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mortgage, deed, will which takes precedence?

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iyoung Joined: 25 Apr 2011 Posts: 2 1.56 Dollars($)	Posted: Mon Apr 25, 2011 8:38 pm    Post subject: mortgage, deed, will which takes precedence? Like 0 Dislike 0 Older couple meets and falls in love. One person sells their home (Female) and moves in with the other (Male). Couple gets engaged but is not yet married. Male has quit claim deed from ex, however M's ex is still on the mortgage. Ex does not want M to refinance and incur closing fees. M has no will. There is life insurance on M that ex is beneficiary of. What happens if M dies? Who is responsible for the Mortgage? What actions would the mortgage company take? What happens to the property? What should couple do?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 25, 2011 11:26 pm    Post subject: Like 0 Dislike 0 Hi iyoung! Welcome to forums! If M dies, then the ex will receive the money from the insurance. The new partner won't be able to receive anything. If the mortgage remains in the name of M and his ex, then the ex will be liable for paying the mortgage. The mortgage company will come after the ex to recover the dues. If the property has the name of the ex on it, then ex will have the rights to claim ownership. M can draft a will and declare F as the beneficiary of the property. This will help F to claim ownership of the property. Feel free to ask if you've further queries. Sussane
iyoung Joined: 25 Apr 2011 Posts: 2 1.56 Dollars($)	Posted: Tue Apr 26, 2011 1:39 am    Post subject: Quit Claim on File with County Like 0 Dislike 0 Sussane, if the Ex signed the Quit Claim deed relinquishing all rights to the property to M exclusively, then would the mortgage company deem any beneficiary of the property other than to EX to be a transfer of ownership and request the full balance of the mortgage be paid in full. Without a will it would seem that Ex would have a claim to the property and F would be without a home. Is this correct?
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Wed Apr 27, 2011 11:15 pm    Post subject: Like 0 Dislike 0 Hi iyoung, The lender cannot ask a beneficiary whose name is not mentioned on the mortgage docs to pay for the mortgage. To Appeneallmype, This is not the right forum for your query. I don't think anyone here will be able to help you in this matter. Thanks

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