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What happens if the wife is on the mortgage and not on the note and the husband dies?
Wiki User
∙ 12y ago
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoIf the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
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Should husband and wife both sign note for mortgage?
yes
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
What happens when a mortgage holder dies and has no estate?
If by "mortgage holder" you mean the person who secured a loan with a mortgage, then it will be for a probate court to determine a fair settlement of the amount still owed by the estate to pay off the loan. If there is insufficient value left in the estate after settling taxes and other debts, the lender may have to accept the loss. It would seem a bit odd that the estate does not contain the property that was purchased with the loan.ClarificationIf a mortgage holder dies, they have an estate. The debt owed under the mortgage is part of their estate. You now owe the debt to their heirs unless there is some language in the note and mortgage that the debt will be forgiven upon the death of the mortgage holder. In that case, there must be recorded evidence of that language in order to remove the encumbrance from the property.
What happens to your mortgage payments and paper work?
Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.
Should husband and wife both sign note for mortgage?
yes
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Can you walk away from mortgage if husband not paying mortgage and you are separated?
You cannot "walk away" if you also signed the note and mortgage. In that case you must pay even if your husband doesn't. If the mortgage isn't paid, the property will be taken by foreclosure and your credit will be ruined. You should consult with an attorney who can review your situation and explain your options.
If your mother dies without a will and owns a house with a debt what happens?
If she had insurance to cover the balance owed, then the debt could be eliminated and the Probate judge will consider ownership according to remaining heirs- husband and children. If she did not leave money to pay the balance, the mortgage holder may or may not allow you to assume the loan, depending on your personal credit record. The mortgage company may exercise an option to repossess the property if the heirs can not pay off the remaining note.
What happens when a waranty deed is executed on a property but there is still a note for the mortgage?
The property is subject to the mortgage and the buyer has notice of it. A conveyance will likely trigger a demand from the lender that the note be paid in full. If the mortgage isn't paid the bank will foreclose. You should seek the advice of an attorney.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
What happens when a mortgage holder dies and has no estate?
If by "mortgage holder" you mean the person who secured a loan with a mortgage, then it will be for a probate court to determine a fair settlement of the amount still owed by the estate to pay off the loan. If there is insufficient value left in the estate after settling taxes and other debts, the lender may have to accept the loss. It would seem a bit odd that the estate does not contain the property that was purchased with the loan.ClarificationIf a mortgage holder dies, they have an estate. The debt owed under the mortgage is part of their estate. You now owe the debt to their heirs unless there is some language in the note and mortgage that the debt will be forgiven upon the death of the mortgage holder. In that case, there must be recorded evidence of that language in order to remove the encumbrance from the property.
What happens to your mortgage payments and paper work?
Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What happens to a promissory note if the creditor takes title to real property?
Real property can only be encumbered by a mortgage and not by a promissory note. A promissory note has no effect on real property it is only evidence of a loan. If the mortgagee acquires title to the mortgaged property the title merges and the mortgage is extinguished.
What happens when a promissory note is signed by two people and one dies?
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
What happens when the Death Note is used?
The victim whose name is written in the Death Note Dies. if you don't write a name you die as it states in the rule book.
