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Can a vendor's lien holder foreclose on real estate property due to default in the state of Texas?
Wiki User
∙ 12y ago
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
Wiki User
∙ 12y ago
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Can a married couple get a mortgage in only one name in Oregon?
All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.
Can mortgage company foreclose on an estate home in probate?
Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
what happens to seller held mortgage when mortgagor dies?
If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.
What has the author Fillmore W Galaty written?
Fillmore W. Galaty has written: 'Modern real estate practice in Ohio' -- subject(s): Law and legislation, Real estate business, Real property, Vendors and purchasers 'Modern real estate practice in Ohio' -- subject(s): Real property, Law and legislation, Vendors and purchasers, Real estate business 'Modern real estate practice in Georgia' -- subject(s): Real property, Law and legislation, Vendors and purchasers, Real estate business 'Modern real estate practice in North Carolina' -- subject(s): Real property, Law and legislation, Vendors and purchasers, Real estate business 'Study Guide for Modern Real Estate Practice' 'Modern real estate practice in Nevada' -- subject(s): Law and legislation, Real estate business 'Modern real estate practice in Illinois' -- subject(s): Licenses, Real estate agents, Conveyancing, Law and legislation, Vendors and purchasers, Real estate business
What has the author Kathryn J Haupt written?
Kathryn J. Haupt has written: 'Principles of California real estate' -- subject(s): Real property, Law and legislation, Vendors and purchasers, Examinations, questions, Real estate business 'Principles of California real estate' -- subject(s): Examinations, questions, Examinations, questions, etc, Law and legislation, Real estate business, Real property, Vendors and purchasers 'California Real Estate Practices' 'Oregon real estate law' -- subject(s): Real property, Vendors and purchasers
Where does the borrower authorize the lender to foreclose?
The homeowners and lender sign a note and a Mortgage or Deed of Trust to create a security interest in the real estate. The right to foreclose in the case of a default is set forth in the mortgage clause entitled "Power of Sale".
If Mortgage note is in one persons name and the deed to property is in another can mortgage company foreclose and take both house and land?
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
How do realestate notes work?
A real estate note is a simple term to describe the many types of contracts used to secure real property as collateral to secure debt or a loan. Real estate notes are security agreements such as mortgages, trust deeds, land contracts, wraparound mortgages, etc. that are recorded as evidence of debt secured by real property. They are used to secure the property as collateral against the debt so that in case of a default on the loan the note holder has the right to foreclose on the property.
What does Life estate means if the property in debt?
the specifics may vary, but generally, a life estate means that you only have the property while you live. You can still lose the property, though, if you use it to secure a loan and then default on the loan. Call your lawyer.
What has the author Lawrence Sager written?
Lawrence Sager has written: 'Wisconsin real estate' -- subject(s): Law and legislation, Licenses, Real estate agents, Real estate business, Real property, Vendors and purchasers 'Guide to passing the real estate exam' -- subject(s): Examinations, questions, Real estate business, Real property
Whose responsible for the mortgage if the mortgage lienholder did not file against the estate before the closing of the estate in probate court?
A mortgagee does not need to file a claim against the estate when the mortgagor dies. The mortgage is a lien against the real estate. Generally, the boilerplate language in a mortgage document gives the mortgagee the power to take possession of the property and sell it if there is a default. If the mortgage isn't paid the mortgagee will foreclose. If the beneficiaries want to keep the real estate they must make arrangements with the bank to pay the mortgage. You should consult with the attorney who is handling the estate.
