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A trustee removed the bank's lien so he can liquidate the property to pay creditors. Can a property be released from a mortgage if one person is on the mortgage and two people are on the deed?
Wiki User
∙ 13y ago
A duly appointed trustee in bankruptcy can obtain permission from the court to sell the property free from encumbrances. That is the only way the property can be transferred free from the creditors liens.
Wiki User
∙ 13y ago
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Why would a mortgage release be on public record file?
A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.
What does it mean that the mortgage company released the lien on your property?
It means that the lender recorded a notice in the land records that the mortgage has been paid. That notice releases the property from the mortgage lien.
How is a deed tied to mortgage?
People acquire the title to real property by virtue of a deed. The deed makes them the legal owners. If they want to borrow money from a bank in the form of a mortgage they must grant the bank an interest in the real property that is described in their deed. The property will be described in the mortgage exactly as it is described in the deed and will also recite a deed reference. Signing a mortgage and note gives the bank an interest in the property described in the deed. Any person who is checking that property in the land records will find that mortgage. In some states (lien theory states) the mortgage becomes a lien on the property that must be paid before the lien is released. In some states (title theory states) a mortgage is an actual transfer of the property to the bank. Language in the mortgage prevents the bank from doing anything with the property unless there is a default in paying the mortgage. If there is a default the bank can take possession of the property and sell it.
What is a mortgage?
mort·gagen.1. A temporary, conditional pledge of real property to a creditor as security for performance of an obligation or repayment of a debt.2. A contract or deed specifying the terms of a mortgage.3. The claim of a mortgagee upon mortgaged property.tr.v., -gaged, -gag·ing, -gag·es.1. To pledge or convey (property) by means of a mortgage.Source: Answers.comIn popular, non-legal terminology, people often refer to getting or having a mortgage. What they probably mean is that they have obtained a loan to fund the purchase of real property. Lenders of such loans require that the lender receive a security interest in the real property as protection against a default or non-payment. A properly drafted mortgage grants the lender the power to take possession of and sell the property if the loan isn't paid.In the case of "mortgages," we are really dealing with two different things when we speak about "a mortgage." Most people actually use "mortgage" incorrectly. They use "mortgage" when they are really referring to a loan secured by a mortgageinterest. The mortgage, however is not the loan itself; the mortgage is the security interest in the real estate that the lender obtains from the borrower.A mortgage is a conveyance of title to real property as security for a debt. The mortgage can create a conditional conveyance of real property or it can create a lien depending on state laws.In title theory states the mortgage transfers title to the property to the lender until the debt is paid. A release of the mortgage transfers the title back to the mortgagor. In a lien theory state the mortgage creates a lien on the property that is released when the mortgage is released.
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
Intend to give a house to your children and place their name on the ownership you wish to place a lien on it to prevent anyone else being able to possess it in foreclosure?
Your idea won't work if your children ever grant a mortgage on the property. If you convey your property to your children and they grant a mortgage at some future time, the lender would insist on a clear title in case of a default and foreclosure. If you had arranged to have a recorded lien on the property the lender would require that it be released before they would approve a mortgage. The only way for you to insure the property won't be taken by foreclosure is to not allow your children to mortgage it. That could be accomplished by your reserving a life estate. They couldn't mortgage the property without your signature.
I want to know if Freedom House is for prison inmates that are about to be released?
Speaking with your mortgage company or a tax prefessional would be your best start for reducing your property taxes.
What is discharge of mortgage for corporation?
A discharge of mortgage officially recognizes that your loan has been paid off. Once you receive such document, if you get the original, it should be filed with the County/District Registry of Deeds for where the property was located. Only upon recording of the discharge of mortgage will it be officially released. If the discharge is not recorded, any title exam will indicate the mortgage remains outstanding.
Is the Cross Collateral Agreement considered a lien on real property in addition to the original mortgage lien and must be released or satisfied upon payment of one of the mortgage loans?
Researching how cross collateral agreements affect our lien we have an asset to or for the investor we are servicing.
What is the procedure to sue to be released from a mortgage as a cosigner?
There is no procedure for this. The mortgage must be refinanced.
What is the difference between lien and mortgage?
A lien is a right or interest in real property that a creditor has until a debt or some other interest in real property is satisfied. When the debt is paid the lien is released. There are many types such as real estate tax liens, federal and state income tax liens, inheritance tax liens, mechanic's liens, agricultural and forest land tax liens, municipal liens, judgment liens, etc.A mortgage is a type of lien. Generally, a mortgage accompanies a note for funds loaned by a bank for the purchase or improvements of real property. The mortgage document allows the lender to take possession of the property in the case of a default.Generally, there are two different categories of mortgages in the US. A mortgage in a lien theory state does constitute a simple lien against the property. When it's paid off the lender will release its lien.A mortgage in a title theory state is an actual conveyance of the property to the lender. However, the transfer is conditional. If the mortgage is paid the lender must return all its right, title and interest to the mortgagor by recording a discharge.
Can you put a lien on property owned by your brother and you?
You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.You should consult with an attorney. If you won a judgment lien against your brother and you own property together you may be able to record a lien against his interest in the property. In that case, if he should find a buyer willing to purchase his interest in the property, his interest would be subject to the lien and it would have to be paid before he could transfer his interest.However, remember that if you mend your differences and try to sell or mortgage the property, the lien must be released before the transaction can be completed.
