0
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
Wiki User
∙ 15y ago
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
What happens when you sever a joint mortgage?
You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
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.
What happens to a joint bank fixed deposit with a nominee when the primary holder dies?
the fd has to be terminated and principl amount returned to nominee or joint holder without any deductions
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.
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
What happen if the seconary bank holder dies?
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and In this case there is no will can they do anything?
The daughter now owns the bank account and everything in it.
If a Joint Tenant has the mortgage in his name and the other joint tenant defaults on his home equity loans what are the legal ramifications to the mortgage holder?
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or she owned with a different person.
