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.
A mortgage loan is obtained when one is purchasing a house. In return for using the value of the house as collateral, a mortgage company will provide a loan for the remaining balance. Read More
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house. Read More
What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you. Read More
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included. Read More
Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing. Read More
Yes. The best thing would be to either get the house in the divorce, or get everything, including the mortgage, signed over to your soon to be ex. Read More
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount. Read More
Yes. Most mortgage documents have a "balance due on transfer' clause as part of the boilerplate language. If you transfer ownership the bank can demand payment of the mortgage in full. Read More
No. In the U.S. and Canada, minors cannot usually be held legally liable for a debt. Therefore a minor cannot get a Mortgage. Read More
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. Read More
I have just separated with my wife to which i have three children. I have moved out living with my mother. Is my wife and children entitled to stay in the house even if the mortgage is in my name. Read More
The primary benefit of having mortgage life insurance is to eliminate the risk of passing one's debt onto their heirs. The point of having mortgage life insurance is that if one dies with an unpaid balance on one's mortgage then the insurance covers the remaining balance and whoever inherits the estate will owe nothing on the house. Read More
This answer will depend on your specific circumstances but some possible liabilities could be for any remaining debt on the loan that is not recovered in the foreclosure sale. For example if you owe 100k on the mortgage when it is foreclosed and it only sells for 80k at auction you can still be personally liable for the remaining 20k. This is commonly known as a deficiency judgment. There may be other liabilities but without… Read More
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. Read More
You want to take your name off the deeds to your house and leave it to your ex partner but he can not remortgage so can you keep the currant mortgage on house with out having to take your name off?
The bank doesn't care whose name is on the deed, just whose name is on the mortgage. You can sign a quit claim deed so it is all the partner's. So you would be giving up deeded ownership and still be liable for the mortgage if your ex; who can't qualify for a mortgage ever defaults? Really? This doesn't sound like a good idea on so many levels. Read More
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help. Read More
Liable for what? A parking ticket? Not if it isn't your car. Read More
A good way to get a cheap home mortgage is by buying a home that is small. The larger the house, the more the mortgage will cost. The mortgage depends on the size of the house. Read More
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker. Read More
You still own the house if you have a reverse mortgage, yes. Read More
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable. Read More
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house. Read More
You will be able to keep the house provided you keep making the mortgage payments. In a chpt. 13, if the 1st mortgage amount is higher than the house value, you can strip the 2nd mortgage and treat it as an unsecured creditor. If the house value is higher than the 1st mortgage, then you will need to keep paying both mortgages. Read More
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house. Read More
Can an unmarried couple that buy a house then break up can one person get the house put in their name and force the other person to sign off of the mortgage?
If both names are on the mortgage you both have rights. Never sign anything that cancels your right to your share. See a solicitor who will negotiate for you, particularly if there is equity in the property. Also you must bear in mind that if you remain on the mortgage and you both go your separate ways you are still liable for the charges on that mortgage. You must decide whether you want to be… Read More
If you had a 152000 mortgage in 1987 the house was re mortgaged in March 2004 you would like to know what was remaining on the original mortgage amount?
The only way to determine the outstanding balance would be to either call your lender and ask or request your credit report and read through all of the liabilities. Read More
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity. Read More
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid. Read More
What's more important is who the real estate is deeded to. If you are neither on the mortgage nor the deed, then the IRS would have a tough time taking it. An exception to this is if you live in a community property state, in which case you would automatically own half of the house regardless. Also, I am assuming that your wife is not liable for the taxes. Read More
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing… Read More
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance. Read More
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch. Read More
basically a motgage is the "pay" for your house. you pay the mortgage. its just a word that stands for what you pay to own your house. Read More
How do you get out of a second mortgage when the house has been sold on a short sale? Read More
One can buy a house with no mortgage if they are wealthy individuals who do not need loans to pay off a house. They usually pay the full amount of a house in cash. Read More
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage. Read More
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage. Read More
There are many factors that can play into your house mortgage rate such as age and credit history as well as the size of your loan. On average, a mortgage will run you about 3% to 4.5% Read More
To do this you have to pay of the mortgage for your house. Then, if you go to Tom Nook's shop he will talk to you about paying off your mortgage and you will be able to upgrade your house. This will come with a bigger mortgage. If you pay off this mortgage you will be able to upgrade again. You can repeat this cycle a few times until your house is fully upgraded. This… Read More
house documents are mortgage and title deed at register office Read More
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage. Read More
Variable mortgage is used for things that involve mortgage such as a house. Every time the prime rate changes, so does the mortgage, therefore the mortgage is variable. Read More
Some reasons to break a mortgage contract are: If the interest rate is above the legal rate for mortgages. If the mortgage is given without an underlying debt (a promissory note), the mortgage contract is invalid. A mortgage is simply a pledge of the house as security for an underlying obligation. Without the note, there is no reason to pledge the house as security. If the mortgage loan was obtained through a predatory lending practice… Read More
If you are going through a divorce can one spouse sign over their half of the mortgage to the other party without having to refinance?
It is my understanding that if both are on the mortgage, you must refinance so that you are both not held liable for the balance. If still on the note the other person would not be able to qualify for another house, car, etc. without that being considered as part of their debt. Read More
Is homeowner's insurance liable if your car is at their house and is destroyed by a fire at their house?
Yes Read More
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. Read More
House Loans Mortgage Services Corporation is located in Santa Ana, California, USA. The company offers a full range of mortgage services and has a comprehensive website. Read More
What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum… Read More
I dont think a bank would finance ANYone that didnt have a house , its hard to make the mortgage when your homeless Read More