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Will your be son be responsible for the mortgage on the property left to him in your will?
Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.
Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.
Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.
Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.
What else can I help you with?
My son died and the mortgage was in his name only. His wife is making the payments. What happens now?
The widow should arrange a consultation with an attorney who can review the title to the property and the mortgage. If the property was owned jointly or as tenants by the entirety and only the husband signed the mortgage the bank may be out of luck. If the property was in your son's name alone then his estate must be probated in order for title to pass to his heirs and the bank will take the property by foreclosure unless the mortgage is paid. You need an attorney who specializes in real estate law and probate law to review the situation and explain the widow's rights and options.
If you are the son and executor of your parents' estate can the mortgage lender force the sale of the real property after finding out your parents are deceased being the original borrowers on note?
No! That's what a Probate is. Usually lawyers will do the leg work for Probate and this means they will be sure all titles are clear on homes(s) or properties. They also make sure all creditors are paid off and this includes property/personal taxes. mortgages and loans. Because of Probate the mortgage lender would be paid out of the Estate and the residue of that Estate would be left to the Heirs. Marcy
How long do you have to wait to file bankruptcy after I have passed a property on to your son?
Thank you for passing your property to my son. Since I do not have a son, I guess it remains in limbo. If your son paid you the value (equity) of your home, you will have to disclose the transfer, but it will have no effect on your bankruptcy. If you gave the property to your son for free, and there was equity in the property, probably two years, if you gave the property knowing you were insolvent and intending to deprive your bankruptcy estate of the asset. It would have been better to discuss this with a bankruptcy lawyer before passing the property, as you might have been able to exempt the property in the filing.
Is son liable to pay the debts of deceased father?
The son is not personally responsible for the medical bills, unless they co-signed them. However, the estate is responsible. The son may not inherit anything.
Who founded Vanderbilt Mortgage and who is the current CEO?
"The Vanderbilt Mortgage company was founded by Jim Clayton. It's current CEO IS Kevin Clayton, the founder's son."
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
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.
Is a son of age above 18 left his divorced father liable for his grandfather property?
An adult is not responsible for any property unless you own it.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
What if your son holds the deed but you hold the mortgage do you have any rights in the house?
No. Not unless your son defaults on the mortgage. In the case of a default you must make certain the mortgage document contained the right to foreclose and if so then you must foreclose on the mortgage in order to get possession of the property. If you did foreclose your son's title to the property would be transferred to you and he would no longer own it.
Mother and son tenants in common mother does not live in house or pay for expenses now she says the house is hers?
If mother and son are indeed tenants in common then each has the right to the use and possession of the whole property. Son cannot mortgage or sell the property without the consent of mother. Mother cannot mortgage or sell the property without consent of son. Both are equal owners.
My son is on the grant deed of my property. How can he write off taxes and interest on this property I do not file taxes, I'm on soc sec income?
Your son also has to be on the mortgage in order to be able to write off taxesv and interest on this property.
My son died and the mortgage was in his name only. His wife is making the payments. What happens now?
The widow should arrange a consultation with an attorney who can review the title to the property and the mortgage. If the property was owned jointly or as tenants by the entirety and only the husband signed the mortgage the bank may be out of luck. If the property was in your son's name alone then his estate must be probated in order for title to pass to his heirs and the bank will take the property by foreclosure unless the mortgage is paid. You need an attorney who specializes in real estate law and probate law to review the situation and explain the widow's rights and options.
My spouse passed away we had a mortgage on my home can my son take my home from me or force me to sell it?
Consider first the ownership of this house. A mortgage means you signed an agreement to pay for the property. It does not mean you own the home. It just means you have to pay for it. A deed indicates ownership and if your name is on the deed, you are an owner. Otherwise the deeded owner is free to do what he wants to with his property. The only wrench in the works for your son is that he can not get clear title to his property until the mortgage is satisfied. You are not going to want to continue making payments on a place you do not own. This is a sort of "Catch 22" and might help you and your son come to some reasonable decisions regarding this property that are fair to you. If your name is on the deed, your son does not get to decide what you do with your property, even if it was willed to him by your spouse, as long as you are alive.
If a mother deeds a property to her son is it now legally his house can she take it back?
If mother conveyed property to her son by a valid deed then he is the new owner. She cannot nullify a deed once she has signed it and it has been recorded in the land records.If son granted mother a mortgage in the property and she reserved the right to foreclose in that mortgage document she can take the property back by foreclosure if he defaults on the mortgage.
If a parent dies leaving the house to son who sells are the other siblings entitled to the funds of the sale?
No, the property was left to the son. What he does with it is his business.
What happens when a mother temporarily quit claims her paid off property to her son he grants a mortgage on the property but wants to quit claim it back after he gets the mortgage?
First, it sounds as though the mother may be contemplating helping her son obtain funds from a bank through a fraudulent scheme. It won't work. Mortgages have a "due on transfer" feature meaning that if you make a title change after you grant a mortgage then the lender can call the note due and payable if they become aware of this change. If you read the note and mortgage that the son signed this will be clearly stated. It should also be noted that the son is still obligated to pay the mortgage. The mortgage as a legally binding contract predates and supercedes anything dated after it was executed. If he is relying on mom to make the payments and she does not, his credit will be wrecked. Lending regulations are specifically structured to prevent just this kind of thing.
