Yes and it happens quite often. Usually when you let you Homeowners insurance cancel or change companies and fail to notify your insurance company to send a copy to the mortgagee. If the mortgagee does not have proof that you have insurance and have them listed on such insurance, they will place "force-placed" coverage on the property to protect themselves and they will charge you for this coverage. As long as you get them notified and proof quickly, they will cancel their policy and refund you the premium. Make sure you know that the coverage they purchase on your behalf only covers them and covers no contents of yours, no liability coverage, and only covers the bare minimum coverage. And it is usually more expensive than homeowners you buy on your own. When you get a mortgage on your home your agreement is that you keep insurance on the home. If you let it cancel or don't have such insurance you are in breech of contract and they could foreclose on your home or put this coverage on it, their choice.
An escrow account is a secondary fund associated with a mortgage that covers the cost of home insurance during the period of the mortgage. The homeowners' mortgage payments typically cover both the amount due on the mortgage payment as well as the amount due on the escrow account.
There are two kinds of insurance in a condominium community: a master policy that covers all the real estate assets owned in common, and an HO-6 policy that an individual owner carries to insure that unit.Your board can supply you with a copy of the master policy and you can produce the HO-6 policy. Take both to the mortgage company and ask them to help you understand what they need to see.If the mortgage company needs additional information from your board or about the association, your board can help you find the answer.
Homeowners insurance is separate from auto insurance. You may get a discount if you buy both from the same company.
my mortgage balance is less than the total loss insurance claim check, how do i get the money difference to rebuild? I would like to keep the loan in place and have the money to replace the home that burned, the check is made out to both of us, mortgage company and us. Will they refund the money or pay off the loan? I need the balance to make improvements on the home that we are replacing. Which would be valued more.
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
If there is a mortgage, where both people have the responsibility to pay, they may opt to not accept the quit claim. Easiest thing to do is to refinance in one name.AnswerYour question needs more detail. A deed cannot be "revoked" by a mortgage company.
Homeowners Insurance and Total Loss.It all depends on what type of coverage you have. If you have replacement coverage, The insurance will pay to rebuild your house so your mortgage continues as usual. If you are not rebuilding then it will pay your mortgage within policy limits. So it is important that you have adequate coverage on your policy.If your not rebuilding, the insurance company will generally pay the Mortgage Company first before any remaining money is disbursed to the home buyer. Usually the check is issued with both the buyer and the mortgage company as payees. You must however continue to make your monthly mortgage payment until the insurance settlement comes through. If you miss monthly payments you can wreck your credit just when you need it most.You usually will not need to pay off the mortgage yourself. The check is issued to you and the company. You send it into them, they sign off on it and send it back to you. You then endorse it to pay the contractor to keep building your new home. Meanwhile, you keep paying your mortgage. The mortgagee is only listed on the policy so they are notified if the policy is canceled so they can force place coverage on the policy because they have an insurable interest.You have the OPTION of paying it off and taking out a new mortgage to build a new home with whatever you have left over or whatever you can afford with that new mortgage.
The grant deed and quick claim deed are very different. It is possible to get both for the mortgage company. You will need to visit a title company for more details on your specific situation.
Consult with your attorney and have them work with mortgage company. There may be additional requirements, like subdividing the tract, creating legal descriptions, etc.... A mortgage company may not be too happy letting one party off the mortgage when both are responsible now. An attorney can handle all of this for you.
Its part of the contract as both parties have an investment (interest) in the property
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.