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Can the children of a deceased person assume mortgage payments or does it have to be refinanced?
Wiki User
∙ 11y ago
Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
Some lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoSome lenders allow the heirs to assume the mortgage subject to approval and state laws vary. You should visit the land records office where the mortgage was recorded and read the mortgage document very carefully. It may have a clause that answers your question. Otherwise, you need to consult with the particular lender. You should start by asking the attorney who is handling the estate. She/he could explain your options and negotiate with the bank for you, if necessary.
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Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
How soon can you refinance an adjustable mortgage?
Generally mortgage can be refinanced but only if you are looking to reduce mortgage payments, as it can be done at lower interest rate. Actually if you want to make a multiple refinance then it will definitely reduce your overall financial profit. Penalty checking is the major factor in mortgage refinancing.
Can creditors charge late fees on a deceased person's estate when there is no spouse For example late condo association fees late mortgage payments etc.?
Yes.
Does the next of kin have to pay off a mortgage when the borrower has deceased?
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
Is there a way to lower mortgage payment?
One of the best ways to reduce mortgage payments is to do a mortgage refinance as long as the new mortgage interest rate is at least two to three percent lower than the current rate and there is sufficient equity in the house. It's also important to a make sure there is no prepayment penalty on the existing loan. A prepayment penalty is a fee charged by the lender if a mortgage loan is refinanced before the prepayment expires
What can I use to calculate mortgage payments?
Mortgage payments are very expensive nowadays, so you have to work hard to get rich and to get all the worldly desires you have, you can use a calculator to calculate mortgage payments.
How can you decrease your monthly mortgage payments?
One of the easiest ways is to refinance especially with how low rates are today. For example, a 300,000 mortgage at 5.5% for 30 years would have a monthly payment of $1703.37. But if you refinanced at 4% for the same amount and term, your payment would only be $1432.25. That is nearly $300/month is savings.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
What would I need a mortgage amortization calculator for?
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.
What happens to the s.s when a person dies?
IF by S.S. you are referring to social security the payments stop when the person is deceased. Surviving children and spouses are entitled to payments depending on the age and circumstances
What type of mortgage has payments that can change?
varialbe-rate mortgage
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
