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If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
Wiki User
∙ 13y ago
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Wiki User
∙ 13y ago
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Can mortgage company foreclose on an estate home in probate?
Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
How do you prevent a home mortgage loan company from securitizing your loan?
You can not prevent home mortgage loan company from securitizing you loan. The only way out is do not default your repayment.
How does Wells Fargo handle a default on mortgage?
Mortgage lenders foreclose when there is a default on a mortgage.
If you default on your home mortgage can the mortgage company come after your car?
They can not directly come after your car. However a Judge can order assets seized. If there was no fraud involved in the mortgage this is an unlikely situation.
Can I refinance my mortgage taking my ex husband off while adding a different person who has better credit than me?
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
Will a mortgage company typically allow one borrower if the property is titled in two names?
All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.All the owners will need to sign the mortgage so the lender can take possession of the property by foreclosure in the case of a default. Only one can sign the note agreeing to be responsible for paying the loan if the lender agrees.
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
Do Canadian mortgages provide insurance?
Some Canadian mortgages do charge a premium for mortgage default insurance. If a mortgage company includes this type of premium in the mortgage, they are obligated by law to disclose the amount to the borrower.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Is Maine a non recourse state for mortgage default?
Yes, Maine is considered to be a non-recourse state for mortgage default. A non- recourse means that if you default on paying your mortgage, the government can take your home from you.
