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.
Follow up answer but the mortgage states it is a first mortgage while we know for sure that the property already had a morgtage by our dead mother?
Can the husband rent the house if he has the mortgage in just his name if they both share the deed of trust?
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and…
The husband has his name only in the mortgage deed and mortgage insurance if he dies would mortgage company get the house or would the wife?
I believe you need a different type of insurance to cover the house if he passes away. Mortgage insurance in Australia will not allow the wife to retain the house in the case of death. Personally i just bought a home and got the guys at http://vogue-fs.com.au to set up the insurance so that if either my husband or i pass away the house is still ours and the mortgage is payed out in full
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
Are you responsible for your mother's mortgage on her house that was left to you by survivorship rights?
If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or…
Mother passed away She still owes on a mortgage and none of us kids can afford to pay the mortgage We do have house up for sale and hoping for quick sale. What can we do about montly payment until?
I would contact mortgage company and send them copy of Death Certificate and see if they will hold off on foreclosure ( if it has gone that far 3-4 mos with no payments). If it is a HUD/FHA loan contact them and see what you can do. Go to www.hud.gov. and get your local HUD office number. The other solution would be to rent the house out until it sells. As long as your tenant…
House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
If a couple with excellent credit and no debt wants to sell their condo and buy a house is it possible to get a mortgage right now if one person started freelancing just over a year ago?
What do you do when a person dies owing a mortgage and he conveyed the property before he died to someone who is not on the mortgage?
The property is still subject to the mortgage. The grantee should make arrangements with the bank to assume the mortgage. Some mortgage documents contain language that a transfer of the property will trigger a demand that the mortgage be paid in full. You should speak to the bank ASAP. Or, the grantee could just keep paying the mortgage.
My spouse died and the house was just in his name there is no equity now but there is still money owed how do you get the house in your name the company still send the bill in your husbands name?
If you have private mortgage financing if one person on mortgage wants their name removed from mortgage how do you do it?
See your lender. You may have to refinance because the mortgage was based on both your credit, income etc. If that is the case you will have to go through an entire new mortgage process just for yourself. If you cannot afford to refinance on your own, the other person can force a sale of the house by using the courts.
No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments. No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can…
If a mother wants to sell her home with no existing mortgage to her son who will need her as a co-signor to secure a new mortgage will capital gains still be applicable?
You can't sell a home to yourself. If the son needs the mother as a co-signer she will need to remain on the title of the home. Therefore the ownership will go from mother to mother-and-son as tenants in common or joint tenants. Therefore an interest was added to the home (the son) but the mother is still an owner (just now 50% owner).
Nicki minaj was up set when she died because she died in a fier && her father set the house on fier.. no Nicki minaj mother is not dead kuz if yhu watched the BET awards she said my mom didnt know what channel to watch.... Nicki just said she died in the song because she would have nightmares of her father really killing her mom
No you cannot.! my experience was that we had to take the house off the market before we could get an appraisal and a new refinance of our mortgage. also just fyi one party cannot get a mortgage on a second property either at that time. such as during a divorce. not until refinance is complete. this was nebraska.
Husband has died and you are the excutor of his estate you want to add your name to the mortgage loan?
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…
I am told by my bank that in Texas you can't refinance a loan until you have lived in your house for 12 months. I have a conventional loan. Is this true?
First, one should seek pre-approval from a mortgage broker or financing company. Asking friends and family or your local bank should provide plenty of contacts. Pre-approval is important because it is really depressing to find a house you like just to find out that it is out of your available range.