If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.
If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.
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.
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.
First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.
If your husband has a will then his property is distributed accordingly, if he not have a will then the distribution of property is determined by a probate court.
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
In the UK the seller is the owner of the house together with any mortgage lender, the proportion of ownership depends on the amount outstanding on the mortgage. If the seller dies then the 'estate' will own the sellers proportion of the house. The estate will pass on to the next of kin or anyone nominated in the sellers will.
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.
If a seller dies, a loan might still be owed by the family of the person that died. In some cases, the loan would be forgiven if the seller died or passed away.
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.
You own the land subject to the mortgage.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
If a seller dies after signing a contract then the contract is terminated. In the case of real estate the property may go to the state, a bank, or the trustee of the will.
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.
First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.
if your on the title be prepared to take over the payments.