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Who is responsible for a mortgage payment when both parents are deceased Are we the adult children responsible for making those payments or can we foreclose?
Wiki User
∙ 14y ago
WoW if the payment isn't made then guess who will come and take the house We do not want to keep the house, nor live in it. We are paying the mortgage payments and trying to sell the house, however in this market, it's not likely. At this point we just want to get rid of it. Trying to find out if our credit would be ruined or if we would be held financially responsible if the house foreclosed. ============================================================= These issues issues are the responsibility of the executor(s) of the estates of the deceased persons. If the executor(s) has/have not retained a lawyer, that is the first step in the process. Foreclosure is an action taken by the lender when payments are not made. The lender launches a legal proceeding to take over ownership of the property. The asset (the property) could be lost if nothing is done to prevent foreclosure. ___________________________________ I know what a foreclosure is...I am wondering if me and my sister would be held financially responsible for any outstanding moneys/debts on the house when it forecloses. I also am wondering if our credit would take a hit if we decided to do a short sale or foreclosure?
Wiki User
∙ 14y ago
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If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Are surviving children in Pennsylvania responsible for paying the mortgage debt of deceased parents?
The children are not directly responsible in Pennsylvania. The estate is responsible to settle all the debts. Until these have been paid, the children are not entitled to receive anything.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Are surviving children in Pennsylvania responsible for paying the mortgage debt of deceased parents?
The children are not directly responsible in Pennsylvania. The estate is responsible to settle all the debts. Until these have been paid, the children are not entitled to receive anything.
How can a bank foreclose on a deceased person?
A bank can not foreclose on a deceased person. A bank forecloses on a piece of property when the mortgage has not been paid. There is a difference. If the deceased person had the money in the bank to pay the mortgage and the will is in probate, someone should tell the probate judge about the situation. In this state the probate judge has the authority to pay the mortgage. He also has the authority to make the car payment. The probate judge will not do anything unless someone tells him!
If we have a Joint mortgage one dies no insurance can lender foreclose?
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
Can bank come after your savings account if you foreclose on your home?
no, not if it is a 1st mortgage. because of the mortgage tax relief act of 2007
How long can you leave a house in a deceased person's name if there is no mortgage Who is responsible for the property taxes?
how long can you leave house in deceased name
How does Wells Fargo handle a default on mortgage?
Mortgage lenders foreclose when there is a default on a mortgage.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
