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Yes, once the mortgage on the house is paid off, you can gift the house to someone by transferring ownership through a legal process such as a deed transfer or a quitclaim deed. It's important to consult with a legal professional to ensure the transfer is done correctly and to understand any tax implications that may arise from the gift.
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Can a house go into foreclosure while it is tied up in probate?
Yes, a house can go into foreclosure if the mortgage is not being paid, even if the property is tied up in probate. It's important to communicate with the lender and the probate court to address the situation and explore potential solutions.
Do you have to have a law degree to be a member of the house of representatives?
No, you do not need to have a law degree to be a member of the House of Representatives. The qualifications to serve in the House are that you must be at least 25 years old, have been a U.S. citizen for at least 7 years, and be a resident of the state you represent.
What happens when your home is in foreclosure and you have an equity line of credit on this home?
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.
Does executor of estate have right to keep house?
As the executor of an estate, you are responsible for executing the wishes outlined in the deceased person's will. If the will specifies that the house goes to a specific beneficiary, then you must follow those instructions. If there are no specific instructions, you may need to sell the house and distribute the proceeds according to the will or laws of the state.
Can a foreclosure go onto your credit report if it is your deceased moms house and it is in probate?
Yes, a foreclosure on your deceased mother's house can potentially impact your credit report if you are listed as a responsible party on the loan or property title. The property being in probate does not automatically shield it from foreclosure proceedings. It is essential to consult with an attorney to understand your obligations and options in this situation.
Can you gift a house when the mortgage is paid off?
Providing that all other requirements of law have been met, once the mortgage has been paid off and the clear title has been registered, you may give a house as a gift to whomever you want.
If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?
yes, only if the second mortgage does not get paid.
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.
Who pays the loan on my mother's house after her death?
The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.
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.
How do you use mortgage in a sentence?
He was fortunate enough not to need a mortgage and paid for the house outright from his savings.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
I pay the mortgage but my husband paid for the house is it my house?
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
Do you have ownership rights to the house if you are listed on the deed but not on the mortgage?
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
What if your house is in your husbands name and not yours how can your change it into your name instead of selling and you pay him off?
If the house is paid for he can present it as a gift and change the deed over(this will have a fee and you may need a lawyer or something). If the house is mortgaged, call the mortgage company, they will know.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
