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 then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.
forever
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
I wouldn't. Just make sure the payments continue to be made.
Yes, you can sue someone for not paying their mortgage. This legal action is typically initiated by the lender or mortgage holder to recover the unpaid debt and potentially foreclose on the property.
The responsibilities and obligations of a mortgage consumer debt holder include making timely payments, maintaining the property, paying property taxes and insurance, and informing the lender of any changes in financial circumstances.
As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.
yes, but it rarely happens.
A fee paid by a mortgage holder as a prepayment premium in order to attain the same yield they would have if they had paid all payments to maturity.
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.