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The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
What else can I help you with?
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
Is a home mortgage debt considered a federal debt?
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
What type of debt is a mortgage?
A mortgage is a type of debt that is used to finance the purchase of a home or property.
Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
Where can I find information on mortgage debt relief?
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.
Is mortgage considered good debt?
Mortgage debt is generally considered "good debt" because it is used to purchase an asset that typically appreciates in value over time. Additionally, mortgage interest rates are often lower than other types of debt, and the interest paid on a mortgage may be tax-deductible.
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
How many people are in mortgage debt in the US?
Reliable figures on the total number of people in mortgage debt are unavailable, but there is over $14 billion of mortgage debt outstanding as of 2009 (figures based on Census projection figures from 2009). A very large number of Americans face mortgage debt, but accurate estimates of total numbers are very hard to come by.
Can a family member buy the house that is in a reverse mortgage?
Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage
Is mortgage considered a good debt?
Mortgage debt is generally considered a good debt because it is used to purchase an asset that typically appreciates in value over time. Additionally, mortgage interest rates are often lower than other types of debt, making it a more favorable borrowing option.
What companies offer mortgage loan refinance and debt consolidation services?
Several companies offer mortgage loan refinance and debt consolidation services. These companies include First Mortgage Company , PNC Mortgage, Amerisave, and Evergreen Does Loans.
