Grantor and Death of Borrower?
If a person signs for a home equity loan as a grantor and the signer/borrower dies what happen? Is the grantor liable for the financial terms of the loan? Both the grantor and borrower are on the work of the property. Thank you in mortgage for your responses.Answers: in the event the borrower dies the property is usually sold and the proceeds are used to payment off the loan. and any extra is given to the executor of the estate. if the home can't be sold consequently the grantor's may apply to foreclose on the property due to failure to pay packet. if the borrower has any heir or spouse etc. the home can also be passed on to them and they will take over the loan. if the husband dies etc the wife who is considered a mutual tenant can have the mortgage rewritten lower than her name.
What do you think the yearly income needs to be for someone to qualify to purchase a $400,000.00 home?
Answers: it is gennerally accepted that a person should probably keep the price of their home to 2x to 2.5x their annual salary. While this may be different depending on different circumstances, that would put your income between $160,000 and $200,000.
However, if you are looking for what you would qualify for, you need to look at your debt every month and dtermine what your payments would be for the mortgage before you can determine that.
I hope this helps
i've heard that you can usually afford for your home to take up to one-third of your monthly earnings.
Which home?
my family is moving soon.these houses are within my city.
my mom works at this agency, so she's up to date with everything.
house 1: http://www.prufoxroach.com/search/search...
house 2: http://www.prufoxroach.com/search/search...
house 3: http://marielepera.prufoxroach.com/index...
house 4: http://marielepera.prufoxroach.com/index...
Thanks.
Answers: My favorite is the end one.
LOVE THEM all but would push for against one since it does not look like it is completed and your family circle wants to move soon.
Since the housing open market is what it is, I would still offer smaller quantity. all the owner can say aloud is 'no'
and you are free to negotiate again.
Congrats
I know you will be happy beside ANY of those choices
house 3!
that house rocks
3
those are cheep.