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Can a home be foreclosed on when the mortgage is in a different name from What is on the deed?
Wiki User
∙ 11y ago
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.
If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.
If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.
If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.
If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.
If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
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Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
If i buy a home in my name while separated can a lien be put against it if my husband's home is forclosed on?
It sounds like you are not on the mortgage with your husband on your previous home. If he is foreclosed on, and you are only on the deed, then you have no financial liability. If you are buying a new home and you are on the mortgage with your husband, you won't be able to get a mortgage because you are on the verge of foreclosing Be careful when buying a home while separated however. Depending on what state you live your husband may be entitled to half the equity in your new home in the event of a divorce. Its called community property Here is a list of community property states: http://www.bankapedia.com/mortgage-encyclopedia/residential-mortgage-terms/121-community-property
Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?
Yes but your parents being on the deed will have to also sign.
Can you deduct interest on a home loan taken out from a relative not from a bank?
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
How could we change the deed from my parents name to the childrens name. They still have a mortgage on the home. what California deed would we use.?
If there is still a mortgage on the home then the deeds will be with the mortgage provider and they will not allow you to change the deeds without paying off the mortgage first.
Are you liable if your spouse has a foreclosure but your name is not on the loan or the final deed when it was signed back to the bank?
The liability in foreclosure comes from the responsibility for the mortgage debt. Regardless of your legal ownership or interest in the home, you do not have liability for the mortgage debt if you are not a party to the loan (did not sign). The home is the collateral for the loan and can be foreclosed and sold as recourse when the loan goes into default. While everyone who has an interest in the home loses their rights to the home when it is foreclosed, the liability for the loan and any negative actions associated with that (collections, lawsuits, negative credit reporting) belong solely to the signers on the loan.
Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
Do you need to redo the deed to refinance?
You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.
What do you do when your home is being foreclosed upon?
Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.
If i buy a home in my name while separated can a lien be put against it if my husband's home is forclosed on?
It sounds like you are not on the mortgage with your husband on your previous home. If he is foreclosed on, and you are only on the deed, then you have no financial liability. If you are buying a new home and you are on the mortgage with your husband, you won't be able to get a mortgage because you are on the verge of foreclosing Be careful when buying a home while separated however. Depending on what state you live your husband may be entitled to half the equity in your new home in the event of a divorce. Its called community property Here is a list of community property states: http://www.bankapedia.com/mortgage-encyclopedia/residential-mortgage-terms/121-community-property
Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?
Yes but your parents being on the deed will have to also sign.
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
If your home mortgage is foreclosed and you have a second mortgage do you have to pay the second?
Yes. Any junior liens on the property are extinguished, but the debts themselves still remain (it may be hard to enforce them, though).
Can you deduct interest on a home loan taken out from a relative not from a bank?
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
