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Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
Wiki User
∙ 6y agoA decedent's estate is legally responsible for a mortgage. The bank will foreclose on the mortgage if it hasn't been paid. It is likely that the late notices and possibly a notice to foreclose have already been sent out and received by whoever is occupying the dwelling. It is also likely that the property taxes are delinquent.
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If a mortgage payment is 20 days late will that be reported to the credit bureaus?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
What can you do about a mortgage company that does not report your on-time payments?
Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.
Does a mortgage show up on both borrowers credit report?
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
If you have past the time of day to make a mortgage payment on February 28 does this exceed the 30-day limit for the month and will this be reported to the credit bureau?
If you are speaking of making payments on line, the answer is probably yes, however most mortgage servicing lenders will accept payments by telephone up to 9 pm cst. try calling the 800 number provided by you mortgage company
If a mortgage payment is 20 days late will that be reported to the credit bureaus?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
What can you do about a mortgage company that does not report your on-time payments?
Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
Does a mortgage show up on both borrowers credit report?
If the account is a joint account (bill comes in both of your names), then yes, it will be reported to both of your credit reports.
Can a minor hurt their credit score with an overdue library fee?
No. A library fine is not reported to credit agencies. Late payments on a credit card or mortgage are reported to credit agencies.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
If you have past the time of day to make a mortgage payment on February 28 does this exceed the 30-day limit for the month and will this be reported to the credit bureau?
If you are speaking of making payments on line, the answer is probably yes, however most mortgage servicing lenders will accept payments by telephone up to 9 pm cst. try calling the 800 number provided by you mortgage company
After a chapter 7 bankruptcy can mortgages report late payments?
Yes, late payments on mortgages can be reported. The chapter 7 discharges all unsecured debts, except for student loans, child support and certain taxes, and any balance due on secured debt after the collateral has been surrendered and sold. If you reaffirmed the mortgage and failed to make payments during or after the chapter 7, that can be reported. Late payments can also be reported. Many states prevent penalties for late payments if the payment is made within a certain number of days, but they can still be reported as late if not made on or before the due date.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
