For evidence you would need a written, signed agreement (or promissory note) stating that your friend would reimburse you for any mortgage payments you made on their behalf and the agreement would need to recite a date the reimbursement was to be due. You would need to sue your friend for non-performance and obtain a judgment lien. You could record the lien in the land records and it would become a junior lien to the mortgage. If you had no written agreement you could still try to sue but the court may consider you to be a volunteer and would not issue a judgment in your favor.
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.You can spend your profit from your investment property any way you wish as long as you make your mortgage payments. If you want to refinance then you need to speak with your lender.
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Yes, we have to pay tax on it
You need to review your mortgage documents that you signed at your closing.
Social Security payments cannot be garnished at all. Pension payments sometimes can be, depending on a number of factors. Typically mortgage lenders do not garnish wages, though, they simply foreclose on the property.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
According to the laws of intestacy in Tennessee, the sole issue would inherit all the property as long as there was no surviving spouse. However, the estate must be probated and the property would be taken subject to the mortgage. You need to make the mortgage payments if you wish to keep the property. If the payments aren't made the lender will take possession of the property by foreclosure.You can check the laws of intestacy at the related question link provided below.According to the laws of intestacy in Tennessee, the sole issue would inherit all the property as long as there was no surviving spouse. However, the estate must be probated and the property would be taken subject to the mortgage. You need to make the mortgage payments if you wish to keep the property. If the payments aren't made the lender will take possession of the property by foreclosure.You can check the laws of intestacy at the related question link provided below.According to the laws of intestacy in Tennessee, the sole issue would inherit all the property as long as there was no surviving spouse. However, the estate must be probated and the property would be taken subject to the mortgage. You need to make the mortgage payments if you wish to keep the property. If the payments aren't made the lender will take possession of the property by foreclosure.You can check the laws of intestacy at the related question link provided below.According to the laws of intestacy in Tennessee, the sole issue would inherit all the property as long as there was no surviving spouse. However, the estate must be probated and the property would be taken subject to the mortgage. You need to make the mortgage payments if you wish to keep the property. If the payments aren't made the lender will take possession of the property by foreclosure.You can check the laws of intestacy at the related question link provided below.
Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.
You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.