If the house is sold by heirs to pay off the lender, the escrow company will write the check to the lender for whatever is owed and if there is anything left, the heirs can fight over it and the lender won't care a whit.
Let’s say the property sold for $250,000 and there was no equity. The...
Mortgage company loans a married couple an amount of money and determines the maximum amount will be $250,000. The terms of the loan agreement state the borrower(s) can take advances in the form of lump sum, monthly payment, line of credit or a combination so long as the maximum is not...