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The mortgage must be paid or the lender will take possession of the property by foreclosure. If you want to keep the property then you must make arrangements to pay the mortgage. Some mortgages allow assumption by a family member after the death of the original mortgagor.
In the case of real property the parent's estate must be probated in order for title to the property to pass to the heirs legally. You should consult with an attorney who specializes in probate law in your area.
What else can I help you with?
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
What is mortgage insurance for death and how does it protect my loved ones in the event of my passing?
Mortgage insurance for death is a type of insurance that pays off your mortgage if you die. It protects your loved ones from having to worry about making mortgage payments after you're gone, ensuring they can stay in the home without financial burden.
Who owns the home with a reverse mortgage?
With a reverse mortgage, the seniors (the original home owners) still owns the house. They retain full ownership, and no one can kick them out. The debt, aka the loan, is paid off - but only once the homeowners move out of the house, or if both of them die. For more information about reverse mortgage loans, visit http://www.aboutreversemortgages.com
How do you know if your mortgage will be paid off if you die?
You check to see if you purchased mortgage insurance.
What are the key differences between mortgage protection insurance and life insurance?
Mortgage protection insurance is designed to pay off your mortgage if you die, while life insurance provides a lump sum payment to your beneficiaries when you die. Mortgage protection insurance is specific to your mortgage, while life insurance can be used for any purpose.
Are you required to notify the mortgage company when your parents die?
The estate is
What happens to a foster child if the foster child's foster parents die?
they get taken to another foster home.
What happens to a foster child when the foster child's foster parents die?
they get taken to another foster home.
What happens to a mortgage when both wife and husband die within a month from each other?
Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure.
What happens to a minor's possessions when they die?
The possessions belong to the parents. They actually belonged to the parents before their death.
What happens when your parents die?
nothing you just remember them you cant do any thing about it
What happens to the parents of romeo and Juliet after they die?
They were upset for a while, recovered soon.
If both parents die without a will and left 3 children who owns the property?
If there was a mortgage the bank does, otherwise the 3 children, unless the bank will work with them. Check mortgage docs just in case it was specificied in them who would get it.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
What happens when you die and leave a mortgaged house to someone?
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.
What happens if newborn babies live outside?
they would die because they will not have milk and there parents
What is mortgage insurance for death and how does it protect my loved ones in the event of my passing?
Mortgage insurance for death is a type of insurance that pays off your mortgage if you die. It protects your loved ones from having to worry about making mortgage payments after you're gone, ensuring they can stay in the home without financial burden.
