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When paying a lump sum off your mortgage in order to pay it off quicker do you ask for it to be taken off the capital or off the term?
Wiki User
∙ 16y ago
Any additional payment on your mortgage is applied to the principal. This will effectively reduce the term because the loan will be satisfied earlier if regular payments continue to be made.
Wiki User
∙ 16y ago
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Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs". This downside may not outweight the benefits of having no mortgage payment.
Can a mortgage foreclosed if owner dies and the deed is not in the co signer name?
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
Do you need to purchase home owners insurance in order to obtain a mortgage?
It depends on the agreement, in some cases yes because if you are paying for the house through mortgage then they want to make sure that everything is able to be replaced if it breaks, but in most cases no, your insurance is separate to the mortgage so you don't need to worry
Can your in-laws apply for the mortgage using their credit score even though your husband and you would be making the payments and how soon after that can you switch it into your names?
If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.
How does one apply for a mortgage loan if they have bad credit?
It is not a good idea for one to apply for a mortgage loan if they have bad credit. If one goes to a bank or financial institution for a loan, a mortgage specialist will advise them that they will need to increase their score in order to be approved for a mortgage. One can increase their score by making payments on time, paying off old debts and not applying for new loans.
Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs". This downside may not outweight the benefits of having no mortgage payment.
Can you remove someone from a deed if you are still paying on the mortgage?
Only if they want to be removed. They have a property right and only they, or a court order, can remove them.
Can a mortgage foreclosed if owner dies and the deed is not in the co signer name?
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.
Can a judge force a joint owner to sign a quit claim deed if there is a mortgage on said property?
You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could create a difficult situation if there is a default on the mortgage since the lender is not subject to the court order unless it was a party to the lawsuit.
Do you need to purchase home owners insurance in order to obtain a mortgage?
It depends on the agreement, in some cases yes because if you are paying for the house through mortgage then they want to make sure that everything is able to be replaced if it breaks, but in most cases no, your insurance is separate to the mortgage so you don't need to worry
What if both husband an wife are on the title but not the mortgage and they get divorced?
The person who is on the mortgage is legally responsible for paying the debt. If the debt is not paid the bank will take possession of the property. The division of the property will be addressed through negotiation by the attorneys representing the parties or by a judicial order.
If a spouse files bankruptcy can the other be held liable for the mortgage payment if its in both names?
You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party to pay or pay part of the mortgage, there may be a contempt action for violating that court order.
Can your in-laws apply for the mortgage using their credit score even though your husband and you would be making the payments and how soon after that can you switch it into your names?
If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.
Can mortgage payments count as child support?
No. Unless the child support order is modified by the court you are responsible for paying the amount in the order regardless of whatever else you pay for.No. Unless the child support order is modified by the court you are responsible for paying the amount in the order regardless of whatever else you pay for.No. Unless the child support order is modified by the court you are responsible for paying the amount in the order regardless of whatever else you pay for.No. Unless the child support order is modified by the court you are responsible for paying the amount in the order regardless of whatever else you pay for.
How does one apply for a mortgage loan if they have bad credit?
It is not a good idea for one to apply for a mortgage loan if they have bad credit. If one goes to a bank or financial institution for a loan, a mortgage specialist will advise them that they will need to increase their score in order to be approved for a mortgage. One can increase their score by making payments on time, paying off old debts and not applying for new loans.
You divorced- signed a quit deed and still remained on the mortgage. What happens when the ex-spouse dies?
In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.In that case you would be responsible for paying the loan on property that you do not own. When you signed the quitclaim deed you should have required that the ex-spouse refinance the mortgage in order to take your name off as co-mortgagor. Your attorney should have addressed that issue at the time of the divorce.
