0
When the sole borrower on a mortgage dies can his wife continue to make the payments?
In most cases YES. Even though the wife isn't on the loan, she is probably on the deed, which means she has vested interest in the property. The only case in which it may be an issue is if the loan is a FHA Loan and she is not on the title, in which case she would need to refinance the property into her name.
What else can I help you with?
What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?
Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.
What happens if a co-signer on a mortgage dies?
If a co-signer on a mortgage dies, the responsibility for the mortgage typically falls solely on the remaining borrower. The lender may require the remaining borrower to refinance the loan in their name or find a new co-signer. If the mortgage is not paid, the lender could foreclose on the property.
Can the bank make you sell your personal belongings when a house goes into forcelosure with a reverse mortgage and no will?
Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.
What happens to the car loan if the co-signer dies?
If the co-signer of a car loan dies, the responsibility for the loan typically falls solely on the primary borrower. The lender may require the primary borrower to continue making payments or may demand full repayment of the loan. It is important for the primary borrower to communicate with the lender to understand their options and obligations.
What is the difference between term insurance and mortgage insurance?
Term insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. It pays out a death benefit if the insured person dies during the term of the policy. Mortgage insurance, on the other hand, is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. It does not provide any benefits to the borrower or their family.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
When your private mortgage holder dies how do you make payments?
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?
Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.
What happens when the person paying the mortgage is not on the mortgage and the original mortgagor dies?
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.
What happens if a co-signer on a mortgage dies?
If a co-signer on a mortgage dies, the responsibility for the mortgage typically falls solely on the remaining borrower. The lender may require the remaining borrower to refinance the loan in their name or find a new co-signer. If the mortgage is not paid, the lender could foreclose on the property.
Can the bank make you sell your personal belongings when a house goes into forcelosure with a reverse mortgage and no will?
Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.
When mortgage holders die what are mine and the mortgage company rights?
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
What happens to the car loan if the co-signer dies?
If the co-signer of a car loan dies, the responsibility for the loan typically falls solely on the primary borrower. The lender may require the primary borrower to continue making payments or may demand full repayment of the loan. It is important for the primary borrower to communicate with the lender to understand their options and obligations.
What is a reverse mortgage and are they safe?
A reverse mortgage is a loan for people 62 or older. It uses the equity of their primary residence as collateral and can be dispersed in a lump sum or in monthly payments. The loan comes due when the borrower dies, sells the house, or moves out for 12 consecutive months. If the borrower defaults, the home can be sold to repay the loan--and this could be a potential concern for applicants.
What is the difference between term insurance and mortgage insurance?
Term insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. It pays out a death benefit if the insured person dies during the term of the policy. Mortgage insurance, on the other hand, is a type of insurance that protects the lender in case the borrower defaults on their mortgage payments. It does not provide any benefits to the borrower or their family.
What happens if your cosigner dies during the loan repayment period?
If your cosigner dies during the loan repayment period, the responsibility for repaying the loan typically falls solely on the primary borrower. The terms of the loan agreement will dictate how the situation is handled, but the primary borrower may need to continue making payments on their own or seek alternative arrangements with the lender.
How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?
forever
