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When a person dies and still owes on their house, the debt typically becomes part of their estate. The estate will be responsible for paying off the mortgage using the assets left behind by the deceased. If the debt is not repaid, the lender may go through foreclosure proceedings to recover the amount owed.
What else can I help you with?
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
What happens if your repossession house is sold for more than you owe?
If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.
What happens when parents die and their debt is more than the assets by over 60000 in credit card debt and is this debt cancelled?
the debt dies with them... you owe nothing
What happens if your co-signer dies and you still owe money on your car loan?
If your co-signer dies and you still owe money on your car loan, you may be required to repay the remaining balance on your own. The lender may also have the option to repossess the vehicle if you are unable to make the payments. It is important to communicate with the lender and explore your options in such a situation.
Do I still owe a personal debt if my father dies?
You father's death does not release you from your obligation. You now owe the money to the estate.
What happens if your bank goes to bankruptcy and you owe money to them?
You still owe money.
If your ex spouse has a lien on a home you own jointly and he dies does the survivor owe the lien to the estate?
Yes because there is no one else to take the home.
What happens when you take out a loan?
You owe money
When a parent dies are children responsible for a debt they still owe to the parent?
They still owe the money to the estate. The executor may offset their inheritance by that amount.
What happens when you finish paying off your house?
When you finish paying off your house, you become the full owner of the property and no longer owe any money to the lender. This means you have complete ownership and can live in the house without any mortgage payments.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Can they take your house if owe a mortgage?
yes
