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Obtaining mortgage.
If my name is on a quit claim deed with 'rights to survivorship' and the other person on the deed passes away... can I get a mortgage out on that house with just a copy of the death certificate? And if I choose to after.. can I sell the house on a unregistered land contract without letting the mortgage company know of my doings?
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You should get a new deed issued, it is easy by providing a death certificate for the person who passed away.
Once you have that new deed on the home, you should be able to get a mortgage assuming your credit is good enough. Selling it on a land contract will be based on the law of your state, different states have varoius laws on disclosure. Since the land contract does not transfer the deed ( it stays in your name till the land contract is paid) But the buyer on the land contract does build up a equity in the home, so you need to be sure that their payoff will always pay your mortgage, so you can close anytime if they decide to pay you off. |
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 Originally Posted by tickle
Maybe I said it wrong... can you sell the house on land contract without letting the mortgage company know? I guess here in Michigan... don't know about other states.. you can sell a house on land contract between buyer and seller.. and have to file no paper work on it |
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Let me make sure I understand you. You are the owner on a property that currently has no mortgage. Once your ownership is secured, check with an estate atty, you can get a mortgage on the property. That mortgage will encumber the property. It is a recorded lien against the property and if you sell you have to pay the mortgage company in order to give clear title to the buyer. The buyer would be a fool to accept anything less than a full warranty deed. So to answer your second part, no you cannot take the money and run.
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