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What happens to the outstanding mortgage if the owner dies and you are the grantee on a quitclaim deed to the house?
Wiki User
∙ 8y ago
A quitclaim deed is used to transfer interest in real estate from one party to another. I assume the former "owner" transferred their interest in the house to you and you recorded your deed in the land records. You now own the property subject to the mortgage. If it is not paid the lender will take possession of the property by foreclosure.
You should have an attorney review your title and advise you of your options. Most mortgages contain a due on transfer clause whereby if the property is transferred the lender can demand payment of the note in full. You may need to refinance in your own name. The attorney can advise you.
Wiki User
∙ 8y ago
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What happens when the person who acquired the property by quitclaim deed doesn't make their payments?
It sounds as though you sold land and took back a mortgage. If so, you can foreclose on the mortgage and take possession of the property if you reserved that right in the mortgage. You should consult with an attorney in your area since state laws on this issue vary.
If you are married to an illegal immigrant and own a house then you divorce what happens with the house?
You should get a quitclaim recorded by the ex-spouse if they are on the title. The mortgage in your name will still be payable. As far as I know, foreigners can have ownership in property in the US
What happens if a person has a quitclaim deed and the original owners did not give up ownership of the property?
A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.
If a bank that holds your mortgage fails what happens to that mortgage?
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
You divorced- signed a quit deed and still remained on the mortgage. What happens when the ex-spouse dies?
In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.
What happens to the second mortgage if the first mortgage is sold?
Nothing happens to it. It still remains in second place.
What happens if seller dies who gets the house?
In the UK the seller is the owner of the house together with any mortgage lender, the proportion of ownership depends on the amount outstanding on the mortgage. If the seller dies then the 'estate' will own the sellers proportion of the house. The estate will pass on to the next of kin or anyone nominated in the sellers will.
What happens when a second mortgage has been written off is the owner still required to pay it after sale of property?
The second mortgage would have to have been cancelled with the Land Titles Office so that the Charge itself was officially deleted. Otherwise, the lender would still be entitled to payment of the outstanding principle.
What happens if you go for a mortgage and don't tell them you already have a mortgage?
The lender will have the title to the property examined to disclose any outstanding encumbrances. It does not rely on your honesty on the loan application. They will then contact you to say, "Mr. Jones, you have a mortgage on your property that you failed to note on your application. Your application is denied since you have much less equity in your home than first claimed and you lied on your application."
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
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 if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
