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What happens when someone dies and the mortgage is upside down?
Wiki User
∙ 13y ago
The house gets sold and the estate gets settled. If there is money in the estate, it will be used to pay off any debts, including remaining mortgages. Once all of the debtors are paid, the remainder is distributed according to the will or the intestate laws. If there isn't enough to pay off the debts, they debtors lose out.
Wiki User
∙ 13y ago
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What happens when someone has been approved for a mortgage but dies before the sale closes?
The contract becomes null and void.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
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.
How do you find the amount on a mortgage after someone dies?
Call the lender
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.
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 when someone dies in your car do you get paid?
no
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
What happens to property with a mortgage when the owner with a will dies?
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
What happens when the sole owner of a house with an upside down mortgage dies and there is a trust with heirs?
Generally, either the mortgage must be paid or the bank will take possession of the property, sell it, and after deducting the balance due on the loan and all the associated costs and expenses will pay over any balance remaining from the sale to the estate. However, you should review any documents associated with the reverse mortgage for the terms of that transaction.
What happens to a mortgage when one spouse dies?
Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
