0
Your ex was sole borrower on mortgage and died but does not own the property Does his estate have to pay off loan?
Wiki User
∙ 15y ago
It is surprising that the bank allowed your "ex" to sign a note and mortgage for property he did not own. However, it is more likely that he owned the property at the time he signed the loan documents and the property is subject to the mortgage. If the mortgage isn't paid then the bank will take possession of the property by a foreclosure. If you are living on the property you need to seek the advice of an attorney to determine your options, rights and responsibilities regarding the mortgage.
If possible you should call the attorney who represented you in the divorce. They would be familiar with your division of property agreement and may be able to provide the appropriate legal advice. If your ex was ordered to pay the mortgage as part of the divorce then his estate would be responsible for payment providing there are enough assets to cover that cost. You would need to make a claim against the estate. Debts must be paid by an estate before any distribution of assets to the heirs.
If there are no assets and the estate is unable to pay the bank will foreclose if the mortgage goes into default. In that case you may need to decide whether you want to pay the mortgage in order to keep possession of the property. You need legal advice from an attorney asap.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How do you get the deed to a house if the owner has died and the mortgage is paid?
The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.
My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.
Your dad died and he was the only name on the mortgage is your mom responsible for the mortgage?
The mortgage must be paid if you want to keep the property. If the mortgage isn't paid the bank will foreclose and take possession of the property. If your father was also the only one on the deed then his estate must be probated for title to the real estate to pass to his heirs. You should consult with an attorney who specializes in probate.
Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
My son died and the mortgage was in his name only. His wife is making the payments. What happens now?
The widow should arrange a consultation with an attorney who can review the title to the property and the mortgage. If the property was owned jointly or as tenants by the entirety and only the husband signed the mortgage the bank may be out of luck. If the property was in your son's name alone then his estate must be probated in order for title to pass to his heirs and the bank will take the property by foreclosure unless the mortgage is paid. You need an attorney who specializes in real estate law and probate law to review the situation and explain the widow's rights and options.
What does it mean when your name is not on the deed but it is on the mortgage?
It means that you have promised to pay for real property you do not own. It means you are fully responsible or paying the mortgage if the primary borrower, the owner of the property, fails to make the payments. If you are not an owner of the property and yet you signed a mortgage then you have volunteered to pay the indebtedness if the co-mortgagor (assumed to be the owner of the property) does not pay. One must wonder why you would sign the mortgage when you don't have any interest in the property. You have placed your credit record and your finances at risk. If the owner doesn't pay the mortgage and the bank forecloses then your credit will be ruined and the bank may go after you for any shortfall after the property is sold at the foreclosure sale. If the owner fails to pay and you don't want your credit ruined then you will need to take over paying the debt. If you help to make the mortgage payments the owner could toss you out at any time. You will get no return on your investment. You have obligated yourself to pay for property you don't own. **** The above is completely wrong. If you are on the NOTE and not the deed then you agreed to repay the debt with no interest in the property. If you are on the mortgage it only means that you agree to give up any rights to the property if it is foreclosed on. The mortgage is not an obligation to pay the Note is the obligation to pay.
Your parent died leaving you a home subject to a mortgage. A late payment let the bank know your parent had died. What should you do?
You need to consult with an attorney who specializes in probate. Your parent's estate must be probated in order for title to pass to you legally. Until the estate is probated you are not the legal owner of the property. You should also review the provisions of the mortgage since there may be a provision that the mortgage can be assumed by heirs.
Who is responsible for School debt after death?
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.
In California how long do you have to transfer the land from the decedent's name to their children's names?
It should be done immediately but there is no statute of limitations on such an action. As soon as the parent died equitable title to the property passed according to the terms of the will or according to the state laws of intestacy if there was no will. However, in order for the heirs to acquire legal title the estate must be probated. They cannot sell or mortgage the property until the estate is properly probated.It should be done immediately but there is no statute of limitations on such an action. As soon as the parent died equitable title to the property passed according to the terms of the will or according to the state laws of intestacy if there was no will. However, in order for the heirs to acquire legal title the estate must be probated. They cannot sell or mortgage the property until the estate is properly probated.It should be done immediately but there is no statute of limitations on such an action. As soon as the parent died equitable title to the property passed according to the terms of the will or according to the state laws of intestacy if there was no will. However, in order for the heirs to acquire legal title the estate must be probated. They cannot sell or mortgage the property until the estate is properly probated.It should be done immediately but there is no statute of limitations on such an action. As soon as the parent died equitable title to the property passed according to the terms of the will or according to the state laws of intestacy if there was no will. However, in order for the heirs to acquire legal title the estate must be probated. They cannot sell or mortgage the property until the estate is properly probated.
If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.
What happen when you place a property into an individuals estate after he died?
While the estate is still open, the property will become part of the estate and will be distributed under the provisions of the will or as intestate property.
My father died without a will and I inherited his property. His estate was not probated. Do I have legal title?
The property is still in your father's estate and his estate must be probated. You are not the legal owner.In order for title to real property to pass to the heirs-at-law in an intestate estate (no Will) or under the terms of a Will, the estate must be probated. Title is passed to the heirs by the probate process. You cannot "title" the property in your name until the estate has been probated. You cannot sell or mortgage the property until the estate has been probated. Until you probate the estate you only have what is called equitable title.You should consult with an attorney who specializes in probate who can review your situation and explain your options.
