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a consumer credit report was more likely connecting to individuals as consumers,on the other hand,a residential mortgage credit report was simply focusing to the households considered as the consumer it self.
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they can. Consult with your bank that knows what the rules are for where you live.
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they certainly can. Consult with a bank in the area that knows what the rules are for where you live.
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.
If the mortgage is not in her name as a joint tenant, the house will have to be made a part of the estate. The estate will have to satisfy the mortgage. The bank may allow the new owner to assume the existing mortgage, but they are more likely to want to establish a new one. You should really consult an attorney in your area for estate planning purposes.
a consumer credit report was more likely connecting to individuals as consumers,on the other hand,a residential mortgage credit report was simply focusing to the households considered as the consumer it self.
It is surprising that the bank allowed your "ex" to sign a note and mortgage for property he did not own. However, it is more likely that he owned the property at the time he signed the loan documents and the property is subject to the mortgage. If the mortgage isn't paid then the bank will take possession of the property by a foreclosure. If you are living on the property you need to seek the advice of an attorney to determine your options, rights and responsibilities regarding the mortgage. If possible you should call the attorney who represented you in the divorce. They would be familiar with your division of property agreement and may be able to provide the appropriate legal advice. If your ex was ordered to pay the mortgage as part of the divorce then his estate would be responsible for payment providing there are enough assets to cover that cost. You would need to make a claim against the estate. Debts must be paid by an estate before any distribution of assets to the heirs. If there are no assets and the estate is unable to pay the bank will foreclose if the mortgage goes into default. In that case you may need to decide whether you want to pay the mortgage in order to keep possession of the property. You need legal advice from an attorney asap.
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
The estate is responsible for clearing the mortgage. They will either pay it off, or more likely, sell the home, pay off the mortgage and put the remainder into trust for the use of the minor.
Most likely not. As long as credit scores are okay, the co-borrower is assumed to be brought in to assist the primary borrower in qualifying and will not hurt your chances of getting another loan. If you already applied for a mortgage and you were turned down it would be a good idea to try with a co borrower as this could increase your chances of getting approved. Now there are various factors as why a loan is turned down such as credit, debt to income ratio, etc so it would be best to figure out why the application was turned down and if adding a co-borrower would resolve the issue. Veronica Rodrigues Voyage Home Loans
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they can. Consult with your bank that knows what the rules are for where you live.
The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.
If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.If you mean that you own your property and had granted a mortgage to your father then his estate must release it. His estate must be probated in order for an estate representative to have the authority to issue a release. The bank will likely want the probate issues to be addressed before it will loan any money to you unless you own a considerable amount of equity in the property. The best thing to do is ask around at local lenders.
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they certainly can. Consult with a bank in the area that knows what the rules are for where you live.
No. Usually, the property is used as security for the loan and what's called a Charge is registered against by the lender. This means that the property cannot be sold without the loan being paid off. What is possible, however, is that a private loan is given to a borrower without a mortgage being arranged. Repayment is then at the lender's risk entirely. In cases of this sort, the lender is likely to be a family member or someone who has complete trust that he/she will get repaid.