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Can a person buy a house at more than its assessed value so the owner can pay off their taxes mortgage and judgment?
Wiki User
∙ 16y ago
The simple answer here is yes, but like most things, the devil is in the details. Houses often sell above their assessed value, especially if we're talking about tax assessments (which tend to be less than market value). Additionally, noone can tell a person that they may not pay too much of their own money for something, including real estate. The trouble comes when you start trying to finance the purchase, as lenders generally decide how much they are willing to lend based on their assessment of the property's value. And while it seems a bit cold, there is also question of why a person would pay more than the market value of a property, just so the current owner could pay debts.
Wiki User
∙ 16y ago
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If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
How can a person get a refinance mortgage?
An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?
You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.
Why should a person choose adjustable rate mortgage when buying a house?
One who chooses adjustable rate mortgage when buying a house considers the salary changes, the interest up or down and other factors.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
What if property is paid in full and there no mortgage Can HOA still put a lien for non payment of fees?
A lien can be placed upon any property if first, there is a judgment. You first have to have a judgment, where a debt is actually proven in a court of law, leaving a judgment. THen, if not satisfied, they certainly can lien your house. Anyone holding a judgment that is not satisfied can lien your house.
If you own a house with your same-sex roommate if a creditor wins a judgment can they put a lien on the house if you owe a lot in mortgage and have very little equity?
Sure, if a creditor wins a judgment they can attach any of your physical assets whether it's real property or personal.
How can a person get a refinance mortgage?
An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.
Who has to leave the house when a legal separation is taking place and who is responsible for paying the mortgage?
You can be separated and still live in the same house. No one has to move.The mortgage payment is made by the person whos name is on the mortgage. If it is in both names you are both responsible.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
What does redeem your house mean?
If you are purchasing your house with a loan or mortgage then you do not actually own it, the title deeds are in the name of and held by the person or organization lending you the money. You can redeem your house by paying off this mortgage and thus gaining ownership of the deeds of title to the house.
What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?
You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.
Why should a person choose adjustable rate mortgage when buying a house?
One who chooses adjustable rate mortgage when buying a house considers the salary changes, the interest up or down and other factors.
Where can one find information about mortgage leads while looking to buy a house?
There are many places a person can look to find information about mortgage leads while looking to buy a house. The site mortgageleads is an excellent place for someone to look. Also, checking the newspaper a person can find mortgage brokers and call them for information.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
