The estate is responsible to pay off the mortgage. Usually this is done by selling the mortgaged property, paying off the mortgage holder and then putting the balance into the estate. The balance will be used to pay off other debts, if any, and then be distributed according to the will, or if there isn't a will, according to the laws of the state.
Generally:
They continue as a debt against your estate. Best thing to do would be to have one of the heirs inherit it and take it over, at which time they will have to preparre the transfer of the loan to their own name(s). ALternatively they could sell the property and after the mortgage debt was paid off, split the remaining proceeds among the heirs.
Some people may buy mortgage insurance but most do not.
if not, the debt is left to her estate (next of kin - children, spouse etc) You will need to pay the mortgage or the bank will foreclose.
It depends on the policies of that company. The terms and conditions on which the borrower agreed when taking loan.
The mortgage is attached to the property. So if an heir takes possession of the home, he/she must pay the mortgage.
Otherwise, the bank will foreclose.
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
Nothing happens to it. It still remains in second place.
Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure.
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
You will then have one mortgage and not two.
Unfortunately, foreclosure happens.
what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
you then only have to pay the second
You can find the answer you want by asking the mortgage holder.