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If mobile home is attached to a Alabama property that belongs to someone else and that person default on the mobile home what can the mortgage do?
Wiki User
∙ 14y ago
You used the word "Attached", which means the land and the home are now combined by way of deed. The law considers them as one, thus the mortgage lender can foreclose on both the property and the home.
Then the lender will then sell both "as one", use the sale proceeds to pay the outstanding loan balance, then pay anything left over back to the original person who had the mortgage.
For more information, go to:
http://www.chattelmortgage.net
Wiki User
∙ 14y ago
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What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
In simple terms what does it mean to receive a deed in lieu of foreclosure?
A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.
How do you take a partner's name off the mortgage?
You can't take someone's name off the mortgage. The mortgage belongs to the bank and both of you signed a contractual obligation. The mortgage must be paid off and refinanced in one name and the partner must convey their interest to the co-owner. Then the property and mortgage will be in one name.
How do you get the deed to a house if the owner has died and the mortgage is paid?
The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.
What relief can the mortgagee receive if 2 names on the deed but only one signed the mortgage and the person not on the mortgage moved out and left the expense to the one whose name is on the mortgage?
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
If husband pays off mortgage after you were married but did not put your name in the deed?
Then the husband is the sole owner of the property. Unless it is specifically written in the husbands Will (if he should die) the property belongs to him and him alone.
Can your spouse be garnished in the state of Alabama that the spouse incured?
Spouses share ownership of property, if it belongs to your spouse it belongs to you and therefore may be subject to any debt recovery measures used agaisnt you.
How do you write a letter giving up any rights to property when its belongs to wife name on mortgage only for refinance?
You don't do a letter, but there is a form you get and have it notarized.
What difference between installationa and organizational property?
TPE or Instillation property cannot deploy. It belongs to the instillation. Org or Orginizational property belongs to the unit and can/will deploy with them.
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Where is Christina pairie from?
She belongs ethier to Austria Alabama or australia
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
