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Can a secound mortgage company make you pay for the mortgage if the owners my parents both past away?
Wiki User
∙ 13y ago
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoNo. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
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Can siblings take over late parents mortgage?
It is not likely to be allowed. The mortgage was an agreement between the parents and the bank. The bank may consider redoing the load with the new owners on it, but they don't have to.
Can there be a clouded title on a second mortgage in a bankruptcy?
Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.
If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
Can the mortgage company change the locks on a foreclosed property?
If everything has been done properly and according to all laws, there is a time when the company can change locks. They are the owners of the property by that point; the former owners have been given all the proper notices and have been evicted.
Can a joint mortgage be renewed by one person?
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.
Journal entry for personal mortgage to pay off debts of company?
debit mortgage payablecredit owners capital
Can siblings take over late parents mortgage?
It is not likely to be allowed. The mortgage was an agreement between the parents and the bank. The bank may consider redoing the load with the new owners on it, but they don't have to.
Can there be a clouded title on a second mortgage in a bankruptcy?
Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.Yes, if the mortgage was not properly executed by all the owners of the real estate.
Will mortgage companies aid home owners when insurance company rejects claim after sewer collapse?
NO. The mortgage company does not warranty the purchased home. However, If you have acquired equity in the home you might be able to take an additional loan (second mortgage) on the equity to effect you repairs.
If i buy a car can i still be on my parents insurance?
Ask your insurance company. It is likely that you parents will need to be the owners.
If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Can the mortgage company change the locks on a foreclosed property?
If everything has been done properly and according to all laws, there is a time when the company can change locks. They are the owners of the property by that point; the former owners have been given all the proper notices and have been evicted.
Do you have to have home insurance in Colorado?
Home insurance is not required by any state law. Typically only a mortgage company will require home owners insurance.
Can you get a mortgage for a house that you are already deeded to but not on the mortgage?
All the owners of real estate must sign a mortgage that will affect the property. The bank will take into consideration the amount that is already owed on the property for the first mortgage and the ability of the owners to take on more debt.
Can a joint mortgage be renewed by one person?
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.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
