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What is a legal document giving the lender a claim on the property if payment is not made?
Wiki User
∙ 13y ago
That document would be a Notice of Claim of Lien. Liens can be filed for goods provided or services rendered but not paid for.
Answer
A judgment lien, a real estate tax taking, liens for unpaid municipal services such as demolition liens or health hazard clean-ups, special assessment liens such as sewer liens and income tax liens are all forms of involuntary liens. Involuntary liens are those created without the consent of the property owner.
Wiki User
∙ 13y ago
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What will happen if you tear a structure down with a mortgage?
You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.
Can your car be repossed before your car payment is due?
No, until you have missed a scheduled payment (at the very least), the lender has no right to the property.
What happens if you are late on a payment or stop making your monthly payment on the house?
The lender will begin the process to take possession of the property by foreclosure.
What is mortage?
A mortgage is a document, sometimes referred to as an instrument, which secures a lender's interest in real estate property. Anyone who borrows money to buy property signs a mortgage with the mortgagee. The document legally makes that property collateral which the lender can take back if the mortgagor ever defaults on payments.
How do you put a deed into a living trust when the mortgage hasn't been paid in full?
You need to consult with your attorney or your lender. Transferring property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.You need to consult with your attorney or your lender. Transferring property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.You need to consult with your attorney or your lender. Transferring property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.You need to consult with your attorney or your lender. Transferring property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
Does a quitclaim affect the mortgage?
Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Can you convey partial ownership to a mortgaged property?
The property is subject to the mortgage. In order to sell a portion free and clear of the mortgage you would need to obtain a partial release from the bank. The partial release must describe the portion you want to sell and must be recorded in the land records.
What is the foreclosure sale date?
it means giving date by court to lender property is going to sell or date is given by when property is going to bet
Is there a penalty to pay if you sale your home after a loan modification?
If you transfer the ownership of the property the lender has the right to demand immediate payment in full of the mortgage and it will. That is one of the provisions included in the mortgage contract that you signed. It is called a due on transfer clause. A sale of the property will constitute a breach of the agreement.If you transfer the ownership of the property the lender has the right to demand immediate payment in full of the mortgage and it will. That is one of the provisions included in the mortgage contract that you signed. It is called a due on transfer clause. A sale of the property will constitute a breach of the agreement.If you transfer the ownership of the property the lender has the right to demand immediate payment in full of the mortgage and it will. That is one of the provisions included in the mortgage contract that you signed. It is called a due on transfer clause. A sale of the property will constitute a breach of the agreement.If you transfer the ownership of the property the lender has the right to demand immediate payment in full of the mortgage and it will. That is one of the provisions included in the mortgage contract that you signed. It is called a due on transfer clause. A sale of the property will constitute a breach of the agreement.
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
How can you find out who the lender is that is giving a construction loan on a property?
The leinholder should be a matter of public record at your county recorders office.
