Is it legal to transfer your mortgage to your family member?
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
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%DETAILS%. Answer . bankrate.com\n... this article explains what you probably need to know. There seems to be a federal minimum rate (which varies by the amount and term of the loan), which must be charged before it's considered a gift. There may be a way around it, however..
Answer . As long as your parents have legal custody of you, they have the authority to decide where you live until you reach the age of majority (usually 18, but in some states it's older--never younger). If you leave home without their permission, they can have your picked up by the authorities… and returned home. Whoever takes you in when you runaway, could also potentially be facing charges. This relative could petition the court for custody, but generally speaking, unless they can prove the parents to be unfit in some way, it's rather unlikely that they would be successful. Of course, I don't know the details of your situation. (MORE)
What are your legal options if a family member borrows ten thousand dollars and does not pay you back?
\n. \n Answer \n. \nIf you cosigned for a loan then you are out of luck and you are responsible for the payment of that loan. If you just gave the person the money without a contract to pay the loan back at a certain time they you are again out of luck and lesson learned. If there is a con…tract signed and notorized (at least) then you can take that person to court.\n. \n . \n . \nVerbal contracts are considered binding in the majority of US states.\n. \nThe lender must prove to the court that the transaction did take place and that it was a loan not a gift.\n. \nProof would be a cancelled check, some judges (not many) might accept a billing statement showing an advance on a credit card account or bank statement showing a withdrawal, emails showing the borrower admitted to the loan and so forth.\n. \nIn lieu of written evidence the lender should present as many corroborating witnesses (first hand knowledge)as possible to the transaction.\n. \nA lawsuit for such a large amount would have to be brought in a state circuit or superior court.\n. \nThe lender also has the option of filing in small claims (an easier venue for proving one's case) if he or she is willing to settle for less than amount owed. Be advised, small claims is for monetary recovery actions only. (MORE)
Can liquid assets vehicles and property deeds be transferred to family members before a foreclosure?
\n. \n Answer \n. \nSure, you can give away anything that you want. But recognize that if it's too blatant and within 2 years of death, the IRS may consider it to be a method of avoiding medical expenses and inheritence taxes and go after much of the property that was transferred.\n. \nInste…ad of "Giving" a car away, write a contract that sells the vehicle "for $1.00 and other considerations". Such a sales contract is valid and there is no way to trace back what the "other considerations" were.\n. \n. \n . \n . \nForeclosure is against property that is been used to secure a loan, either mortgage, home equity, etc.\n. \nThere are not laws or taxation penalties that relate to the transferring of property from one relative to another, only tax penalties if the property is sold for less than the fair market value or if applicable appreciation of the value of property.\n. \nAny property transferred or otherwise desposed of with the intention of protecting it from creditors can be viewed as a "fraudulent conveyance" depending upon the specific circumstances. (MORE)
Usually, the life insurance company requires that the insured person provide information regarding their health, such as answering health-related questions on the application, take a physical exam, and sign the application for life insurance coverage.. Because of these requirements, it would be dif…ficult to take out a life insurance policy without the insured person being advised on the policy.. However, some life insurance companies may offer simplified issue life insurance; such as, Globe Life for adults or children, Gerber, Colonial Penn, Garden State Life, etc. In this case you may have a parent buy a life insurance policy for their child, or an adult buy a life insurance policy for their spouse either online, over the phone, or through the mail. However, these policies still may require a signature from the person whose life is being insured.. So, that being the case, it would seem possible, and legal, if life insurance companies who offer simplified life insurance policies are already doing it, in a way. I am not certain about the signature from the insured person. You should inform the person you are taking out a life insurance policy on. (MORE)
Can you stipulate in a will that upon your death you wish the balance of payments on a mortgage that you took out yourself be the responsibility of a family member that is not your spouse?
Answer . Sorry, you can't force somebody to take on a debt for you. The person that inherits the property also inherits the mortgage and any liens on it.. What you might want to do is buy a life insurance policy on the mortgage that pays it off if something happens to you.
You might try going to a local title company. Sometimes they are very helpful and they might be willing to type the new warranty deed for you for little or no charge. All that might be required is just signing a new deed. You will want to record it with public records. The title company definitely c…an help you with that. It usually does not cost much to have a deed recorded. (MORE)
The legal mortgage in land registry transfers the estate or interest in land or other property for securing the repayment of debt.Since the legal title can only be transferred once by the current owner(mortgagor) to a mortgagee,it follows that only the first mortgage can hold this distinct status.A …legal mortgage is therefore a document in which the direct conveyance of title is involved subject to the repayment of a debt. (MORE)
An individual may give up to $12,000 per year per donee without gift tax consequences. A married couple may double that amount through "gift-splitting".. It makes no difference whether the gifts are placed in a 529 plan or given directly to the donee. However, some states have tax deductions for co…ntributions to their 529 plans. It might be to the benefit of the donee, or the donee's parents, to have the gift go to them first, then they can make their own tax-deductible contribution. Of course, if the state permits the donor to take the deduction for the contribution, the donor could put the funds directly into the 529 plan.. There are no tax consequences to the donee of a gift.. I recommend this proposal be discussed with a CPA before you act on it. (MORE)
There is a lot of legal mumbo-jumbo surrounding mortgages - but if the intent was to conceal the actual applicant's identity or to commit fraud, the answer is, no. You can't transfer a mortgage tpso someone else without the mortgagor's approval anyway.
A person can legally move in with another family member if they goto court. An attorney can represent a minor.
It is the Mortgage company's requirement. One of their conditionsfor loaning you the money is that you carry insurance. Thisprotects their investment in the home. If you attempt to cancel the insurance after you get the loan, youragent is required by law to notify the lender. They will thenplaced f…orced coverage on the property. This coverage is much moreexpensive and only covers the lender, not you. So you are best toget your homeowner's policy and keep it paid and in force. (MORE)
I'm pretty certain it's 13 without parental consent but that could just apply to children with divorced parents
I gave a Deed in Lieu to a family member on a mortgage that I did not pay. Can this transaction be thrown out in Bankruptcy Chapter 7 and the property reverts back to me?
Absolutely.. And you can't give a deed in lieu to anyone other than the mortgage lender anyway. (A "deed in lieu of foreclosure" pretty much has to go to the one that is or could foreclose....no one else!). You give them the deed to the property that is secured by the mortgage (not a deed in lieu … on a mortgage...which doesn't exist in any way). You can't give - or sell - the deed on the property without the mortgage lien and debt going along (and only then if the mortgage cos approve of the new one responsible for the mortgage anyway).. Now of course to the court, these wildly crazy acts are going to look like you planned or attempted to play games and defraud the creditors - which if they don't want to have it pursued criminally (which is highly possible) at the very least will not put you in a good light with the ones in charge of your case.. You really need to get expert help before you dig a bigger hole. (MORE)
You can place your child for adoption with any other willing adult. They must satisfy a domestic adoption homestudy. You can use a guardianship if they want to care for the child, but not adopt.
Your question is not exactly clear. I will interprete it as how do you transfer property that is encumbered by a mortgage. You should seek legal advice before transferring your interest in any property that is subject to a mortgage. Generally, the boilerplate language in any mortgage document sta…tes that the full balance will become due upon any transfer of the property. You would be responsible for payment and if the mortgage is not paid the bank will take possession of the property. Also, even if the bank didn't know of the transfer immediately, if the new owner failed to pay the mortgage the full consequences would fall on you. The bank approved you for the loan and you don't have the power to assign your approval to someone else. You should speak with a bank representative to see if the mortgage can be assumed by a new owner. At one time lenders allowed a subsequent buyer to execute an assumption agreement. (MORE)
I recently found out that the property I am paying a mortgage for was transferred into the mortgage company's name 7 years ago The mortgage was not behind is this legal?
I would contact a local title insurance company & get a title search or whatever it is called in your area to make sure the info that you have is accurate. If it is, request a copy of the Grant Deed, Quit Claim Deed, Warranty Deed or what ever was used to transfer title, then contact the lender. If …title was in your name, then you are the only one legally, besides a court or Trustee that could cause the transfer. If there was fraud, contact the authorities immediately. But 1st make sure you have accurate info. (MORE)
Sure, but get everything in writing. Also, you cannot charge more than is legally allowed. Check with your local laws for loan interest amounts. Generally not more than 25-35% in interest. my brother wanted to borrow money and offered interest too. I agreed and now my brother is saying I'm… going to be arrested for loansharking? Please tell me will the police do anything about this.? I don't have anything in writing but I have a witness, does this help my case?* *If you take him to court and he agrees that he owes you, the judge will grant you a fair rate and the principal back. You can't collect usury rates of interest above what is legally charged, but you can get your principal amount back plus interest. Having a witness will help a little, but always get it in writing. (MORE)
Well, I'm not 100% sure....but..if you work within the Gap, Co. (gap, old navy, banana republic) it is illegal for a family member to be your "boss" at work. If you have a brother/sister/other family member working at the same place you do, they have to have the same job, one cannot be "higher" than… the other....hope this helps! (MORE)
You can't 'transfer' your mortgage to another property. The bank owns the mortgage lien. You would need to negotiate with the bank to modify its lien.
Yes. If the deceased had a will but it was not filed for probate, then no one was named the legal Executor, and the state steps in and takes over. Report the matter to the court and/or file suit against the party who tooke the jewelry.
Only with parental permission or a court order can a 16 year old move out of the parent or guardian's home legally.
With the exception of inheritance, the firearm will need to be sent to an 01 Federal Firearms License holder (dealer) in the home state of the person receiving the gun. The dealer will conduct the required paperwork and background check, and transfer the firearm to the recipient. Many dealers perfor…m this work- not all do. Charges may vary from about $15 to $100- there is no set amount. Rifles and shotguns (unloaded) may be mailed by US Mail to the dealer. Handguns may not be mailed except by dealers or makers, and must be shipped by a common carrier, such as UPS or FedEx. Their rules require that handguns be shipped by Next Day Air- kinda pricy. (MORE)
Found the details below from http://www.qantas.com.au/fflyer/dyn/program/usingPoints/familyTransfers Family Transfers Enjoy greater choice and flexibility in the way you use your points. Family transfers enable you to transfer a portion of your points to one eligible family member, who is also a …Frequent Flyer member, once every 12 months. It's ideal for the times when you have enough points between you, but not enough individually, for an Award flight. How Family transfers work . minimum 5,000 to maximum 100,000 points per transfer . maximum one transfer every 12 months . Transfer points to an eligible family member You can also use your points for an Award flight for an eligible family member. See the terms and conditions for further details. (MORE)
The proposed guardian must be appointed by the court by filing a petition for guardianship and having it approved by a judge. You need to visit the probate court in your jurisdiction and inquire about the procedure..
in California i just singed all the papers and for the price i put $1 then they asked me about it and i said it was a gift. and that was that. i think you have to pay taxes on the value of the car tho.
If your parents have given you permission to do so. Otherwise youlive where ever they want you to live.
Yes. It is "legal" to take the child "in". However, if the child will be staying for a long period of time you need legal guardianship for a variety of reasons: seeking medical care, registering in school, preventing some other family member from removing the child, etc. You should seek professional… advice from a child protection agency, attorney or advocate at the court. (MORE)
Depends on where you are. In MOST of the US, there is no registration of ownership of ordinary firearms. Federal law (18 US Code section 922) provides for receiving a firearm by bequest, so long as possession of that firearm is legal in the receiving state. You could check with a local gun shop to s…ee what is required in your area, but in most cases, there ARE no requirements. (MORE)
You cannot transfer your mortgage to your friend. The lender owns the mortgage. You must discuss the situation with your lender to determine if it will allow your friend to assume the mortgage obligation. If so then you can convey the property to your friend by deed and the lender will execute an as…sumption agreement with the new owner. Mortgages have a due on transfer clause. That means if you transfer the property to a new owner the full amount of the mortgage will become due immediately as you agreed when you signed the mortgage. You will be the one responsible for paying and not the new owner. Remember that the person you transfer the property to did not apply for the mortgage and was not approved by the lender. (MORE)
This is a borderline topic. Technically it is legal to be nude with your family since there is no law directly forbidding it, it is just frowned upon by most outsiders who don't share our same lifestyle views. Oh and btw, I personally know a family who did this and the two kids grew up just fine. … ADDED: like the person above said, it is not illegal but most people who don't share our beliefs think that children are harmed by the site of a naked body. I tend to think otherwise. Children themselves are natural naturists and at a young age they don't really care who sees them. It is only when they start to get older that parents teach their kids that nudity is wrong. (MORE)
It is called family naturism and yes it is legal to be nude in your own home as long as you cannot be seen from a public area. It is frowned upon by today's society to be nude around minors, but it is not illegal.
Are you referring to a loan servicing transfer? That is regulated by RESPA, the Real Estate Settlement Procedures Act. The notification period is 15 days prior to the servicing transfer, according to RESPA. Please see the link below.
Legally SIGN a document for a family member . . ., NO, they may not sign a family member's signature FOR the family member. That is forgery! Although the Notary laws of some states differ, to eliminate any possible taint of conflict-of-interest, it is NOT a good idea for a Notary to WITNESS a …family member's signature either. (MORE)
Yes, but the inheritance will become part of the BK estate, which means the money would have to be turned over to the trustee to pay off your creditors (i.e. you do not get to keep the inheritance).
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification o…f an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases. (MORE)
The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender… will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate. The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate. The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate. The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate. (MORE)
It is certainly possible to do so. They apply to the court and ask to be appointed.
Only if they pay off the outstanding debt owed on the mortgage Only if they pay off the outstanding debt owed on the mortgage Only if they pay off the outstanding debt owed on the mortgage Only if they pay off the outstanding debt owed on the mortgage
Legal depends on the laws in the state in which you live. I doubt it is illegal. However it is not wise. You need to be listed on the insurance as a driver. If you are not listed then you are lying to the insurance company and according to the policy the owner of the vehicle is committing material m…isrepresentation. This will cause the insurance to be void and if a claim occurs it will be denied by the insurance company. On the insurance application the applicant agreed to immediately notify the insurance company of any household members and anyone who drives the vehicles on the policy. In the policy itself it repeats this requirement as part of the legal contract. I have seen insurance companies deny coverage more and more for this type of activity. This will cause you a world of problems which could easily be avoided by giving the company what they need and have to have to fairly rate the policy. It may not even cost anything to add a driver depending on the age, marital status, and driving record of the person being added. As a matter of full disclosure, I own and operate a small Independent Insurance Company in Central Georgia and have for the past 22 years. Prior to that I worked as an agent for a direct writer of insurance for 3 years. (MORE)
yes, because sometimes you need to get the truth out and it might be necessary.
It depends on what he said. He cannot divulge non-public information to a 3rd party...(Employer, family members)
Yes but the proposed guardian must be appointed by the court by filing a petition for guardianship and having it approved by a judge. You need to visit the probate court in your jurisdiction and inquire about the procedure.
No, they cannot move without permission of the guardian. Either theparents have to consent or there is a court order.
Various broker websites including Brokermatch, Live Lead Network, Lava Leads, US Mortgage Leads, and Mortgage Leads Direct allow for live transfer of mortgage leads.
The question is too poorly defined to answer. It also depends on the jurisdiction; in some states, there's something called presumptive paternity which means that a child born to a married woman is legally the child of her husband even if it can be proven beyond any doubt that biologically it is no…t his child. There are legitimate (no pun intended) arguments to be made for such laws, even though they're not really "fair". (MORE)
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 in…terest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home). (MORE)
Depends on where you are- laws vary from state to state. Please report your question but tell us WHERE the two people are located, ages, etc.
Yes. Generally, the estate representative must be court appointed and have permission in the Will or by the court in order to execute a mortgage.
I do not know about the family member but it is not illegal tocremate yourself nor is suicide illegal, however the attempting todo either of these is illegal.