Mortgages
Foreclosure
Probate

What happens to your mortgage when you die?

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2011-05-14 20:58:07
2011-05-14 20:58:07

Generally:

  • The person receiving the property can sell the property and pay off the mortgage from the proceeds.
  • The mortgage can be assumed, or refinanced in the heirs name with the original mortgage paid off.
  • The heir can allow the bank to take the property.
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See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/


Nothing happens to it. It still remains in second place.


Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure.


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 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.


You will then have one mortgage and not two.


Unfortunately, foreclosure happens.


The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.


what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland



You can find the answer you want by asking the mortgage holder.


What happens if the mortgage and deed are in two names and one claims banckrupcy


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.




nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage



You check to see if you purchased mortgage insurance.



The mortgage is attached to the property. So if an heir takes possession of the home, he/she must pay the mortgage. Otherwise, the bank will foreclose.


Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.Your mortgage must be paid unless you have arranged for some type of mortgage insurance.


Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.



You must notify the bank of the transfer and arrange to pay off the mortgage in full.


You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.



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