The decedent didn't own the property if it was transferred to a trust. The property is owned by the trust and is managed by the trustee. You need to review the terms of the trust to determine how the property will be handled or distributed. If you still have questions you need to consult with an attorney who can review the trust and explain your options.
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
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.
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.
y7gt7y
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
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.
A mortgage is a concept which can be explained simply to someone. A mortgage is essentially a loan in which the house functions as a source of collateral.
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Buying a house that someone walked away from may seem inviting. Contact the bank that funded the mortgage to see if you can take over the mortgage or see if there is a realtor who can help you.
yes, only if the second mortgage does not get paid.
You own it and no longer need to pay a mortgage. You get the deed to the house and are free to do whatever you want to.
The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.