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Can you gift a deed of a house to someone if there is still a balance on the mortgage?
Yes. However, the mortgage must be paid. Some mortgage documents contain a clause that requires the balance be paid upon transfer. You should inform the bank of your plans. Perhaps they will allow the grantee to assume the note. Or, if you intend to reserve a life estate, perhaps the bank will allow you to keep making the mortgage payments.
What else can I help you with?
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
House was repossess can you still get a mortgage?
it is quite unlikely that you will be able to get a mortgage lender with that history.
When someone dies what happens to the mortgage loan?
It is normal for people with a mortgage loan to have a life insurance to cover the amount of the loan. If this is the case the insurance will pay off the loan and the property will become part of the dead persons estate in its entirety and (after inheritance tax) the heirs will inherit it. If there is no insurance then the outstanding balance of the mortgage becomes a charge on the estate of the deceased and if there is not enough money available to pay this, then the house will have to be sold to realise this money. If after the sale of the house the estate is still short of funds to cover the mortgage (after funeral expenses are met) then the mortgage company will have to take that loss.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
Can I apply for a mortgage with a pre-approved for house loan?
Yes, you can apply for a mortgage with a pre-approval for a house loan. The pre-approval shows that you are likely to qualify for a mortgage based on your financial information, but you will still need to go through the formal mortgage application process with a lender.
Who has to leave the house when a legal separation is taking place and who is responsible for paying the mortgage?
You can be separated and still live in the same house. No one has to move.The mortgage payment is made by the person whos name is on the mortgage. If it is in both names you are both responsible.
Husband-and-wife buy a house together the wife's name is not put on the deed until the second mortgage but the second mortgage is now paid off do we still share the deed of trust?
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
The husband has his name only in the mortgage deed and mortgage insurance if he dies would mortgage company get the house or would the wife?
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
