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family first mortgage FAQ
Can a family member leave another family member a house with a 1st mortgage still on it in their will?
Nov 12, 2008 by jack m | Posted in Renting & Real Estate
my mom has a home that she is still paying her first mortgage on, she says that if she passes away she wants to leave me the house in her will so that I would keep it in the family. Would the bank allow that to happen? Or would they have to qualify
The bank would need to be paid off in full before you get the house. You cannot take over another person's mortgage. You can finance it by taking out another mortgage yourself, selling other assets from her estate, or having her get mortgage or other
MadMan | Nov 12, 2008
The real answer is for her to get a term life insurance policy in the amount of the mortgage and name you as beneficiary. You would then use those proceeds to pay off the first mortgage.
Sharon T | Nov 12, 2008
If a mortgage with a cosigner is satisfied by a new mortgage w/o cosigner does responsibility of cosigner end?
Aug 18, 2010 by Sal | Posted in Renting & Real Estate
My mom cosigned for a family members first mortgage. Since that time my mom died and this family member has refinanced that original older mortgage with a new mortgage. The original mortgage was satisfied and recorded as such. Does my moms estate have
yes her responsibility will end
saveduwhales | Aug 18, 2010
Nope
Who is trying to convince you that she is responsible?
My Take on It | Aug 18, 2010
Can a first time buyer co-sign on a mortgage without losing their first time buyer status?
Feb 28, 2008 by pyrousa@flash.net | Posted in Renting & Real Estate
I've been asked to co-sign on a mortgage for someone else in my family, but I've never owned property and don't want to lose any first time buyer premiums when I decide to purchase my own real estate. Is this something I should consider?
Yes, you would lose your first time status because there would be a mortgage in your name on your credit report. If the person refinances & takes your name off, you could regain your first time status after 3 years pass.
Just so you
Lisa L | Feb 28, 2008
Does a having a private mortgage through family disqualify you for the 1st time home buyer tax credit?
Oct 18, 2009 by RobB | Posted in Renting & Real Estate
For the past 4 years I have been buying my home from my uncle through an escrow service. The private mortgage does not show on my credit report, but I do claim the interest as a deduction on my taxes. I have placed that home on the market and I am purchasing
As long as you declared mortgage interest on your property within the past 3 years, you are not going to qualify for the FTHB credit.
godged | Oct 18, 2009
family first mortgage news
Over $18 Million Mortgages Financed in Azerbaijan in First Quarter
18.05.12
Mortgage loans worth 360 million manat have been given through the AMF between 2006 to March 2012. During January-March 2012 the total amount of refinancing the loans given by the banks hit 19.15 million manat.
The AMF has placed bonds to the sum of five million manat for the first three months of this year.
Youths and young families account for 72 per cent of the total loans (41 per cent of borrowers aged 18-29 years, 31 per cent – 30-35 years old) and 28 per cent of loans accounted for borrowers over 36 years.
Source: LoanSafe
family first mortgage about
Glassy Condos on Park Avenue Sell
Wall Street Journal - Jun 01, 2011
The bankruptcy court ordered that the five condos be sold on the same day, providing the $18.2 million needed to pay off the first mortgage. Court records show the sale of the sixth apartment will provide $4.5 million to the holder of a second mortgage
Serepisos troubles hit developer's HQ
Stuff.co.nz - May 31, 2011
owned by the billionaire Todd family, the building is also the location for the financially troubled property investor's Century City empire, which includes the A-League football franchise, The Phoenix. The first mortgage on the property was
6 Questions To Ask Before You Refinance
San Francisco Chronicle - May 22, 2011
If you trust the person who did your first mortgage, that's a good place to start your research. If you took out your last mortgage before the housing bubble, when no-doc loans were commonplace, you may be stunned by the borrower requirements and