0
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How do you stop foreclosure on deceased person's home?
You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.
What to do if your name is the thrid name on a time share deed that was foreclosed on?
All three owners are equally responsible for paying the mortgage and the foreclosure will affect all owners equally. You can avoid foreclosure by paying the mortgage.
Why are you being foreclosed on if your name is not on mortgage?
If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.If your name was ever added to the title after the mortgage was granted then you will be named in the foreclosure to fulfill the obligation to give notice to all interested parties.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
Can you force a foreclosure to get your name off of a mortgage?
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Does a judgment for forecloser show on all owners credit even if they are not on the mortgage?
A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
What if two people own the land and the foreclosure is in only one name?
It depends on how the real property is legally titled and recorded in your jurisdiction. If the foreclosure notice is in one name only, it is probably in the name of the debtor whose name appears on the loan/mortgage. IF two people actually do own the property, then the notice MAY be legally insufficient for the lender to actually foreclose on the property in question.Another PerspectiveIt depends on who owned the land at the time of the mortgage and who signed the mortgage.If two people owned the land at the time of the mortgage and only one signed the mortgage then the lender only has a one-half interest. It cannot foreclose on the interest of the owner who didn't sign.If one person owned the land and signed a mortgage and then transferred a half interest to another person, that other person received their interest subject to the mortgageand the bank can foreclose and take possession of the property if the mortgage isn't paid. In addition, once an owner of property has granted a mortgage the "due on transfer clause" in the mortgage prohibits any transfer of title without notifying the bank. If the bank finds there has been a transfer of any interest by deed, it can demand payment in full of the mortgage balance immediately.
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
My name is on the mortgage but not on the deed will a quit claim deed release me from the mortgage or foreclosure?
No. Only the bank can release you from the mortgage. However, once you have guaranteed payment of a loan the bank won't let you off the hook unless the mortgage is paid or renegotiated. Generally, you are not free to transfer your property if it is subject to a mortgage.Most mortgage documents have a 'due on transfer' clause that the mortgagor agreed to at the time of the signing of the mortgage. The bank must be notified of any transfer in interest or the mortgagor will be in breach of the agreement and the bank will demand payment in full. A quitclaim deed will trigger the due on transfer clause. If the property is transferred, the mortgagor is still responsible for paying the mortgage and the property is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure and the foreclosure will be reported on the mortgagor's credit record.If a new owner has agreed to take possession of the real estate subject to the mortgage the seller must notify the bank of the transfer of interest. The bank may require that the mortgage be paid in full and refinanced by the new owner. On the other hand the bank may agree to allow the new owner to assume the mortgage. In that case, the original mortgagor will be free of the mortgage obligation and no longer responsible for repayment.
What happens if your spouse dies you're not on the mortgage but have the deed in your name?
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
How can you transfer an existing mortgage out of your own name and into the name of an LLC?
You cannot transfer a mortgage since the mortgage is owned by the bank. The bank is unlikely to remove the obligation from you to an LLC. You would need to pay off the existing mortgage, transfer the property to the LLC, and then refinance under the LLC . . . if the bank will allow the transfer of title and new mortgage.
