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It sounds good but think about it. Do you think lenders will loan money knowing if the debtor defaults, they cant get any money from the loan? Check this link... http://www.scbar.org/public/probono.asp

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โˆ™ 2015-07-15 18:37:04
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Q: Can the lender put a lien up against property or take a percentage of your taxes in South Carolina?
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Related Questions

What is a legal document giving the lender a claim against the property?

mortgage


Can a lender take legal action against the homeowner?

It's called repossession. The lender owns the property, the homeowner is making payments.


What happens if a farmer could not make his mortg age payments?

The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.


How do you open an equity line?

To open an equity line of credit you need to discuss your needs with a lender. The lender will then obtain your information and run a credit check. If you pass the credit check, the lender will then make sure your property is free and clear of any judgments and/or liens. After the property is found to be free and clear, the lender will allow you to take out an equity line of credit loan against the property.


What happens if a piece of property you purchased by quit claim deed has a mortgage against it?

You must pay the mortgage or the lender will take possession of the property by foreclosure.


Can a lender put a lien on the borrower property?

Yes. In the case of real property the lender always records some sort of lien on the property in the land records that allows the lender to take legal possession of the property if the note isn't paid.Yes. In the case of real property the lender always records some sort of lien on the property in the land records that allows the lender to take legal possession of the property if the note isn't paid.Yes. In the case of real property the lender always records some sort of lien on the property in the land records that allows the lender to take legal possession of the property if the note isn't paid.Yes. In the case of real property the lender always records some sort of lien on the property in the land records that allows the lender to take legal possession of the property if the note isn't paid.


What is the purpose of a title search?

To determine the owner of the property, the liens on the property and the judgments against the owners that may attach to the property. It is done to assure the buyer and/or the lender that the title is clear and marketable.


What is a UCC 1-308 Form?

It is a form showing that the lender on the property has a lien against the property until it is paid in full. The form is for personal property only, not real estate


Can you surrender an investment property to your lender to pay for another property in foreclosure?

That decision would be up to the lender.That decision would be up to the lender.That decision would be up to the lender.That decision would be up to the lender.


Where is the best place for a secured loan?

A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances.


Is property in foreclosure still considered property of estate?

Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.


Can a second lender on a property stop the sale?

A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.


What kind of trust can a property go to if it has a reverse mortgage?

You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.


What will happen if you stop making your mortgage payments?

The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.


What happens if you can't pay your second mortgage?

The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.


What does it mean to be a title theory state in Michigan?

In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.


What does a primary mortgage lender do?

The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.


If a rental property goes into foreclosure how long does the tenet have to vacate said property?

When a property goes into foreclosure, the lender will eventually take possession of the property. The lender can lock the property at that time with your possessions at that time. The time frame depends on the discussions between the lender and the borrower. Unfortunately the Tenant does not fall into the discussions, so if the lender feels there is no hope of being paid they will take possession.


Can an owner sell a property that is real estate owned?

Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.


What if you win lottery and stop paying mortgage?

The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.


What is first charge?

If more than one loan is secured on the property, the lender with the first charge has the first call on the property if the borrower defaults on the loan. the primary mortgage or loan secured against a property which takes precedence over all other finance secured against it.


Do you need to have a separation agreement to refinance a mortgage in your name?

You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.


Does a lender need to file a deed of trust on your property?

It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.


How do you refinance a property that is worth less than the mortgage?

You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.


Can a lien be placed on your home due to defaulted student loans?

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.