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A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoA mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
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If a Joint Tenant has the mortgage in his name and the other joint tenant defaults on his home equity loans what are the legal ramifications to the mortgage holder?
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or she owned with a different person.
Is a joint mortgage needed for joint ownership?
Not necisarily. If you are married and the house was bought after the marriage then no. If you are married and the house was bought before the marriage and the person that did not originaly buy the house made one payment on it or you had a joint account that the payments came out of, then they are half owner. If you are just living together with no marriage, then the house it the person's that bought it, but you have to be carful of common law marriage.
What does one need to qualify for a mortgage in Ontario Canada?
The conditions that are needed to qualify for a mortgage in Ontario, Canada can vary from person to person. These depend mainly on one's income and expenses.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Where can a person get current mortgage rates?
One can get mortgage rates by contacting a mortgage company, such as a banking institution. An example would be by visiting Bank of America and talking to a mortgage expert.
When adding a spouse to a title or deed only can that person claim the house on taxes or can only the mortgage holder do that?
One person at a time depending on the state. or both together on a joint return.
If a Joint Tenant has the mortgage in his name and the other joint tenant defaults on his home equity loans what are the legal ramifications to the mortgage holder?
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or she owned with a different person.
Are joint tenants equally responsible for the mortgage?
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
What type of insurance do you need in order for the mortgage to be paid off when one owner dies?
Joint Mortgage Term Life Insurance
Can one person give another a renewed Outlook on life?
Depending on the individual and/or what the need for a renewed outlook is pertaining to.
Is a joint mortgage needed for joint ownership?
Not necisarily. If you are married and the house was bought after the marriage then no. If you are married and the house was bought before the marriage and the person that did not originaly buy the house made one payment on it or you had a joint account that the payments came out of, then they are half owner. If you are just living together with no marriage, then the house it the person's that bought it, but you have to be carful of common law marriage.
Is a mortgage valid if not signed by all the title holders?
A mortgage is valid only against the interest of the person who granted the mortgage. If you own real estate with another person and they grant a mortgage then your interest isn't affected. If the lender forecloses it only acquires the interest of the one person who granted he mortgage.
If one person has a first mortgage on one property can another person have a first mortgage on the same property?
no. whichever mortgage was filed first with the local county clerk is the first mortgage on the property. any other mortgage would be subordinate in priority, and the priority is established by the date on which the mortgages are filed in the county clerks office
If we have a Joint mortgage one dies no insurance can lender foreclose?
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
Can more than one person get a mortgage together?
Yes.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Where can one apply in person for mortgage advisor jobs in Baltimore?
There are many mortgage advisor jobs one can apply for in person in Baltimore. One can apply at various financial institutions or mortgage brokers throughout the Baltimore area. One can also apply at many investment companies such as Edward Jones. One can find jobs on websites such as Monster and Indeed and apply in person as well.
