Most banks will give potential borrowers a loan commitment, even if the title is not clear because the banks reserve the right to deny final approval and funding of the loan if the title is not cleared by the time of the closing.
A loan commitment does not mean much else than that the bank is willing to lend money to the borrowers based on their credit history and financial status -- not that the home is ready to be transferred and the bank will participate in it.
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
You can try to search the title history to your house manually at the local county recorder's office. However, you can also contact a title company a purchase a preliminary title report that will not only show liens, but other recordings that impact your title such as easements. The title company can also provide you with copies of the mortgage/lien documents.
Exhibit "A" in a title commitment is referring to the legal description of the property. It is also sometimes referred to as Schedule "A".
Generally, the title examination isn't ordered until there has been mortgage commitment. The reason is that people (buyers) don't want to pay for a title examination if the mortgage isn't approved. However, some lenders give a preliminary commitment that depends on the title being free of defects. In that case they want the title report a couple of weeks before the closing is scheduled.
A purchase money or first mortgage is the mortgage granted in order to purchase the property. It usually indicates that the title was examined, a certification of title was issued by an attorney and a title insurance policy was written.
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
The heirs can only inherit what the decedent owned. If she didn't have clear title then you won't inherit clear title. At some point the title will need to be cleared up. That will be whenever you wish to sell or mortgage the property.
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
You can try to search the title history to your house manually at the local county recorder's office. However, you can also contact a title company a purchase a preliminary title report that will not only show liens, but other recordings that impact your title such as easements. The title company can also provide you with copies of the mortgage/lien documents.
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney.It would be misguided to attempt to purchase the property on your own without legal representation and a title examination.If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney.It would be misguided to attempt to purchase the property on your own without legal representation and a title examination.If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney.It would be misguided to attempt to purchase the property on your own without legal representation and a title examination.If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney.It would be misguided to attempt to purchase the property on your own without legal representation and a title examination.
Nope..salvage title will stay forever
Exhibit "A" in a title commitment is referring to the legal description of the property. It is also sometimes referred to as Schedule "A".
You really have no right of access to that information. In some jurisdictions the notary of the purchase money mortgage handled the purchase and may have performed a title examination. You could try finding that information and contacting that firm.