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What are the pros and cons of having an adult child added to your deed on property that has a mortgage?
Wiki User
∙ 14y ago
The advantage is that a joint tenancy would avoid the need for probate. However, there are many factors for both sides to consider.
First, there is a due on transfer clause in the mortgage. That means the lender can demand payment in full if there is any change in ownership. You must discuss the contemplated transfer with your lender and request a waiver, in writing, of the due on transfer provision. The lender may want to add the child's name as a mortgagor.
The property would become vulnerable to any creditors of your adult child. If they should experience economic difficulties, trouble paying their credit card debt or medical debt, income or business tax delinquencies, etc., the property could become subject to attachments by creditors. If the co-owner found themselves on the losing end of a court case for damages in a car accident the property would be vulnerable to any lien for damages.
If the parent defaults on the mortgage or taxes it may affect the adult child's credit record.
You should consult an attorney who could review your situation and discuss the pros and cons in more detail and under your state laws.
Wiki User
∙ 14y ago
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Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Are adult children responsible for bills with an estate?
When you die leaving your estate to your children they are liable to pay the tax or mortgage etc and if the property is then rented to another by your children they are still liable for the taxes on that property and not the tennant as they pay the rent to the children for the privelidge of having full use of the property but the property remains under the ownership of your children and it is the owner that is liable for the payment of taxes mortgage etc
What happens to mortgage debt when adult children acquire it?
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Can an adult child named on a JTWRS deed with their mother be evicted if the mother dies due to large credit card refinancing on the mortgage loan if the loan is only in the mother's name?
Real property held as JTWRS does not enter probate procedure nor is it subject to creditor attachment unless the surviving owners are joint debtors. If there is a mortgage with outstanding balance or the house has been used as collateral to secure a loan, the surviving owners are responsible for the debt or the lender can foreclose on the property, regardless of the wording of the title. The property itself is the collateral for the loan and the lender is the lien holder of the property until the mortgage/loan is paid off.
Can you hunt on your own property with out an adult?
no
Does having a child make you an adult?
Having a child when young does not make the girl an adult.
What if a bank approved an increase in your home equity line of credit that was not within their guidelines can you be forgiven for money used?
Of course not. You are responsible for your own expenditures. It can be assumed that you signed the mortgage as an adult and knew what you could afford to pay.Of course not. You are responsible for your own expenditures. It can be assumed that you signed the mortgage as an adult and knew what you could afford to pay.Of course not. You are responsible for your own expenditures. It can be assumed that you signed the mortgage as an adult and knew what you could afford to pay.Of course not. You are responsible for your own expenditures. It can be assumed that you signed the mortgage as an adult and knew what you could afford to pay.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
Can an adult child who is not on the mortgage agreement with their father but is on the property deed be evicted by their siblings if their father dies?
A deed or title is what determines who owns real property, so the answer would be no. However, it is extremely important for any property owner to be certain the title or deed is worded to their best advantage under the laws of the state where the property is located. Jointly owned property when not held by a married couple should, whenever possible, be titled Joint Tenants With The Right to Survivorship, (JTWRS).
Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
When refinancing a home does the new mortgage have to be in both names of owners?
That is the decision of the lending institution, but it would be very unusual for a lender to not insist on all title holders being a party of the refinancing. Complications can arise when there is a difference in the persons who are named on the property deed and those on the mortgage, most lenders will require all those on the title bear the responsibility of any financial issues in some manner. The way it is handled would likely depend upon the relationship of the parties involved, such as being married, an adult child of the mortgage holder(s), and/or how the title of the property is held.
What can I do if someone has my personal property and won't give it back?
If you're a child tell a teacher or an adult. If you're an adult, tell the police, make sure you can prove it is your property though.
