Posted on: 01st Mar, 2007 01:42 pm
if the mortgage holder dies without a will,and there are eights heirs,
will the mortgage company give a quit claim deed to one of the heirs
will the mortgage company give a quit claim deed to one of the heirs
Hi Damofo,
If someone dies without a will then it is called dying intestate. The property is then divided by court as per state laws which are known as Laws of Intestate Succession. How each of the relatives gets a share of the property is decided by the court.
After payment of the debts of the deceased, taxes and other administrative expenses, the estate of the deceased person is divided as per state laws.
From what you have mentioned the court will pay off the mortgage first before any division of property is done.
A quit claim deed cannot be used in this situation. You should talk with the lender to know if he will allow the mortgage to be refinanced in the name of the remaining heirs. But most probably he will like to have the dues paid off.
It seems you had posted a very similar question earlier today, this is the page, you can read it for more information other members have provided - http://www.mortgagefit.com/know-how/about6477.html
And let me know if you still have any confusion.
David
If someone dies without a will then it is called dying intestate. The property is then divided by court as per state laws which are known as Laws of Intestate Succession. How each of the relatives gets a share of the property is decided by the court.
After payment of the debts of the deceased, taxes and other administrative expenses, the estate of the deceased person is divided as per state laws.
From what you have mentioned the court will pay off the mortgage first before any division of property is done.
A quit claim deed cannot be used in this situation. You should talk with the lender to know if he will allow the mortgage to be refinanced in the name of the remaining heirs. But most probably he will like to have the dues paid off.
It seems you had posted a very similar question earlier today, this is the page, you can read it for more information other members have provided - http://www.mortgagefit.com/know-how/about6477.html
And let me know if you still have any confusion.
David
Hi Damofo,
Welcome to the forums.
May be you want to know whether a mortgage company transfers loan to the heirs of the borrower through a quitclaim deed. Well, that's not done as the deed is used in real estate property transfer only.
When a mortgage holder dies, the loan should be paid off by co-borrower or cosigner if any. By using the terms cosigner or co-borrower, I mean persons who may have signed on the loan document along with the primary borrower.
Now, if such people are not available, then the company may approach the heir inheriting the property in order to get the payments.
Thanks,
Sara
Welcome to the forums.
May be you want to know whether a mortgage company transfers loan to the heirs of the borrower through a quitclaim deed. Well, that's not done as the deed is used in real estate property transfer only.
When a mortgage holder dies, the loan should be paid off by co-borrower or cosigner if any. By using the terms cosigner or co-borrower, I mean persons who may have signed on the loan document along with the primary borrower.
Now, if such people are not available, then the company may approach the heir inheriting the property in order to get the payments.
Thanks,
Sara