Mortgages

when partys are divorced and dee in both names left to survor but last will and testament says residuary estate is devise and bequeath to mother does the property get divided

This is a case where a few specifics might help, but in general no, it does not.

I'm thinking that this might come into effect in the following way:

Mr. X got divorced and then later remarried. The deed to his house is in his name and the name of his new spouse as joint tenants. His will (which may have been made out before he remarried) says he leaves all his real property to his son. However, the fact that his wife was a joint tenant means that she now owns the house outright; she can do whatever she wants with it (including sell it) and the son is just out in the cold (though if Mr. X owned any other real property on which his new wife was not a joint tenant, the son would get that ... probably; depending on the state, Mr. X may not be legally allowed to exclude his spouse from his will, so she might get some portion of that too, but the son would probably get at least part of it).

Yes. A person who doesn't own the property can agree to be responsible for paying the mortgage. However, they would be a volunteer and signing the mortgage and note would give no ownership interest in the property. If the primary borrower failed to pay the volunteer would be held fully responsible for paying the mortgage.

Closing costs are part of the negotiation process on each home purchase on a case by case basis. It really depends on how the contract is written. Closing costs can also be negotiated with the lender on most loans. You will probably be given the option to choose a higher rate with lower costs or vice versa. This is not state specific.

Source: I'm a loan officer.

No. Termination basically just means "you had a job, now you don't." Whether you quit, were laid off, were fired, doesn't matter, they all represent termination of employment.

"Fired" is usually used to mean that the termination of employment wasn't voluntary on your part. There's a strong implication that you did something wrong. HR people will be very careful to say "terminated" rather than "fired" due to this pejorative connotation.

First, you must have legal standing to pay off the mortgage. That means you must be the original mortgagor or an heir of the original mortgagor. You must contact the bank that holds the mortgage and pay off all amounts due. Otherwise, if the mortgagor has died and the bank owns the property, you can contact the bank and let it know you are interested in purchasing the property.

The mortgage must be paid if the heirs wish to keep the real estate. The decedent conveyed an interest to the lender and if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should discuss the situation with the attorney who handles the estate.

You need to check the laws of any particular state. The "produce the note" theory of avoiding foreclosure has been touted at many websites over the past few years. However, it simply does not apply in every jurisdiction.

The title report should be dated as to the date the examination covers. When the mortgage is recorded the title report will need to be updated up until the recording of the mortgage.

The decedent didn't own the property if it was transferred to a trust. The property is owned by the trust and is managed by the trustee. You need to review the terms of the trust to determine how the property will be handled or distributed. If you still have questions you need to consult with an attorney who can review the trust and explain your options.

people may be reluctant to borrow

Yes. You would need to be approved by the bank and it would check your credit record.

You would need to pay off that mortgage and refinance in your sole name.

You can effectively remove your name from a deed by executing a quitclaim on the property.

However, this doesn't release you from paying the debt. If you were hoping to stick somoene else with the bill, no, it doesn't work that way.

You need to contact the trustee in bankruptcy. The bankrupt hasn't "given up their interest" unless they have already executed a deed. Their interest may be subject to the bankruptcy proceeding.

You cannot transfer another person's property to yourself by using a mortgage. You need to seek advice from an attorney who specializes in real estate and probate law who can review your situations and explain what needs to be done.

Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.

To apply for a US passport, you need these items: a birth certificate, Social Security card, a photo that fulfills the passport criteria and the fee.

Short sales are usually used as an alternative to foreclosure and any liens the sale falls short of paying are released. However, the short sale agreement may not necessarily relieve the obligation of the borrower from repaying the debt.

You need to contact FNMA with the address and ask.

If you want to know if FNMA holds a mortgage (or has foreclosed on the property) you can check that out in the local land records office by researching the name of the owner of the property and by looking at any mortgages and their assignments.

No. The mortgage is a lien. The mortgagee clause generally refers to a provision in the homeowner's insurance policy providing that loss to mortgaged property is payable to the mortgagee named in the policy and promises advance written notice to the mortgagee of policy cancellation.

closing costs

A mortgage is an asset to the mortgagee (lender).

can i get a loan to purchace a 395,000 home if i put 30 percent down but have 577 credit score

Yes, but your lender has to agree to it.