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Can a mortgage company be forced to give you a mortgage if you were defrauded of the property?
Wiki User
∙ 15y ago
Basically, no lender can be forced to give you credit - regardless of why you think you deserve it. If you were defrauded of any property, which of course you would have to prove to a court - or your contention is not only not believable - but if actually said of someone or a company and unsupported, likely a criminally libelous act. But if true, not only would those doing so be subject to criminal charges...they would probably have to return the property to you...without a mortgage and pay additional damages to you too. So, if you were actually defrauded...pursue it....you'll come out way ahead!
Wiki User
∙ 15y ago
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Can a property in two names be forced to sell under a one name personal guarantee?
No. One co owner of a property can only mortgage their own interest in the property. If they default, the lender can only foreclose on their interest and not on the interest of the other owner who did not consent to the mortgage.
Can you get a mortgage loan without any actual real estate transaction involved?
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan by a forced sale.
What happens to the mortgage if a house does not sell and you lose home owners insurance?
You still owe the mortgage. And you must continue to maintain the homeowners insurance. If not, the lender who holds the mortgage has the right to place "forced coverage" on the property at great expense to you. When they add "forced coverage" they simply increase your mortgage payment to adjust for the difference. And of course you must make each payment in full in order to remain current on the loan and avoid damaged credit or foreclosure.
What is force place coverage insurance?
Forced placed insurance coverage is insurance that is put on your property without your control because you either don't have the insurance you are required to carry or the mortgage company has not received a satisfactory copy of the insurance declaration page. You are responsible for paying for this coverage as they add it to you mortgage account balance. The forced placed coverage on covers the balance of the money owed on your mortgage and does not cover anything else like your contents are not covered, liability is not covered, etc. Only the banks interest is covered and the price is extremely high especially when you consider what they are actually covering.
Do you legally have to have home insurance to get a mortgage?
It is the Mortgage company's requirement. One of their conditions for loaning you the money is that you carry insurance. This protects their investment in the home. If you attempt to cancel the insurance after you get the loan, your agent is required by law to notify the lender. They will then placed forced coverage on the property. This coverage is much more expensive and only covers the lender, not you. So you are best to get your homeowner's policy and keep it paid and in force.
Is your homeowners insurance still valid if you have not made a mortgage payment for 6 months?
If your mortgage account has an escrow for insurance, the mortgage company will continue to pay it even if you do not. The mortgage company loses it's collateral if the house burns down, so they need the house insured. If there is no escrow account and you did not pay your insurance, the mortgage company will put "forced placed" insurance on the house, and charge the cost of it back to the mortgagee. This is usually expensive and not very good coverage. Furthermore, forced place coverage insures only the mortgage holder's interest, rather than the home owner's interest, and provides no contents coverage. What you should also keep in mind is that if no mortgage payment has been made for that length of time, the house may have been vacated. If so, problems can arise because one of the typical conditions in a homeowners policy is that the home is occupied. The reason behind that condition is that the homeowner will be available to attend to occurrences as they arise and minimize damages.
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
What happen your mortgage if you lost your incame?
If you have mortgage insurance that covers the reason of your income loss (disability, involuntary unemployment) then the insurance company will pay the premiums according to your policy's benefits schedule. If you don't have mortgage insurance, you can use savings, retirement funds, borrow money, or you can try to negociate your mortgage terms with your lender. Unfortunately, many mortgage clients believe they don't need mortgage insurance and they find themselves forced to file for bankruptcy and lose their home if something happens. The PMI (private mortgage insurance) will protect your mortgage payments and help you keep your home!
What if the house is homesteaded and has a reverse mortgage on it and the person is 71 years and widowed living in it is there still property taxes to pay?
Yes unless for some reason that state has a property tax deferral program for certain lower income folks. But the person would need to apply for those benefits and make certain not to let property tax lapse as its a technical default with a reverse mortgage and can lead to forced loan closing or foreclosure.The homeowner is still responsible for all expensesrelating to the home when they obtain a reverse mortgage. That includes taxes, insurance, repairs, maintenance, utility costs, municipal assessments, etc. Their responsibilities are the same as they would be if they didn't have the reverse mortgage. In addition, a homestead is generally subordinated to a mortgage. To confirm that factor you can check the provisions set forth in the mortgage.
What happens if you lose home insurance and you are paying a mortgage?
If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.
Mortgage in my partners name will i be forced to sell house if he dies?
It is possible to have a mortgage in a different name than a "deed" to a home. You will not be forced to sell the home if you transfer your fathers name from the deed to yours. You may do this at your local recording office and/or also, you may contact a local title company (they can help you). Also, I would send a letter to the lender holding the mortgage...asking to give you rights to speak on your fathers behalf. Please keep in mind that you father will have to sign off on all of the above.
You have been forced to leave your home you co-own with an ex boyfriend you are on title but not the mortgage note what are your rights?
If you are an owner by deed then you own a one-half interest in the property and you have the right to the possession and use of the whole property. If there is a mortgage on the property and you did not sign it then the mortgage only affects the half-interest of the other owner. You can ask the other owner to buy out your half interest at fair market value. If he refuses then you could file a Petition to Partition in the appropriate court in your area and the court will sell the property and pay over half of the net proceeds to you. The outstanding mortgage should not be counted against your half of the proceeds. You should seek the advice of an attorney in your area who is familiar with all the legal aspects of your situation. The attorney should handle the negotiations with the other owner for you and will file the Petition to Partition if that becomes necessary.
