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Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?
Wiki User
∙ 14y ago
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Wiki User
∙ 14y ago
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What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
Do you have to pay anything after the foreclosure if the second mortgage wasn't covered?
Yes. As the debt holder you are required to pay for both the first and second mortgage. Both debt instruments are secured by the home, however they are considered independent where the first mortgage was held by a mortgage finance company and the second was held by a bank. If the first mortgage is paid by means of the sale of the home to another entity via auction or some other means, unless the balance of the second mortgage is covered in the process, this leads to a situation where the first mortgage loan holder walks away happy with the debt paid, leaving you with the balance of the second mortgage to pay yourself. Usually, a deal can be worked out with the second mortgage creditor where you can pay less on the mortgage balance than the full balance if you make a lump sum payment to close the debt. This is usually in their best interests as the debt is no longer secured by the home. When you do this, be warned, that the discount that they give you will come to hit your around tax time as this discount is considered a taxable credit. If you find yourself in this situation, make yourself a part of the solution in the eyes of your creditor and get to know your creditor on a first name basis. Do not stop making payments, and if you have... start, and let them know that you are trying to work with them to do the right thing. This will help you keep the debt that is owed out of collections and save the situation from impacting your credit score.
What is Total value of us mortgage market?
The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures. The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures.
How much is the average mortgage amount in the us?
As of the end of the fourth quarter of 2009, there was approximately $14.3 trillion in outstanding mortgage debt outstanding. Of the $14.3 trillion, $2.5 represented non-residential debt, leaving $11.8 trillion due to residential owners. At the end of 2009, there were approximately 129.9 million housing units in the United States of which 66.2% were owned by the people living in them. Of this 86.0 million housing units, approximately 20% own their homes "free and clear" (except, of course, for property taxes), suggesting that there are approximately 68.8 million housing units with debt underlying the ownership. The average mortgage balance, then, is just short of $172,000 (and, evidently 10% of the population have mortgages outstanding of over $250,000).
Your spouse moved out leaving mortgage and all bills can you get him to pay half?
That will depend on the separation agreement. Or it will be specified in the divorce agreement.
Are adult children responsible for bills with an estate?
When you die leaving your estate to your children they are liable to pay the tax or mortgage etc and if the property is then rented to another by your children they are still liable for the taxes on that property and not the tennant as they pay the rent to the children for the privelidge of having full use of the property but the property remains under the ownership of your children and it is the owner that is liable for the payment of taxes mortgage etc
What happens when you die and leave a mortgaged house to someone?
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.
Your mother is leaving her house to you in her will is it possible for you to take out a mortgage on the property?
Almost impossible. A lender would not consider that there is any security on the loan as your mother could change her will at any time.
What are problems that can stem from leaving spilled chemicals around the balance?
The balance may be damaged or contaminated.
What does a settled balance mean on a debit card?
It means the outstanding balance has been paid in full - leaving a zero balance owing.
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.
What are my responsibilities to a mortgage I hold for a property that I only have a life estate tenancy in and I can no longer afford and the remainderman will not sell?
This is one of the real challenges in a life estate. State and country laws vary, but in general: The Life Tenant is responsible for the mortgage interest as well as the taxes, ordinary maintenance and repairs. The Remainderman is responsible for major repairs and the principle of the mortgage. One option may be to give up the life estate, leaving the Remainderman entirely responsible for the property, including the mortgage. This could be a negotiating point. I highly recommend visiting an attorney licensed in your jurisdiction to get help that works in your situation.
What is Reconciled Balance?
To reconcile a balance, one seeks to prove the balance is correct. The reconciliation is the sum spent matches the money leaving the account.
Do you have to pay anything after the foreclosure if the second mortgage wasn't covered?
Yes. As the debt holder you are required to pay for both the first and second mortgage. Both debt instruments are secured by the home, however they are considered independent where the first mortgage was held by a mortgage finance company and the second was held by a bank. If the first mortgage is paid by means of the sale of the home to another entity via auction or some other means, unless the balance of the second mortgage is covered in the process, this leads to a situation where the first mortgage loan holder walks away happy with the debt paid, leaving you with the balance of the second mortgage to pay yourself. Usually, a deal can be worked out with the second mortgage creditor where you can pay less on the mortgage balance than the full balance if you make a lump sum payment to close the debt. This is usually in their best interests as the debt is no longer secured by the home. When you do this, be warned, that the discount that they give you will come to hit your around tax time as this discount is considered a taxable credit. If you find yourself in this situation, make yourself a part of the solution in the eyes of your creditor and get to know your creditor on a first name basis. Do not stop making payments, and if you have... start, and let them know that you are trying to work with them to do the right thing. This will help you keep the debt that is owed out of collections and save the situation from impacting your credit score.
What is the property of leaving a mark on a ceramic plate?
streak
What is Total value of us mortgage market?
The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures. The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures.
What is 20 percent off 44?
8.80 leaving as balance of 35.20
