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What happens if your title company neglect to record a CEMA even though they took the recording fee and now you cannot refinance without paying mortgage tax?
Wiki User
∙ 13y ago
You should consult an attorney, but it sounds like the title company was negligent. You should demand they compensate you for it and if they don't, take them to small claims court (or higher level court depending on the amount allowed in your jurisdiction).
A CEMA mortgage is a very specific mortgage document. Was the original mortgage a CEMA mortgage and do you have an Owner's Policy issued by the title agency for that transaction?
I am assuming you used an attorney for your closing, so consult that attorney as to what can be done, since you PAID that attorney for legal advise in the transaction.
If the title agency collected a recording fee and did not use it to record a document (ANY document) that is a RESPA violation which can have very serious consequences for the title agency.
I would go to their UNDERWRITER with the complaint and see what happens from there. Typically the Underwriter will consult with their Agents so that claims are not filed. They may be able to compel them to perform accordingly.
If you had an Owner's Policy issued in the transaction, I'd immediately file a claim. If this was on a refinance transaction, you need to make sure that a CEMA mortgage was used by the lender.
In either case, you are entitled to remedy of the situation.
Wiki User
∙ 13y ago
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Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
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If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
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Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What happens when you have a lean on your home from a 2nd mortgage?
It just means the 2d has to be paid if you refinance, sell etc. In other words you can't do a refi unless a payoff of the 2d is rolled in.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
What happens after I refinance my reverse mortgage?
You will have to ask your mortgage provider, because it varies from business to business. Some do not offer this option at all, but others may do so for a fee.
There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
I really recommend calling your mortgage company to ask.
Is there a payment due if your mortgage company sells your mortgage to another mortgage company?
Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
What happens when you have a lean on your home from a 2nd mortgage?
It just means the 2d has to be paid if you refinance, sell etc. In other words you can't do a refi unless a payoff of the 2d is rolled in.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What happens when a home is award to one person in a divorce but both are on the mortgage and the awardee cannot refinance due to income?
That depends on many factors. There is potential you will lose your house through forced sale. It is not a smart financial move for your ex-spouse to maintain a joint mortgage with you. Just because you were awarded the house is not a guarantee you will get to keep it, especially if the decree you signed stated you had to refinance.
Grandma died and she has a reverse mortgage what happens next?
Her estate will have 6 months to sell the home or refinance it. If there is negative equity in the home the estate will have the option to turn the home over to the lender without any further recourse, provided this is a FHA HECM reverse mortgage.
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The mortgage company gets the money.
If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
What happens if the first mortgage is current but you are in default on the second mortgage?
You are still likely to have a foreclosure problem, since the collateral is your house. You need to get more information about what can be done. These days, you may be able to refinance into one loan, even if you are underwater. At the new rate, you may be able to afford your payments.
