This is the mortgage insurance I kmow about.
http://www.investopedia.com/terms/p/privatemortgageinsurance.asp
http://www.investopedia.com/terms/p/privatemortgageinsurance.asp
Under the sales/transactions tab, it shows ownership actually changed on 6/29/15.
http://www.leepa.org/Display/DisplayParcel.aspx?FolioID=10294168&SalesDetails=True#SalesDetails
It links to the official record of the filing of TS's death certificate, which was 7/29/15. I'm assuming it took about a month to get the death certificate, and it was filed once it was signed and received.
So either MS started the process himself on 6/29 or that date was used since it's the official date of her death.
I think PMI insurance is required by lender when less than 20% down payment minimum isnt met at time of loan. Many try and get the PMI removed once the 20% is reached but it often requires several inquiries and ,quite often, lenders won't remove it.I don't know how it is everywhere, but mortgage insurance is only required for a little while.i don't recall for how long.
Will one of our knowledgeable accountants answer this question? Or if we have an IRS person who knows the answer, that would be fantastic.
What is the MOST likely way the IRS will handle the resolution with this house? Will they let the house just sit and deterioate, filling no more paperwork until Mark's trial is over, probably the end of 2017 or early 2018?
Or, will IRS proceed with the normal foreclosure steps and auction it off with a minimum starting bid? If the IRS does it this way, then is the amount owed settled with the price the house is auctioned for? Or, does the IRS go after Teresa's estate whenever it is settled for the difference between the auctioned price of the house and the amount Mark owes?
Last question - is this amount owed, being charged interest daily? TIA?
Most mortgage lenders make you get an insurance that will pay off the home loan upon your death.
But since Mark is on the paperwork and the title and is still living; Then he may be the one on the hook if Teresa didn't have one of those special mortgage insurance policies. Plus if they were getting other loans from other lenders; Then I'm sure they will be listed on the deed as well for being owed before releasing anything to the sole owner.
So you definitely ask a good question in regards to if her estate is still responsible or if it's just Mark.
Very good question indeed.
This may be something that her brother needs to consider. But since Mark is the sole person on the title without the kids names on it. Then maybe Mark is only responsible. Idk.
Correct on PMI, DaleTray. Sievers original loan for Jarvis was with Union Federal Bank of Indianapolis, recorded 2/10/2005. Since that time a Lis Pendens was filed & recorded as Record Date: 5/29/2009 & Modified Date: 6/1/2009 then recently (an updated) MODIFIED DATE: 5/31/2016---here's exactly how it's recorded:I think PMI insurance is required by lender when less than 20% down payment minimum isnt met at time of loan. Many try and get the PMI removed once the 20% is reached but it often requires several inquiries and ,quite often, lenders won't remove it.
Hold on. 3 million to see them through college. Lol.
You can raise 2 girls with a nice lifestyle on a 70k a year salary. Now if you allocate 70k a year for 15 years. Then that's still only about 1 million.
Plus the girls would be 25 years old or close to by then.
Plus it will still be 2 plus million left.
Which is way more than enough for them to live a good life while owning homes and cars and keep maintenance paid with regular jobs while still being able to go on vacations. Jmo.
The girls should be set for life without going to a big college. Jmo.
But since we all know that the housing market will be fairly expensive in the next 15 years.
Then maybe it would be cheaper to by them good homes right now and keep the homes rented and maintained until the girls are old enough to move in or sell if they want. Jmo.
But I honestly would hand pick the smartest things for my kids. And not just say to take this and do whatever you want.
I have had 2 friends that rummaged through their inheritance in 2 years.
One had 500k. And the other had 900k.
And when it was all said and done. They still didn't own not 1 piece of property or home or anything. Jmo.
Its not the money amount. But its how you humble yourself and expectations while making a 3 or 4 million dollars last for all involved. Jmo
Ugh Dex....it depends! Three "different types of insurance" is being bandied about....I don't want to answer them all, because we have some fabulous contributors, who can answer them, too.Most mortgage lenders make you get an insurance that will pay off the home loan upon your death.
But since Mark is on the paperwork and the title and is still living; Then he may be the one on the hook if Teresa didn't have one of those special mortgage insurance policies. Plus if they were getting other loans from other lenders; Then I'm sure they will be listed on the deed as well for being owed before releasing anything to the sole owner.
So you definitely ask a good question in regards to if her estate is still responsible or if it's just Mark.
Very good question indeed.
This may be something that her brother needs to consider. But since Mark is the sole person on the title without the kids names on it. Then maybe Mark is only responsible. Idk.
I don't know how it is everywhere, but mortgage insurance is only required for a little while.i don't recall for how long.
On my calendar I have the following court dates...have they changed? (Note the time I have down I may have changed to central time). Have these dates changed? Thanks.
June 21, 2016 1:30 JRR hearing
Sept. 1, 2016 1:20 CWW sentencing
Hi MsJosie! These are the next scheduled court appearances:
6/23 1:30 EST - JRR pretrial conference
7/27 1:30 EST - MS case management conference
8/1 1:30 EST - CWW sentencing
http://freesearch.leeclerk.org/default.aspx
Hold on. 3 million to see them through college. Lol.
You can raise 2 girls with a nice lifestyle on a 70k a year salary. Now if you allocate 70k a year for 15 years. Then that's still only about 1 million.
Plus the girls would be 25 years old or close to by then.
Plus it will still be 2 plus million left.
Which is way more than enough for them to live a good life while owning homes and cars and keep maintenance paid with regular jobs while still being able to go on vacations. Jmo.
The girls should be set for life without going to a big college. Jmo.
But since we all know that the housing market will be fairly expensive in the next 15 years.
Then maybe it would be cheaper to by them good homes right now and keep the homes rented and maintained until the girls are old enough to move in or sell if they want. Jmo.
But I honestly would hand pick the smartest things for my kids. And not just say to take this and do whatever you want.
I have had 2 friends that rummaged through their inheritance in 2 years.
One had 500k. And the other had 900k.
And when it was all said and done. They still didn't own not 1 piece of property or home or anything. Jmo.
Its not the money amount. But its how you humble yourself and expectations while making a 3 or 4 million dollars last for all involved. Jmo
I agree with you Dexter, that you can raise 2 girls on $70K/yr income. People raise children on that or less all the time. Not everyone makes $150K/year. It is all about providing a loving, nurturing stable environment and where/when possible, investing well for the future. It sounds as though TS brother is smart enough to get financial advisors et al to make sure the girls are well taken care of and have the ability to have exposure to cultural activities. IMO