Legal abbreviation meaning with husband.
Popular Real Estate Terms
The amount of inherent risk for a mortgage in granting a mortgage. An operating principle in mortgage risk rating is that the mortgage cannot exceed 2.5 times the mortgagor's annual income, ...
Lien on a given property, such as an person's house as a collateral for a loan. ...
Legal status conferred by certain states on a homeowner's principal residence. In certain states, homestead status may provide protection against creditor claims or forced land sales ...
Cost of the standard unit of area that is used to measure a parcel of real estate. Commercial property rentals are generally quoted on the basis of square foot cists. For example, a ...
Same as term higher and best use: Use of a parcel of land that will produce the greatest current value. ...
Land subject to an easement. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
Provision at the end of a document, such as a will, wherein the witnesses sign that the instrument has been executed before them. This may be useful involving transfers of real estate. ...
Out-of-state or out of jurisdiction administrator appointed to probate a decedents property when there is no executer or executrix. ...
Comments for Et Con
My husband passed away and his name is on the deed with mine but not on the mortgage. Can his creditors come after me and take my house for his unpaid bills that are in his name only?
Sep 23, 2020 10:46:06Hey, Tina!
We are sorry about your loss. Unfortunately, in many cases when people pass away, the estate is everything that they own. After death, if there are any debts left on the behalf of the deceased the lenders have the right to get paid from the estate. There are multiple scenarios that can happen and most commonly the heirs, take over the loan. Heirs can also refinance the mortgage or if there is a reverse mortgage on the property, the heir will inherit the home after the reverse mortgage balance is paid. In all the mentioned situations the lender has to get paid for the remaining debt. Even if the mortgage is paid and there are other unpaid bills on behalf of the deceased, since the house is the only significant asset left behind, some states might require you to sell it in order to pay non-mortgage debts.
Sep 28, 2020 12:47:37Have a question or comment?
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