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What if deceased parent's home mortgage is more than the property can be sold for?
Wiki User
∙ 12y ago
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Wiki User
∙ 12y ago
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What if I can't refinance my deceased parents home?
Continue paying the mortgage. Don't mention that your parents are deceased. Unless the mortgagee is an individual, no one will notice a thing.
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
What is a home mortgage secured loan backed by?
the property
What if I can't refinance my deceased parents home?
Continue paying the mortgage. Don't mention that your parents are deceased. Unless the mortgagee is an individual, no one will notice a thing.
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who pays the mortgage on deceased parent's home?
Unless there was some sort of mortgage insurance, the estate is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure. If the heirs want to keep the property they must keep paying the mortgage.
What can the executor do when a heir that lives in the deceased parents home starts selling the deceased's property?
Report the theft to the police. It is a crime to take and sell things that do not belong to you.
Parents left a will and you are the appointed executor what di you need to do about there home mortgage?
you need to get it paid off. and or sell the property
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
You just bought property and there is a mobile home on it the owner is deceased are you responsible for the mortgage loan and back payments?
Do you want the mobile home? If yes then you must pay. If not, then let the bank come and repossess it.
What is a home mortgage?
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
Can you enter your deceased parents home legally?
no
What is a home mortgage secured loan backed by?
the property
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
Can a home be foreclosed on when the mortgage is in a different name from What is on the deed?
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
