Q: What happens to a mortgage on a property, open after property was gifted, if the contested will is seen untrue?
The property was gifted. After 6 months a mortgage was opened on the real property. Near the year anniversary of the deceased, the will was contested. The real property has been deeded to the beneficiary's name. The property is in Virginia.
A: It is idiotic to try to answer that question without looking at the title abstract, the title exceptions page, and the lawsuit, but if the mortgage loan was taken by someone who is ultimately found to have no title, the title insurance may be paying off big time, particularly if there was a lid pendens timely of record.
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