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What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
Wiki User
∙ 16y ago
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Wiki User
∙ 16y ago
Le Etta Ottman
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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.
If a home has 2 people named on the deed but the mortgage is in only one persons name what happens if the person who dies is not the mortgage holder?
It depends on how the 2 people owned the property: as joint tenants, tenants by the entirety, tenants in common, and whether the mortgage covered the entire fee ownership or just one joint tenant's interests in it. Too little information to be specific, but if we're talking joint tenants with the right of survivorship, the mortgagor-owner would inherit the deceased joint tenant's share and nothing much would change.
My name is on deed but not on the mortgage. The other owners passed away. Who owns the home?
If you owned the property with "them" as joint tenants with the right of survivorship the property bypassed probate and became your sole property when they died but it may be subject to the mortgage. Mortgages by less than all of the joint tenants who own real property together are treated differently in different jurisdictions. You should consult with an attorney in your jurisdiction to determine if the property is still subject to the mortgage.If you all owned the property as tenants in common, their interest in the property passed to their heirs at law subject to the mortgage and their estates need to be probated. Your interest is free of the mortgage. As you can see this is a complicated question and you need expert legal advice.
What are the rules concerning eviction of tenants due to foreclosure and sale of property?
Last year's Protection of Tenants in Foreclosure Act required the succeeding owner after foreclosure of a federally related mortgage to give the tenants a 90 day notice to quit.
Mother and son tenants in common mother does not live in house or pay for expenses now she says the house is hers?
If mother and son are indeed tenants in common then each has the right to the use and possession of the whole property. Son cannot mortgage or sell the property without the consent of mother. Mother cannot mortgage or sell the property without consent of son. Both are equal owners.
How do you get all property to the surviving spouse in a common property state?
You should title all property as joint tenants with the right of survivorship or as tenants by the entirety.You should title all property as joint tenants with the right of survivorship or as tenants by the entirety.You should title all property as joint tenants with the right of survivorship or as tenants by the entirety.You should title all property as joint tenants with the right of survivorship or as tenants by the entirety.
What is a buy-to-let mortgage?
The phrase buy-to-let comes from Britain and it refers to purchasing property just to "let out," A buy-to-let mortgage is an arrangement in which one or more investors are loaned money to purchase property in the private rented sector in order to lend that property out to tenants.
My son died and the mortgage was in his name only. His wife is making the payments. What happens now?
The widow should arrange a consultation with an attorney who can review the title to the property and the mortgage. If the property was owned jointly or as tenants by the entirety and only the husband signed the mortgage the bank may be out of luck. If the property was in your son's name alone then his estate must be probated in order for title to pass to his heirs and the bank will take the property by foreclosure unless the mortgage is paid. You need an attorney who specializes in real estate law and probate law to review the situation and explain the widow's rights and options.
Can you collect rent and not pay mortgage?
No Yes, however you will can be held responsible if you break the terms of the agreement you have with the tenants on the property when. reposesion proceedings startagainst you.
Are you responsible for your mother's mortgage on her house that was left to you by survivorship rights?
If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or just keep paying the mortgage until the debt has been paid in full. If you owned the property as joint tenants with the right of survivorship and only your mother granted a mortgage in the property then you should consult an attorney who is familiar with your state laws regarding real property and mortgage by one co-owner.
What if a landlord doesn't pay mortgage with tenants money?
Then the landlords mortgage will go into default and if he/she continues to not pay the mortgage the property will be foreclosed on, and yes, you will be left in on the street. there is nothing that says (unless it is in specifically in your rental agreement) what your land lord has to do with the money.
Are joint tenants equally responsible for the mortgage?
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
