You sell a house and can not pay off the mortgage will you be liable for the remaining dollars owed?
Well, you can't sell it if you can't pay off the loan against it. (You can't provide clear title to the buyer unless the liens are paid off at the closing and no new mortgage he needs can be put in first place of the existing one).
Yes your responsible to pay off the loan in full. However, another arrangement (a short sale) may be able to be worked out with the lender. If your in bankruptcy there may yet be other alternatives.
Yes your responsible to pay off the loan in full. However, another arrangement (a short sale) may be able to be worked out with the lender. If your in bankruptcy there may yet be other alternatives.
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If they send you the bill for the remaining balance after your car is repossessed do they expect you to pay the bill all at once and if you sell it for less than you owe how do you pay for the balance or sell it without a title?
If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how d…o you pay for the balance lump sum, payments, garnishment of your wages, lien on other propertyor sell it without a title?**YOU DONT**this answer may be too long for this board so email me and Ill do a better job . It is NOT easy but VERY rewarding. ( Full Answer )
Homeowners Insurance and Total Loss. It all depends on what type of coverage you have. If you havereplacement coverage, The insurance will pay to rebuild your houseso your mortgage continues as usual. If you are not rebuilding thenit will pay your mortgage within policy limits. So it is importantth…at you have adequate coverage on your policy. If your not rebuilding, the insurance company will generally paythe Mortgage Company first before any remaining money is disbursedto the home buyer. Usually the check is issued with both the buyerand the mortgage company as payees. You must however continue tomake your monthly mortgage payment until the insurance settlementcomes through. If you miss monthly payments you can wreck yourcredit just when you need it most. You usually will not need to pay off the mortgage yourself. Thecheck is issued to you and the company. You send it into them, theysign off on it and send it back to you. You then endorse it to paythe contractor to keep building your new home. Meanwhile, you keeppaying your mortgage. The mortgagee is only listed on the policy sothey are notified if the policy is canceled so they can force placecoverage on the policy because they have an insurable interest. You have the OPTION of paying it off and taking out a new mortgageto build a new home with whatever you have left over or whateveryou can afford with that new mortgage. ( Full Answer )
Can you pay off the entire Chapter 13 amount you owe by selling something such as a house prior to the 5 year term being up?
Normally, you can pay off the Chapter 13 early by selling something BUT you need to get permission from the Bankruptcy Court prior to the sale. Debtors usually acquire permission by filing a "Motion to Sell Real Estate" or some such document with the Bankruptcy Court, and in the motion ask the Court… to allow the debtor to use the sale proceeds to pay off the Chapter 13 Plan base (at least that's the normal procedure in the Southern District of Indiana). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. ( Full Answer )
\n. \n Answer \n. \n. \nGo to a Title Company Like Fidelity or Chicago Title and pay a few dollars to do a full title and lien search on the property. About 50 to 150 dollars.\n. \n Very difficult \n. \nA title search may tell you who has recorded a mortgage on a property, although not …necessarily the initial amount or interest rate of the note being secured by the lien, let alone any remaining principle today. About the only way to find out how much a person still owes on their house is to ask them or get permission to ask the lender(s).\n. \nWhy would it matter? Your typical purchase and sale agreement will require that title be delivered free of any such liens, and it is up to the seller to pay off the liens at or prior to closing. ( Full Answer )
Where can you get a loan to pay off a mortgage you have so you can lease or owner finance the house?
Answer . \nYou may not need to but talk to a real estate attorney to make sure of your rights and options. It will be worth the money and he can help with any contracts etc.
What should you do if you have a second mortgage on your home and you owe 100000 between the 2 mortgages and the house is worth 85000 but you would like to pay off some credit cards?
Answer . \nyou are in upside down then. I am surprised you could have mortgaged for more than the house is worth
Can you avoid capital gains taxes if you sell a house and use the proceeds to pay on a second mortgage for another house you already own?
Answer . The only way to avoid capital gains on the sale of a house would be to invest the money in ANOTHER house of equal or greater value. Sorry, it can't be a house you already own.\n. \n. \n Answer \n. \nNo offense, but the rule referred to above, as found in Sect. 1034 of the Code, w…as repealed in 1997. Since then the ""rollover"" provision isn't required, and the following is the base operation:\n. \nExclusion of Gain on Principal Residence.\nA taxpayer can exclude from income up to $250,000 of gain ($500,000 for joint filers meeting certain conditions) from the sale of a home owned and used by the taxpayer as a principal residence for at least 2 of the 5 years before the sale. \n. \nThe full exclusion doesn't apply if, within the 2-year period ending on the sale date, there was another home sale by the taxpayer to which the exclusion applied. ( Code Sec. 121(a) , Code Sec. 121(b)(3) ) FTC ¶ I-4520 et seq.; USTR ¶ 1214 .; Tax Desk ¶ 225,700 et seq. \n. \nMarried taxpayers filing jointly for the year of sale may exclude up to $500,000 of home-sale gain if: \n. \n... either spouse owned the home for at least 2 of the 5 years before the sale, \n... both spouses used the home as a principal residence for at least 2 of the 5 years before the sale, and \n... neither spouse is ineligible for the full exclusion because of the once-every-2-year limit. ( Code Sec. 121(b)(2)(A) ) FTC ¶ I-4536 ; USTR ¶ 1214.02 ; Tax Desk ¶ 225,716 \nFor the excludible amount where married taxpayers aren't eligible for the full $500,000 exclusion, see ¶ 2444 . \n. \nThe exchange or involuntary conversion (destruction as well as condemnation) of a principal residence is treated as a sale for purposes of the homesale exclusion. ( Code Sec. 121(a) ; Code Sec. 121(d)(5)(A) ) FTC ¶ I-4565 ; USTR ¶ 1214.14 ; Tax Desk ¶ 225,745 A taxpayer may elect not to apply the exclusion to the sale or exchange of a principal residence. ( Code Sec. 121(f) ) FTC ¶ I-4570 ; USTR ¶ 1214.20 ; Tax Desk ¶ 225,753 \n. \nThe exclusion doesn't apply to gain attributable to post-May 6, '97 depreciation claimed for rental or business use of a principal residence. ( Code Sec. 121(d)(6) ) FTC ¶ I-4568 ; USTR ¶ 1214.06 ; Tax Desk ¶ 225,748 \n. \nIf property is used for both residential and business (or investment) purposes, no allocation of gain is required if both the residential and non-residential portions of the property are within the same dwelling unit, but gain isn't excludible to the extent of any post-May 6, '97, depreciation. However, gain is allocated if the part of the home for which the use requirement isn't met is separate from the dwelling unit. ( Reg § 1.121-1(e)(1) ) FTC ¶ I-4532 et seq.; USTR ¶ 1214.06 ; Tax Desk ¶ 225,712 et seq. \n. \nThe exclusion isn't available to individuals subject to the expatriate tax rules (see ¶ 4662 ) ( Code Sec. 121(e) ) FTC ¶ I-4569 ; USTR ¶ 1214.18 ; Tax Desk ¶ 225,749 \n. \nFor a taxpayer who acquired a home in a like-kind exchange ( ¶ 2418 et seq.) in which any gain wasn't recognized, or a donee of such a taxpayer, the exclusion doesn't apply for the 5-year period beginning with the date of the acquisition. ( Code Sec. 121(d)(10) ) FTC ¶ I-4561.1 ; USTR ¶ 1214.14 ; Tax Desk ¶ 225,741.1 \n. \nIf home-sale gain is entirely excluded under Code Sec. 121 , the transaction is not reported on the return at all. However, Schedule D entries are necessary if there is taxable gain on the home sale (e.g., realized gain exceeds the excludible amount). \n. \nFor sales and exchanges of a principal residence after May 6, '97, a member of the uniformed services or the Foreign Service may elect to suspend the 5-year period for measuring ownership and use during any period that he or his spouse is serving on extended duty while serving at a duty station which is at least 50 miles from the residence or while residing under Government orders in Government quarters. ( Code Sec. 121(d)(9)(C)(i) ) Extended duty is any period of active duty under a call or order to active duty for a period of more than 90 days or for an indefinite period. ( Code Sec. 121(d)(9)(C)(iv) ) A taxpayer makes the election by filing a return for the sale year that does not include the home sale gain in income. ( Reg § 1.121-5(b) ) This election can't be made if an election to suspend the 5-year period for any other residence is in effect. ( Code Sec. 121(d)(9)(D)(i) ) FTC ¶ I-4528.1 et seq.; USTR ¶ 1214 ; Tax Desk ¶ 225,708 et seq. The 5-year period can't be extended by more than 10 years. ( Code Sec. 121(d)(9)(B) ) ( Full Answer )
Answer . \nHire a Real Estate attorney and have a court order. A commissioner will be appointed to have the other party removed.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
Yes. The buyer's attorney will make certain the mortgage is paid off from the proceeds of the sale. They are obligated to do so.
Yes, if you have the cash and don't qualify for the tax deduction on the mortgage interest.
We sold a house on a land-contract deal. They filed bankruptcy after 1 12 years and now say they have rights to stay in the house for 5 months is this true we need to sell it to pay off the mortgage?
Answer . Obviously, the first questions have to do with if they have or haven't been making the payments!. But, in general, their rights under a Land Sales Contract amounts to not much different than a lease. Presuming they haven't paid rent, you should start eviction procedures. Some places, e…sepcially with a tennant under bankruptcy protection, that can take some time to accomplish. ( Full Answer )
United Kingdom Yes is generally the correct answer. Check with your lender formore details. It is possible to move a loan that is secured by amortgage (or trust deed) to another property if the lender willapprove the substitution of collateral. It is much more common whendealing with investor loan…s or in the UK. So, legally there is thepossibility but practically most loans are paid off when the property securing the loan is sold. United States In the United States the mortgage is paid off from the proceeds ofthe sale as part of the closing. That is one of theresponsibilities of the attorney who represents the seller.Generally, mortgages contain a clause that allows the lender todemand immediate payment in full upon any change in ownership. ( Full Answer )
Depending on your age, Income, and Financial goals. A mortgage is probably the best "debt you can have" The freedom of not having to make a mortgage payment is also a nice thing for someones cash flow. The situation depends on your age and financial goals really. The 30 fixed mortgage was created fo…r a dying breed of people that work for 30 years then retire to a paid off mortgage. Statistically people refinance or move every five years. This is why there have been so may adjustable rate mortgages that have been pushed until recently. However, a mortgage when used correctly can be a powerful financial tool. ( Full Answer )
Your mother just died and has a mortgage on the house do you need to pay the mortgage when you sell the house?
Of course! The money is still owed to the bank and you cannot legally sell it without satisfying the mortgage.
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Can a self managed HOA seize a car owned by a unitowner to pay off the 3500 dollars owed the HOA in delinquent dues as the unit is in foreclosure by the mortgage holder?
\n. \nIf the association wants to be accused of criminal theft, sure. To take the car the legal way, first, the association must file a lien against the delinquent unit. If the lien remains unpaid, then the association can file a lawsuit against the unitowner, unit, bank (as lienholder), and any su…bsequent purchaser of the unit for foreclosure of the lien. Fortunately for you, HOA dues are superior to any mortgage, lien, or deed of trust against the unit, so no matter what, the association will get paid. In the unlikely event the unit would not sell at auction for the association's foreclosure judgment amount, including attorney fees and court costs, the association could execute on the vehicle of the debtor/unitowner. I suggest consulting with a real estate attorney right away (see one who gives free consultations). ( Full Answer )
Answer: . Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale.
Is it possible to get a mortgage on a second home that includes enough money to pay off the mortgage on the first house?
You could take out a mortgage on a second home to payoff the mortgage on your primary residence if you have sufficient equity. I guess the question would be, why would you want to do that?. Generally, you are going to get better terms on a mortgage for an owner occupied residence vs. a 2nd home all… else being equal. ( Full Answer )
Can you buy a home with 2 mortgages so you can pay 1 mortgage off and have a lower note for the balance of 30 yrs from having to only pay the one remaining mortgage This is a cash flow consideration.?
If I understand your question correctly, you would like to buy a home with a first and second mortgage because you feel that you would have the ability to pay off the second in a shorter period than your first. The answer is yes and these days it usually requires about 10 percent down payment becaus…e there are so few lenders offering a second mortgage to 95 percent due to the mortgage crisis and declining market values in some areas. ( Full Answer )
You can pay off your mortgage faster by paying extra to the principal typically through making extra payments or paying extra each month. For example, a $200,000 mortgage at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 104, or 8.67 years, and reduces the …interest and total paid by $61,160.51. On the same loan, paying $300 extra per month reduces the number of monthly payments by 135, or 11.25 years, and reduces the interest and total paid by $78,258.26. A significant reduction in both interest paid and length of the mortgage. ( Full Answer )
Should you pay off the 8000 you still owe on your house of should you use the money for house repairs instead?
If you pay off the house - you'll save lots of interest money. Don't be too fast to write them a check for $8,000. You should call them and ask how much it will be to pay it off. They will probably say $8,000. Now, you ask them if they can lower than that amount since you are paying cash. They might… go down to $7,000 or lower.. If your house needs a roof, you might use part of your money to repair it. Your home value will go up if the roof is good. If the other repairs can wait, don't bother fixing them. ( Full Answer )
Yes, you are responsible for your mortgage payment until the day ofclosing the sale to a new owner of the house. Any remaining balancewill be paid through the proceeds at closing.
Do you still owe for second mortgage if house goes to foreclosure and funds generated only pay off first mortgage?
Yes, as with any loan even if your colatteral is seized and sold at auction, if it does nto bring enough value to cover the balance, you still owe them. typically though the company will write off the debt. Then you have to worry about paying taxes on that amount.. However, (recently in early 200…8), the IRS makes that charged off debt non taxable up to a certain amount (somewhere between $250K and $1M). So, most people will no longer have to pay those taxes (who were foreclosed on 2008 or later approximately). Please see irs.gov for the exacts. ( Full Answer )
Can you sell your house all the foreclosures in Las Vegas has made value drop 200K and pay off your 1st mortgage and then transfer your 2nd to another house instead of foreclosing on 2nd?
No. Leins are non-transferrable. It is possible to take a cashout refinance of the other property to pay the lien in full however.. No. Leins are non-transferrable. It is possible to take a cashout refinance of the other property to pay the lien in full however.
By making extra payments, and if your loan currently has a very high interest rater, refinance it so the interest you are being charged is less. For example, if you have a 200,000 loan at 6.5% interest and 30 year term, paying $300 extra per month reduces the number of monthly payments by 141, or… 11.75 years, and reduces the interest and total paid by $113,531.55. Reducing your interest rate on the same loan above from 6.5 down to 4.5 reduces your total interest from 255,088 to 164,813. Both methods are huge cost savers. ( Full Answer )
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Will i be liable for ex spouse's debt of a home equity line that the divorce decree ordered him to pay off my name is on the loan and the house is in my name?
You are as liable as him. If he files bankruptcy, they will come searching for you. Even if you sign a Quit Deed to release the house to him, you are just as responsible if your name is still on the loan. Answer The bank is not bound by any provision in your divorce decree. Your attorney shoul…d know that and should have addressed this situation by having your ex husband refinance the loan and pay off the existing loan that is in your name. If your ex husband fails to pay the loan the bank will come after you for payment and you remain legally responsible for repayment since you signed the note and mortgage. Incompetence results in this type of mess after a divorce. ( Full Answer )
If I pay child support weekly from by check which includes a back owed amount can I have the remaining back owed amount off my credit report?
not till it's payed off. its just like any other debt. My dad got a loan to pay it off, then had to fight to get it off. YOu only have to be able tosay the info on the report is incorrect, then they have 30 days to prove or disprove your comment then it has to be removed. Check out the federal credi…t laws online orst your local consumer credit counseling office for more info. ( Full Answer )
While you are paying off federal taxes from 1999 when does the statute of limitations take effect and am i liable for any money owed after the statute of limitations?
There are several different SOLs in most all situations. Ones for review/audit, ones for assessment of additional tax and ones for collection. The way the time gets counted is always fairly complex...and many things stop the counting of time (called "tolling")...like the sending of a letter, respond…ed to or not, by the Dept., etc. Once you are in an agreement with them, (and generally once your speaking/negotiatitng with them) the SOL becomes irrelevant of course. (You would want it too, or you couldn't get a plan that would extend past it).. The main thing that many asking this have frequently not understood, is that the SOL itself only starts to run once a substantially complete and accurate return is filed. If you don't file a return, it never starts to run and you remain open for all actions perpetually. ( Full Answer )
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
If husband took a mortgage on his home to buy daughter's home before he re-married will wife be held liable to pay this debt by selling the house in case of his death with or minus a will?
no, the only one responsible for payment is the name on the note, not the mortgage.
Homeowners trying to pay their loans early can send extra payments toward the principal. The best way is to set up a schedule to pay something extra toward the principal every month. The more you pay against the principal the more payback time will be eliminated and you will pay less back. You sh…ould check with your lender first to determine is there are any penalties for making extra payments toward the principal. Also, make certain the extra payments are being applied correctly by monitoring your statements regularly. See related links. There are several ways, but to expand on the comments above, paying extra every month is the best way to go. On a 250,000 mortgage at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 89, or 7.42 years, and reduces the interest and total paid by $65,736.37. Paying $300 extra per month reduces the number of monthly payments by 118, or 9.83 years, and reduces the interest and total paid by $85,805.87. That shortens the length of your mortgage by 1/3 and saves a bundle in interest. ( Full Answer )
The estate has the responsibility to settle the debts. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
This insurance covers the mortgage debt if you should face an untimely death before it is paid. There are life insurance policies that carry optional mortgage coverage insurance that in many cases are more beneficial than what you would receive from your bank. Do some shopping around before making a…ny decisions. ( Full Answer )
Can you use the house you inherited as collateral to pay off creditors the estate owes to pay them off?
Yes, this can be done. There may have to be a new mortgage before the property can change hands.
Sell other assets to resolve the debt. Or take a loan out against the house.
Your best option may be to do a "short sale". Most Real Estate Agents can help you with this. You can also contact a HUD approved Housing Counselor for free advice.
The length of the loan is arrived at during the application process. There is no universal answer to your question. You could have a ten year note, a fifteen tear note, a thirty year note, etc.
You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and… total paid by $68,321.30. If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96. ( Full Answer )
If you sell your house for less than owed can that balance be applied to a new homes mortgage without credit damage?
No. Every home loan is secured by a Deed of Trust, which only the lender can release. So if you have a mortgage on the home you want to sell you have to satisfy the loan. This is primarily done by: 1)Paying the loan off on your own or with the sale proceeds 2)Negotitating with the lender for a …"short sale" where a less-than-owed amount is accepted as satisfaction for the debt. If option 2 is the way you need to go because of value loss in the home, the process is done with all lenders on the home (if there is more than one mortgage). The first mortgage company releases the Deed of Trust and forgives the deficiency balance upon settlement of the sale. NOTE: Second mortgages may have the right to pursue you for any deficiency in the payoff to them unless the debt is forgiven in writing as part of the short sale agreement. The forgiven debt will be reported to the IRS and you will have to account for it in your taxes . The loan may be reported several ways on your credit, which will determine the short sales impact on your score. Any settled or short-sale mortgages will negatively impact your score. If the loan is NOT reported as short sold or settled, it may not affect your score but you may still be unable to purchase another house for some time. Most mortgage companies require a copy of the HUD-1 settlement statement from any recent home sales to verify that the sale amount matches the mortgage balance, which in the case of a short sale, it won't. US- Mortgage Forgiveness Debt Relief Act of 2007 The amount of the forgiven debt for the deficiency on a primary residence is also forgiven for federal tax purposes. There may be state taxes owed. You can read more about it at the related link below. ( Full Answer )
No but it will need to be disclosed and the buyer or seller will need to pay those back taxes before the title can be fully transfered to the buyer.
Generally yes, if you qualify as to your ability to pay and your credit score and if there is equity in the property.
By reducing the interest you pay. The only way to do this safely is to pay extra toward your principle. There are many schemes being sold to pay your loan off early, but no one ever seems to know anyone who ever made them work. The most successful homeowners trying to pay their loans early either si…mply send extra payments or pay the loans every two weeks. Mortgage payments are due monthly but most people use all of one paycheck or 50% of two to pay it. Since there are 26 such paychecks for most employed people, that means an extra payment occurs each year if you pay every 2 weeks vs. every month. . You can pay your mortgage off sooner than the agreed to terms by paying additional amounts towards your principal each payment. Some loans have penalties for this, so look into your loan terms before sending in more than your agreed to payment. . You can pay off your mortgage early by paying bi-weekly instead of monthly. Another good was is by paying in larger amounts going over your normal payment. By doing this more will be taken off of the principle amount instead of interest. . I would ask your mortgage company first if it is possible to pay off the mortgage early. Some do not allow that. I would think making a higher payment than what is due would help pay it off early. . I would advise putting any extra money you can toward your monthly mortgage payment. Always pay more than the monthly premium when possible. Avoid having children as this will put you much further away from this goal. . If you want to pay off your mortgage faster the first thing to do is see if you can refinance through your bank to lower your interest rate. That will lower the amount you will pay over the life of the mortgage no matter how fast you pay it off. Next, make a monthly budget and put as much money toward your mortgage every month as you can afford. Make sure any extra money goes toward the mortgage principle rather than the next month's payment, that will reduce the life of the mortgage. . Use the accerlated bi-weekly payment option in which by doing so, you're able to pay mortgage equivalent of two months in a month. Thus, this will be beneficial in creating less loan-interest and save you money. ( Full Answer )
Collect your money, make sure you're organized. Having a well-paid job will do you good. Make sure that you are absolutely confident in what you're paying for, and once you've got a good job and have saved up enough, pay. Those are all very good ideas, plans and habits but the way to pay off a mor…tgage more quickly than normal is to pay extra on the principle with every payment. Make certain the extra payment goes only toward the principle. ( Full Answer )
You "can" pay off the reverse mortgage at anytime. You simply pay the bank the current balance of the reverse mortgage. There are different ramifications depending on the structure of the reverse mortgage. The largest portion of the cost of a reverse mortgage is in the closing costs and the accru…ed interest over the years. The interest only accrues at the agreed upon interest rate. Actually, upon death of the "Last surviving borrower" on the reverse mortgage there are three options. 1. If the Heirs want the home they can refinance it for the balance of the Reverse mortgage. 2. If there is equity, the heirs can sell the home, pay off the mortgage and jeep the overage. 3. If the Reverse mortgage has reached the value of the home ( or the non-recourse limit ) the heirs can simply walk away and owe nothing on the home. Also any other estate assets are protected from recourse. You can refer to hud.gov or aapr.org for more details. ( Full Answer )
Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority. Yes but generally the executor must have the righ…t to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority. Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority. Yes but generally the executor must have the right to sell real estate granted in the will or must obtain a license to sell from the court. Some jurisdictions allow the executor to sell the real estate without obtaining the fore-mentioned authority. ( Full Answer )
Yes. You have to pay the second mortgage regardless of how much your home sells for. You borrowed the money, you pay it back.
No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy. No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy. No. Not unless there was some type of insura…nce in place to that effect, either mortgage insurance of a life insurance policy. No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy. ( Full Answer )
Mostly, mortgage insurance plans are made to protect the home ofthe insured, if they fall ill, meet an accident or discontinuetheir job due to some reasons. Even if they pass away while themortgage insurance is active, the inheritors don't have to pay foranything and the insurance provider takes car…e of the pendingmortgage debt as that family members can live in their homehappily. Hence, the short answer is Yes, they do. If you arewilling to know more about mortgage protection insurance, you canvisit optinsure.com for the same. ( Full Answer )