Posted on: 28th Sep, 2009 03:23 pm
does a mortgage company have a time limit to submit their debt to the probate court. i know all other creditors do but is the mortgage company exempt because they have a deed of trust
hi aarond!
welcome to forums!
it is true that the mortgage company has a deed of trust. in case the debts are not satisfied, the mortgage company can foreclose the property to recover their debts. the person who receives the property after probate can simply refinance the loan in his/her name and keep on making the payments to save the property from a foreclosure.
feel free to ask if you've further queries.
sussane
welcome to forums!
it is true that the mortgage company has a deed of trust. in case the debts are not satisfied, the mortgage company can foreclose the property to recover their debts. the person who receives the property after probate can simply refinance the loan in his/her name and keep on making the payments to save the property from a foreclosure.
feel free to ask if you've further queries.
sussane