Refinancing a mortgage with 5 years left can be beneficial if you can secure a lower interest rate or shorten the loan term. Consider the closing costs and how long you plan to stay in the home before deciding.
Refinancing a mortgage with 10 years left can be beneficial if you can secure a lower interest rate or shorten the loan term. Consider the closing costs and how long you plan to stay in the home before deciding.
It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first. The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest than you will spend on the current mortgages, even after you consider closing costs. Tom T. www.startwiththehouse.com
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
You have a serious problem. This matter should have been resolved at the time of the divorce. Your ex-husband should have been required to refinance the property to get your name off the mortgage in exchange for your signing your interest in the property over to him. All your bargaining power was present BEFORE the divorce was granted. Your leverage was your interest in the property. If you were represented by an attorney that attorney failed to protect your interests if this issue was left unaddressed and you should complain to your state board of bar overseers. Generally, when a divorce is granted, the parties declare that all matters between them have been addressed and they will have no further claims against each other. Unfortunately, you left yourself responsible for the mortgage on your ex-husband's property. If it goes into foreclosure your credit will be ruined. You need to consult with an attorney who can review your situation and discuss your options.
Speak to your attorney. They will be able to complete paperwork to allow the courts to have the property changed to your name. Your mortgage might still be in your mothers name until you are able to refinance or somehow have the mortgage company change the account info, but the house will be in your name with the county courts system.
Refinancing a mortgage with 10 years left can be beneficial if you can secure a lower interest rate or shorten the loan term. Consider the closing costs and how long you plan to stay in the home before deciding.
You cannot take your husband's name off the mortgage. You must refinance in your own name and pay off the prior mortgage. You should have a deed drafted by an attorney.
It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first. The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest than you will spend on the current mortgages, even after you consider closing costs. Tom T. www.startwiththehouse.com
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
After a foreclosure you no longer own your property. You have nothing left to refinance.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
You have a serious problem. This matter should have been resolved at the time of the divorce. Your ex-husband should have been required to refinance the property to get your name off the mortgage in exchange for your signing your interest in the property over to him. All your bargaining power was present BEFORE the divorce was granted. Your leverage was your interest in the property. If you were represented by an attorney that attorney failed to protect your interests if this issue was left unaddressed and you should complain to your state board of bar overseers. Generally, when a divorce is granted, the parties declare that all matters between them have been addressed and they will have no further claims against each other. Unfortunately, you left yourself responsible for the mortgage on your ex-husband's property. If it goes into foreclosure your credit will be ruined. You need to consult with an attorney who can review your situation and discuss your options.
Speak to your attorney. They will be able to complete paperwork to allow the courts to have the property changed to your name. Your mortgage might still be in your mothers name until you are able to refinance or somehow have the mortgage company change the account info, but the house will be in your name with the county courts system.
If you have enough equity in your home and you have a good credit score, you should be able to refinance both mortgages into one 15 year mortgage. Plus you would probalby get a better rate too. However, you said that your home was assessed at 240K four years ago. Given the current real estate market, in most areas your home would probably be worth a whole lot less than 240K. If that's the case you might have difficulty getting a mortgage (especially if your home is now worth less than the amount you owe on it). Banks are being extra cautious about lending these days. However, every real estate market is different, so it may be possible that your home hasn't lost as much value. Plus, if you've done considerable improvements since the last time it was assessed that will change the situation too.
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
Will or no - upon her death, your mothers debts must be settled first from any estate proceeds. If you want to keep the house, you may want to talk to the mortgage lender and see if you can refinance so you can pay off the mortgage. Otherwise, you may have to sell the house or let it get repressed. When you go to probate over her estate, you'll get some answers from the court. You also should check with an attorney.AnswerGenerally, in the US, If your mother died intestate her property would pass to her children under the state laws of intestacy. Her estate must be probated in order for legal title to her real property to pass to her heirs-at-law. Since there is an outstanding mortgage the estate should be probated ASAP. Once the petition for Administration has been filed and the Administrator has been appointed the Administrator can negotiate with the bank about assuming the mortgage (under the guidance of the attorney who is handling the estate). You can check your state laws of intestacy at the related question link provided below. It is important to keep the mortgage payments current.