I was appointed administrater for 120 days. Will the mortgage stay in her name and I continue to pay it (from rent). or will the mortgage company force me to re-finance it. I would not qualify for a mortgage--Also I currently own my home also in Florida. I could not take on the debt even if I qualified.
2006-10-30 22:44:04 · 7 answers · asked by altamonte1999 2 in Business & Finance ➔ Renting & Real Estate
The mortgage will stay in her name if you aren't going to keep it. You need to sell the house right away. It will be an estate sale.
Some people have insurance on a house. If they die, the house is paid for. It doesn't sound like she has this.
2006-10-30 22:46:52 · answer #1 · answered by MALicious 3 · 0⤊ 0⤋
This happened to me too!!!
My parents passed away 10 years ago and left me there house with a mortgage on it. I did nothing. I never let the mortgage company know of there passing, BUT each month I still send them the payments from my own checking account.
It seems they dont care who pays them, just as long as they are payed.
2006-10-31 07:04:33 · answer #2 · answered by Mike E 3 · 0⤊ 0⤋
Are you the executor of the will? Doesn't the house have to be sold? I believe the mortgage payments stop...did she have mortgage insurance? If it sells for 110,000 - 60, 000 owed = 50,000 left to split between you both.
sorry for your loss.
2006-10-31 06:48:05 · answer #3 · answered by just lQQkin 4 · 0⤊ 0⤋
sell it take the difference and pay off the mortgage in Florida or use the house in Florida as collateral and the difference as a deposit
alternative if you wish to keep your sisters house sell the one in Florida and and pay out the mortgage
2006-10-31 06:47:10 · answer #4 · answered by Bryn L 2 · 0⤊ 0⤋
Mortgage stays in her name and paid by the estate until after probate, when it will be settled with (transfer to a new owner). Sell the house and pocket the proceeds.
2006-10-31 08:41:03 · answer #5 · answered by kingstubborn 6 · 0⤊ 0⤋
No you won't be forced to re-finance. I'm not sure exactly how it works try to call the mortgage bank and ask them what they usually do.
2006-10-31 06:46:25 · answer #6 · answered by uknowme 6 · 0⤊ 0⤋
sell the heap of crap 110.000 must be a dump.
2006-10-31 06:46:06 · answer #7 · answered by spudster 2 · 0⤊ 2⤋