Then the house needs to be sold.
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.
Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
no,they will give you extra time to pay it but not alot of time
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
In law England and wales) does a spouse have equal liability to pay off debts
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.
The estate will be responsible for the bills. The spouse indirectly will pay, as they cannot inherit until they are resolved.
The heirs must discuss that with the lender.
Actually, when both parties sign the mortgage they are each responsible to the bank for the full amount of the loan. Between themselves, they can make any type of arrangement regarding who is responsible for what amount. However, If one party refuses to pay, leaves or dies, the other party will be held responsible for the full amount of the loan.
Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used 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.
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.