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Can a lender take possession of the property instead of selling the property he is forclosing?
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Who owns the house with mortgage and deed in different names?
The legal owner is the name(s) on the deed. The names on the mortage note are the ones responsible for the loan. However, sometimes the owner/mortgagor complicates the title to the property by selling it after they have granted a mortgage to a bank. In that case, the bank has a senior interest in the property. The grantee on the deed owns the property subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property by foreclosure.
Is your ex partner responsible for her part of the mortgage if she is on the deed also and leaves the house?
Yes. She is responsible for paying the mortgage. However, if she doesn't pay and you want to keep the property then you will need to pay the mortgage or the bank will take possession of the property by foreclosure and both your credit records will be affected. On the other hand, if you continue to make the payments she will still own a half interest in the property. You should consider selling the property or making an offer to buy her share. Answer If you want to keep the house and she doesn't, refinance the house in your name only. You would need for her to sign a quitclaim.
What is the difference between mortgage and pledge and Hypothecation?
MORTGAGE: mortgage as "the transfer of interest in specific immovable property for the purpose of securing the payment of money, advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability". The transferor is called the 'mortgagor,' the transferee is a 'mortgagee'. The principal money and interest thereon, the payment of which is secured are called the 'mortgage money'. PLEDGE : pledge as "bailment of goods as security for payment of a debt or performance of a promise". The person who offers the security is called 'pawner' or 'pledger' and the bailee is called the 'pawnee' or 'pledgee'. In case of pledge: There should be bailment of goods; and The objective of the bailment should be to hold the goods as security for the payment of a debt or the performance of a promise. The bailment should be on behalf of a debtor or an intending debtor. The pawner or pledger remains the owner of the property except to the extent of interest which rests with the pledge because of the loan borrowed from the bank. There is actual or constructive delivery of goods. Pledge is not created in respect of future goods. The goods must be specific and be capable of identification. The goods must be in possession of pledgee. Otherwise there is no pledge. Pledge agreement may be oral or implied. HYPOTHECATION: Hypothecation is a charge against property for an amount of debt where neither ownership nor possession is passed to the creditor. Hypothecation is a charge against movable property. The goods will, unlike a pledge, be retained by the borrower and be in the borrower's possession. The borrower gives only a letter stating that the goods are hypothecated to the banker as security for the loan granted. There will be no transfer of the property to the borrower. Features: It is an equitable charge created against immovable property. Neither the possession nor the ownership of the property is transferred to the banker. The contents of the letter of hypothecation determine the rights of the banker. The banker has the right to take possession of the property (if there is default) and sell the hypothecated goods to realize his dues. If selling rights are not incorporated in the letter, the banker has to approach a court of law to recover the dues against the hypothecated property. Hypothecated goods can be sold any time to the genuine purchaser for value without the knowledge of the banker or the hypothecated property can be pledged to another person provided the pledgee has no knowledge of the previous hypothecation.
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What does it mean to flip houses?
The simplest definition to flipping a house is buying a property with the sole intention of selling it for a profit at a later date. It's also important to be aware of the housing market for whatever neighborhood you look to purchase the property, as property values may or may not appreciate depending on where you buy.
What is the minimum sentence for dealing in stolen property?
About the same as for the person who initially stole the property. Since you are selling known stolen property, one could face the same charges or more. See: http://pelleylawgroup.com/practice-areas/property-crimes/possession-of-stolen-property/
Can a real estate agent who is selling a property be the owner of the property?
Yes in many cases they are the owner of the property which they are selling.
What was Lil Wayne convicted of?
He is not in jail but he is awaiting sentencing for possession of firearms, he was also arrested in December 2009 after marijuana was found on two of his tour buses.
How can selling something to a pawn shop that turned out to be stolen get you charged for robbery if can't be placed at the crime?
Under 'party' or 'accessory' laws. More often you would be charged with possession of stolen property.
When serving a writ of possession can they come in my house when I'm not at home?
To cut to the chase, yes. When a writ of possession is being served, the Law Enforcement Agency will first post a notice to vacate, which will identify when they will take possession of the property (about a week after the notice.). When they take possession, the landlord or their agent will accompany or meet the Law Enforcement Officer (LEO). The LEO will ensure the peace, while the Landlord takes possession, if necessary the LEO will remove the tenant, then usually the landlord changes the locks. If the tenant is home, they will be ordered off the property, and removed if necessary. If they resist they may be jailed. If they return it is trespassing. If the tenant is not home, the landlord usually has a locksmith open the property and change the locks. If the tenant still has stuff on the premises which has not, and cannot immediately be removed, each state has procedures for storing left behind property, giving notice, time limits, and selling, or disposing of abandoned property.
What are the requirements for selling property in Australia?
Legal Property Documents and Property Valuation are general requirements for selling property in Australia. These two things are very important for the buyer who want to buy any house.
If a property owner owes taxes on a house can they put you out of the house?
It is the responsibility of the land owner to pay the property taxes. There are laws in every jurisdiction that allow the local government to take possession of property, after due notice, when the owners are delinquent in paying property taxes. The tax taking procedure provides a means for taking legal title to the property and selling it to a new owner.
What is real property selling price?
Real property prices will vary depending on many factors such as location, size, and condition of the property. The selling price could be thousands to millions of dollars.
Is selling a stolen firearm for drugs a separate charge?
You need a lawyer to get a legal, correct and current answer.Added: The answer is yes. Selling an item known to be stolen is against the law, and it is against the law if you buy illegal contraband with the proceeds (i.e.: Two charges: onefor dealing in stolen property - two for possession of narcotics.
Who owns the house with mortgage and deed in different names?
The legal owner is the name(s) on the deed. The names on the mortage note are the ones responsible for the loan. However, sometimes the owner/mortgagor complicates the title to the property by selling it after they have granted a mortgage to a bank. In that case, the bank has a senior interest in the property. The grantee on the deed owns the property subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property by foreclosure.
May a foreigners be arrested in Philippines for selling a property that is not his owned property?
It is a crime and they could be arrested.
Can a HOA force a homeowner into a short sale if the homeowner is current on mortgage?
No. Your use of terminology is incorrect. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the amount owed on a secured lien and the lien holder agrees to accept less and release the lien.The HOA is not in the position of a secured lien holder, i.e., a mortgagee. It would need to obtain a judgment lien and then take the legal steps necessary to take possession of the property if the lien isn't paid. If the mortgage is current. it would take possession subject to the mortgage.You should seek legal advice.No. Your use of terminology is incorrect. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the amount owed on a secured lien and the lien holder agrees to accept less and release the lien.The HOA is not in the position of a secured lien holder, i.e., a mortgagee. It would need to obtain a judgment lien and then take the legal steps necessary to take possession of the property if the lien isn't paid. If the mortgage is current. it would take possession subject to the mortgage.You should seek legal advice.No. Your use of terminology is incorrect. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the amount owed on a secured lien and the lien holder agrees to accept less and release the lien.The HOA is not in the position of a secured lien holder, i.e., a mortgagee. It would need to obtain a judgment lien and then take the legal steps necessary to take possession of the property if the lien isn't paid. If the mortgage is current. it would take possession subject to the mortgage.You should seek legal advice.No. Your use of terminology is incorrect. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the amount owed on a secured lien and the lien holder agrees to accept less and release the lien.The HOA is not in the position of a secured lien holder, i.e., a mortgagee. It would need to obtain a judgment lien and then take the legal steps necessary to take possession of the property if the lien isn't paid. If the mortgage is current. it would take possession subject to the mortgage.You should seek legal advice.
