot be conveyed without the permission of the mortgage holder, who will most likely insist that the mortgage be paid off first. In other words, this is kind of a non-question, since it describes a situation that can't legally happen.If the mortgage holder dies, the house becomes part of the estate, and the heirs would have to work it out with the mortgage company.AnswerIf the owner executes a deed the property would transfer subject to the mortgage. Transferring the property cannot defeat the mortgagees interest in the property. Also, mortgages contain a due on transfer clause. That means if the property is transferred the lender will require payment in full of the mortgage.
The laws of intestacy for the jurisdiction will be applied. In most cases that will mean selling the property and resolving the mortgage.
Depending on the color of the property. Ranging from $50.00 - $200.00.
If you are married in a community property state, then yes, it is a community property. The mortgage is irrelevant - it is whose name on the deed that determines ownership.
You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
All the owners of real estate must sign a mortgage that will affect the property. The bank will take into consideration the amount that is already owed on the property for the first mortgage and the ability of the owners to take on more debt.
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.
if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.