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Who is responsible for mortgage debt after death?

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2012-02-25 17:44:15
2012-02-25 17:44:15

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.

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I'm not trying to be funny, but if you were married (legally) to him at the time of death, yes - who else would be responsible for it?


No. If he didn't sign the mortgage then he is not responsible for paying it.


The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.



If the bank is foreclosing on your spouse's house and you are not on the deed or mortgage then you are not responsible for the debt. The foreclosure should not affect your credit record.


You are only responsible for the mortgage if you are willing to accept the debt. If you are not willing to accept the debt you simply allow the property to be entered into probate and foreclosed on by the lender. You are not responsible for any monies owed regarding said property even if it was "willed" to you unless you choose to do so.


Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.


No, the mortgage is a debt of the estate. That mortgage must be resolved before the property can be transferred.


No. You are in debt as much as you still owe on the mortgage.


No, you are not responsible for the debt. The power of attorney terminated at the death of the deceased. The estate is responsible to resolve the debts.


Yes. He is the sole owner of the real estate and the sole owner of the debt.


It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


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.


If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.



Heirs are not responsible for any debt. The debt is the responsibility of the estate. If there are not adequate assets, the debtors don't get paid and the heirs will not receive anything.


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.


No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.


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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.


The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.


One party can sign an agreement to hold the other not responsible for the debt, for example, in a divorce agreement. However, the lender is under no obligation to honor that agreement. If the person who agrees to pay the mortgage defaults the lender can and will hold both parties equally responsible for the debt. The credit of both parties will be ruined and the bank may go after any assets owned by the "non-responsible-by-divorce-agreement" party. The only way to become free of the mortgage obligation is to refinance in the one name who agreed to take over the debt and pay off the old 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


If both own the property and only one signed the mortgage then the lender will only acquire the mortgagor's interest in the case of a foreclosure. The lender will become a co-owner with the spouse who didn't sign the mortgage. The spouse who didn't sign the mortgage is not responsible for the debt and the foreclosure will not be reported under their name.


Your question needs to be turned around. A person who has no ownership interest in the property should NOT sign a mortgage. When you sign a mortgage you agree to be responsible for paying the debt. If the homeowner defaults on the mortgage the lender will go after you to pay the debt if you signed the mortgage, even if you don't owe the property. It is not a wise decision to offer to pay for something you don't own.



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