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It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.
The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.
The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.
The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.
The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoIt is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.
The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
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How can a second mortgage loan be discharged?
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
Is buying a property that is subject to a mortgage legal?
The bank must be notified of the sale and it is up to the bank whether the mortgage can be assumed by the buyer.
Why did the mortgage got discharge?
A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.
What if you want to change the property of a mortgage loan?
You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.
Is a mortgage enforceable if not deeded to buyer?
Answer: A mortgage runs with the land until it is paid. The buyer would acquire the property subject to the mortgage.
Is house mortgage discharged in bankrupty?
yes
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
Do you still owe if chapter 7 discharged second mortgage?
If it was discharged, then you don't owe it anymore. However, you can't just assume that any particular debt was discharged by the bankruptcy, it has to be specifically listed. In particular, you probably cannot keep your house AND get your second mortgage discharged.
Who holds the deed the seller holding mortgage or buyer?
the seller holding mortgage
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
What is a mortgage registration fee?
A State or Territory Government fee charged when a mortgage is established or discharged over your property.
I have a buyer for a home advertised on the multiple listing service. After entering escrow with the seller we find that there was a a third mortgage that the title company failed to record.?
The 3rd mortgage should be promptly recorded so that it can be properly discharged of record for closing. The 3rd mortgage should have no bearing on the sale, since the Seller was aware of all the mortgages they have against the property and should have set the price of the property high enough to pay off all 3 mortgages against the property. You just need to make sure that the mortgage is properly recorded and properly discharged of record at closing.
