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Can a second mortgage be crammed down in a Chapter 13 bankruptcy proceeding if the mortgaged property is in a revocable trust and the mortgagor is technically the trust itself?
Wiki User
∙ 13y ago
No, because the property would be considered to be property of the trustor and not the "trust itself". Moreover, while in certain situations a 2nd mortgage can be stripped (in a process caleed lien-stripping), there is no cramdown on primary residence real property. While a cram-down on non-primary residence real property is POSSIBLE, it is IMPRACTICAL.
Wiki User
∙ 13y ago
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Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
What are implied contracts by mortgagor?
Implied contracts by a mortgagor refer to the unwritten or non-explicit agreements between a borrower and a lender in a mortgage transaction. While the terms and conditions of a mortgage are typically outlined in a written contract, implied contracts may exist based on the customary practices and industry standards. These contracts ensure that both parties have certain expectations and obligations towards each other throughout the mortgage process.
What is Mortgaged property?
Mortgaged property is real property that has been used as collateral for a debt. The mortgage lien remains on the property until the debt is paid. Generally the legal agreement signed by the mortgagor gives the lender the right to take possession of the property and sell it if the loan is not paid. That process is called a foreclosure.
What is a Home Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
What happens in a foreclosure?
Hi, In a foreclosure the legal and specialized proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. This is because the mortgagor is not able to pay the loan amount. Visit here for more details: http://m3reo.com/
What happens if the person filing for foreclosure dies?
A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.
Is there such a thing as a voluntary surrender of mortgaged property without foreclosure?
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
Is the lender the mortgagor?
no
Is the mortgagor the lender?
yes
What are synonyms for debtor?
borrower, mortgagor
Is a probate proceeding following death of mortgagor a transfer under the due on sale clause?
Probably. The secured lender will either want to be paid off by the estate, or obtain a novation of the promissory note by the heir who is the new owner of record (and a new mortgage), or foreclose against the estate.
What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
