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Is it legal for a mortgage lender to ask for all of your income tax records?
Wiki User
∙ 14y ago
To ask? Yes. You might want to ask for a copy of either the automated underwriting findings or the loan's conditional approval. You can review these to ascertain if the loan truly calls for tax transcripts in order for the loan to be approved. I say this because sometimes loan officers just reflexively ask for them.
Wiki User
∙ 14y ago
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What do it mean when you get a letter from your mortgage co that they have sold your mortgage to another servicer?
That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.
What is a mortgage assigned?
A mortgage assignment is a legal document whereby a lender transfers all its rights under a note and mortgage to another lender. The property owner continues to make their payments to the new owner of that mortgage.
What is a legal mortgage?
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
Is it legal in MI for the lender to garnish your income taxes?
Yes....but not your federal income taxes.
What is the legal definition of mortgage fraud?
Mortgage fraud is the deliberate omission or misrepresentation of facts on the part of either the borrower or lender with the purpose of obtaining a mortgage loan. Mortgage fraud is essentially the intentional misrepresentation by either the borrower or the lending institution to enable the awarding of a loan. Examples of mortgage fraud include income misrepresentation, and misrepresentation of property use.
What is the difference between a legal charge and a mortgage?
A mortgage is a loan secured by real property.A legal charge in some jurisdictions is the right a lender has to take that property if the loan is not paid back.
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
Is California a community property state How could you find out if your name is on a mortgage?
California is a community property state. If you are on a mortgage or loan agreement, you would have had to have signed the papers in the presence of the lender or an agent for it to be legal. You could contact the mortgage lender assuming you have that information, or get a copy of your credit report.
If your name is not on mortgage application can it be put on deeds?
No. All the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property. If the deed and mortgage are both done at the same time, all the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property.Also take note that if a parent grants a mortgage to a bank there is a due on transfer clause in the mortgage. That means if there is a transfer of ownership the bank can call in the full amount of the loan. Therefore if the parent transfers the property to their children after they have mortgaged the property, the bank can demand payment of the mortgage in full.You should seek legal advice before you act.
Is it legal to buy a house from a relative - by short sale?
It is, as long as it is cleared by all parties involved, including the mortgage lender.
Does a security deed convey legal title to the property under Georgia law?
Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.
What happens if one tenant in common records a note or mortgage?
If the tenant in common who mortgaged her half interest defaults on the loan then the lender can only foreclose on that half interest. The lender would have to share the property with you. It could petition to partition the property, try to force a sale and share the proceeds with you. Their legal costs would come out of their half not yours. A foreclosure and partition would be very expensive for the lender. The important point here is that your half is free and clear of the mortgage unless you signed it.
