For a community property in California, it depends upon when and how their spouse acquired the property. The law asserts that all property purchased during the marriage, with income that was earned during the marriage, is community property.
When selling a house with your name on the deed but not the mortgage, it's crucial that you understand the mortgage loan and identify any terms that might impact the sale. While the mortgage might not be in your name, the mortgagor is still obligated to fulfill those terms.
If your spouse passes away, but you didn't sign the promissory note or mortgage for the home, federal law clears the way for you to take over the existing mortgage on the inherited property more easily.
Very doubtful. In most places, by law, the spouse has rights in any real property owned by the other during their marriage. You will not be able to transfer the other spouse's share to another party without their permission and signature.
If your name on deed but not on mortgage death, you own the property if one of you dies. You are not liable for the mortgage loan if you do not have a mortgage. However, if your spouse dies, you inherit their interest in the property. The mortgage lender can evict you if you default on mortgage payments.
You can take legal action against them for breaching the agreement you both made or seek a court order to force the sale of the property. It's important to consult with a lawyer to understand your legal rights and options and to make the best decisions for your situation.
The right to potentially assume (take over) the mortgage.
All successors in California have a right to apply for an assumption of the loan, as long as the loan is assumable. The servicer may evaluate your creditworthiness, including your credit scores, when considering you for an assumption.
There is no set time for when a house needs to be cleared. It is the responsibility of the deceased's family to ensure all items are removed from the property. Once this is done, the house can be sold, with the proceeds then being distributed to all designated heirs.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die.
The short answer is: You, the homeowner, typically hold the deed to your house, even when you have a mortgage.
Regarding property ownership, two essential documents are the deed and mortgage. Out of these two, the deed is undoubtedly the most important one. It acts as concrete evidence of your rightful ownership of the property.
In California, the state follows a 50/50 law, which means that any assets that were acquired during the marriage are split equally between both spouses. While this may seem like a fair approach to asset division, it can create problems for individuals who want to keep what's theirs.
39;California is one of only a few states that considers marital property to be communal, meaning it belongs equally to each spouse, regardless as to how the item, asset, or property was actually obtained.
As per Indiana Code 31-15-7-4, unless the property was protected by a prenuptial agreement, any assets that were acquired either during or before marriage are considered marital property and will be included as part of the inventory for distribution.
If the property needs to go through the probate court process, the house can stay in a decedent's name until the probate process has been completed and ownership of the property has been transferred.
It is here that it is determined if probate is required. If the total of all assets of the estate is below $166,250 or if there aren't any assets that require a complex transfer, the estate may not require a probate in California.
A probate court monitors the probate process, which means the probate court can also have an executor removed. You can petition the court to have the executor removed, and once the old executor is removed, the court will find another representative to handle the estate.
No, mortgage debt isn't forgiven after death. Instead, it becomes the estate's responsibility, and its assets can be used to pay off the mortgage.
If the home wasn't sold by the executor, you may inherit the property – and it may have an outstanding mortgage balance. During the probate process, you or the executor will be responsible for keeping up with the mortgage payments until the estate is settled.
If the mortgage had a co-signer, the surviving borrower must continue making payments. If the house has been bequeathed to a beneficiary, they must continue making payments or sell the house.
Joint mortgage responsibility
If both spouses' names are on the mortgage, then both must keep paying, even if one leaves. Whether the spouse lives in the home or not, they remain financially tied to the mortgage until they pay it in full or it gets legally modified.
If someone is using your address without your permission, and you're receiving post addressed to someone else, simply write 'not at this address' on the envelopes and post them back to the senders. You don't need to put new stamps on them. The senders should soon stop sending correspondence to your address.