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Having a transfer on death deed with a mortgage on a property means that upon the owner's death, the property will transfer to the designated beneficiary without going through probate. However, the mortgage on the property will still need to be paid off by the beneficiary or the property may be subject to foreclosure.

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5mo ago

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What is the difference between renting a property and having a mortgage?

The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.


How can I sell part of my land while still having a mortgage on the property?

To sell part of your land while still having a mortgage on the property, you would need to get approval from your mortgage lender. This typically involves paying off a portion of the mortgage with the proceeds from the land sale or adjusting the terms of the mortgage to reflect the new property boundaries. It's important to consult with your lender and a real estate attorney to navigate this process effectively.


What are the consequences of having a mortgage in default?

Having a mortgage in default can lead to serious consequences such as foreclosure, damage to credit score, loss of the property, and legal action by the lender.


How do you buy property without having to make mortgage payments?

Pay cash. If you pay everything up front, there is no mortgage. If you can't pay for it up front, you are going to need a loan. And a loan is going to have to be secured. And if the security is the property, you have a mortgage. Having a mortgage is not all bad, the interest on the loan for a home is deductable on your income tax.


What are the benefits of using a 2nd mortgage calculator?

A second mortgage is when, already having a mortgage, you take out a second loan/mortgage secured on the property. This is possible if you have positive equity. A second mortgage calculator will give some indication about how much might be able to be borrowed without having to actually approach a money lender and give them your personal details.

Related Questions

What is the difference between renting a property and having a mortgage?

The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.


How can I sell part of my land while still having a mortgage on the property?

To sell part of your land while still having a mortgage on the property, you would need to get approval from your mortgage lender. This typically involves paying off a portion of the mortgage with the proceeds from the land sale or adjusting the terms of the mortgage to reflect the new property boundaries. It's important to consult with your lender and a real estate attorney to navigate this process effectively.


What are the consequences of having a mortgage in default?

Having a mortgage in default can lead to serious consequences such as foreclosure, damage to credit score, loss of the property, and legal action by the lender.


How do you buy property without having to make mortgage payments?

Pay cash. If you pay everything up front, there is no mortgage. If you can't pay for it up front, you are going to need a loan. And a loan is going to have to be secured. And if the security is the property, you have a mortgage. Having a mortgage is not all bad, the interest on the loan for a home is deductable on your income tax.


In simple terms what does it mean to receive a deed in lieu of foreclosure?

A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.


My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?

If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.


What are the benefits of using a 2nd mortgage calculator?

A second mortgage is when, already having a mortgage, you take out a second loan/mortgage secured on the property. This is possible if you have positive equity. A second mortgage calculator will give some indication about how much might be able to be borrowed without having to actually approach a money lender and give them your personal details.


Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?

No. The reverse mortgage affects only the property used as collateral for that loan.


How can I switch mortgage companies without having to go through the process of refinancing?

To switch mortgage companies without refinancing, you can request a mortgage transfer or assumption. This process involves the new lender taking over your existing mortgage terms without the need for a new loan. Be sure to check with both lenders for any fees or requirements involved in the transfer.


What are the advantages of having a buy to let mortgage?

A major advantage of a buy to let mortgage is that you have an investment property that you never pay a dime on, your renters do it for you. Depending on the area, there are various tax advantages.


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How can I change my mortgage to a buy to let?

To change your mortgage to a buy-to-let, you typically need to inform your lender and switch to a buy-to-let mortgage product. This involves meeting certain criteria, such as having a suitable rental income and potentially paying higher interest rates. It's important to seek advice from a financial advisor or mortgage broker to understand the process and implications.