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Are you required to pay taxes on an investment property when your name is added to the deed for refinancing a mortgage?
Wiki User
∙ 13y ago
Yes
Wiki User
∙ 13y ago
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What is required to refinance a mortgage for a manufactured home?
First, proof of ownership would be required. The owner should then discuss with the financial institution would what be involved with refinancing the mortgage and whether or not it is possible on the manufactured home.
Can you drop your homeowners coverage?
No, it's required if you hold a mortgage. They insist on it to protect their investment.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
Is probate needed when you inherit a home with a mortgage?
The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.
Can the Mortgage be in your name and deed be in both your names not married?
All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.All the owners of the property will be required to sign the mortgage so that in the case of a foreclosure the lender can take possession of the property. If only one owner signs the bank cannot foreclose on the other owner's interest.
How do you add a wife to a reverse mortgage?
The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
If you are on the title of a house and the mortgage holder dies are you responsible for the mortgage if you are not associated with the estate?
If you wish to keep the property you will likely be required to refinance it and take on the financial responsibility depending upon how the property is titled and the probate laws of the state in which the property is located.ClarificationIf the decedent "holds" the mortgage ( as a mortgagee) then the answer is yes. The mortgage is an encumbrance on your property and it must be paid according to the terms of the mortgage. The heirs of the mortgagee now own your debt. You will need to make payments to those heirs. If instead the decedent granted a mortgage to a lender when they were the owner of the property, and you acquired your interest after the mortgage was granted, that mortgage must be paid or the lender can take possession of the property by a foreclosure.
Are you allowed to rent your Hud home?
If you purchased the HUD home initially as a residence,rather than investment property, you are usually required to occupy the home as such for a certain number of years, described in your mortgage agreement. After that term is fulfilled, depending on your particular agreement described at closing, you can rent out the home. Contact your mortgage lender to discuss your agreement.
What is meant by contractor mortgages?
Mortgages applicable to those type of people (Contractors) are termed as Contractor Mortgages. Guidelines and documentation required for availing a contractor mortgage is different than that of a typical mortgage. The only entity that can mortgage any property is the legal owner so the contractor must have title in order to grant a mortgage on the property.
Do you need a survey if no mortgage is required?
If no mortgage is required, a survey may not be necessary unless there are other property boundaries, easements, or zoning issues that need to be identified. However, having a survey can still provide valuable information on the property's boundaries and features, which can be beneficial for future planning or potential legal matters.
