Posts Tagged ‘Mortgage transfer’
After Father Deeds Home to Mother, the Mortgage Lender Cannot Require Payment of Entire Mortgage
Question: Four years ago my mom and dad, who are in their 70s, bought a nice home in Wickenburg with a $420,000 mortgage. They recently separated for whatever reason, and my dad deeded the Wickenburg home to my mother. Although my mother is current on the mortgage payments, my mother is now worried that the…
Read MoreWill My Children Owe Mortgage Balance In Full When I Die?
Question: I own three rental properties in Surprise. Each one has a bank mortgage with a “due on sale” clause, i.e., the mortgage must be paid in full upon any transfer of the rental property. My revocable living trust states that my three children become the owners of these three rental properties upon my death.…
Read MoreCan a girlfriend take over a boyfriend’s mortgage?
Question: You had a recent column about a daughter not having to pay off the mortgage on a Phoenix home she inherited from her mother. You said that the daughter could just continue to make the monthly payments, even though there was a due-on-sale clause in the mortgage requiring immediate payment of the entire amount…
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