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What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?


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2008-09-18 04:54:45
2008-09-18 04:54:45

The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.

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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.

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.

the fd has to be terminated and principl amount returned to nominee or joint holder without any deductions

No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.

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.

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

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 she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.

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.

There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.

a universal joint holder.

Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.

No. An authorized user is like a visiting guest in a house. You're able to use all the amenities, but you're not responsible for the mortgage. Only a joint holder on the account -- that is, someone who opened and signed responsibility for the account with another person -- can be held liable for the charges made by the other joint holder.

A joint mortgage is executed by two people who own real estate. Each is responsible for paying the mortgage in full.A co-signer has no ownership interest in the property but they have agreed to pay off the mortgage if the primary borrower fails to pay. In other words, they agree to pay the mortgage for property they don't own.

Both persons if it is applicable. In some cases a married couple will hold a joint mortgage but only the wage earner will have a credit score on record.

In that case the joint tenancy is dissolved and the new half-owner is a tenant in common along with the remaining original owner.

Possibly, but you should consult your joint account holder before doing this.

You would need to refinance your mortgage loan to remove the ex.

a grease is to make a recorder holder tighter

yes both have equal rights to the money so one could easliy take out all the funds

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