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Can I claim the benefit of housing loan if the property is in my wife name?
Wiki User
∙ 13y ago
Not if the loan is not in your name.
Wiki User
∙ 13y ago
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If your friend and you want to have one of your names removed from a mortgage is a quit claim what you need?
No. A quit claim is simply declaring that person has no interest (economic or otherwise) in the property. They are being removed from the title. A quit claim has no impact on the loan that is secured on the property. Only the lender who owns the loan can release a party from the loan. For the most part a lender has no incentive to remove one person from the loan as that increased the risk to the lender for no benefit. The traditional way to remove a borrower is to pay off the loan. The party that wants to continue to own the property refinances with the old loan being paid off. Being on the property's title and being on the loan are two different things. A quit claim only impacts the title (ownership) and not the debt (the loan).
How can a contract be changed in a housing loan?
You will have to negotiate that with the lender. It may require a new loan on the property.
Can you get an income tax exemption on a housing loan taken on your mother's property?
No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
What is a house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
How can get housing loan in HDMF if they have a calamity loan in HDMF?
what is the requirements for housing loan in HDMF if they have calamity loan in HDMF
Does a quit deed relieve you of financial responsibility on a mortgage?
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
How do you as an existing housing loan customer check your housing loan account?
That depends on the bank or other company that issued the loan.
How do i find out who mortgaged someone's home?
A property can only be mortgaged by someone that OWNS the property. A mortgage is a loan that is secured by the value of the property. I cannot get a mortgage on property that I do not own, since I have no right to that property. The mortgage company would be considered a lien holder- they have a claim against the property for as much as the unpaid amount of the loan. Lienholders will be listed on the deed to the property, which is recorded by the County Clerk or Recorder.
What if there is still a bank loan on the property you are trying to file an adverse possession on.?
The bank has a prior interest and you would have to pay it if your claim is successful.
