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Can the owner of a 32 acre tract sell a subdivided parcel without the knowledge of the mortgage company?
Wiki User
∙ 13y ago
There is no police officer standing at our side preventing us from doing things we should not do. An owner could execute a deed and sell part of the mortgaged property. However, it will cause serious problems when the bank finds out. Mortgage documents all contain a "due on transfer" clause. That means if the land is sold the bank has the right to demand full payment of the mortgage immediately and banks have their ways of acquiring that type of information.
The next problem is that the property will remain subject to the mortgage. If the seller has not disclosed that fact, the buyer will get a big surprise if the mortgage goes into default and the bank forecloses. In that case, the buyer will lose their purchase money and the bank will take possession of the property. The seller may face fraud charges if they accepted money from the sale.
Finally, any prudent buyer will be represented by an attorney who will arrange to have the title examined and the mortgage will be reported. The attorney will contact the bank to notify it of the pending sale and will request a partial release for the parcel. The bank will have priority on the proceeds from the sale.
Wiki User
∙ 13y ago
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What should you do if your husband and you jointly bought a property but he mortgaged it without your knowledge and he is now overseas and the mortgage company wants you to make payments?
you should get a devorce with him!!! i would.
Can the mortgage company take your house without the deed?
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
Mortgage foreclosure dismissed for want of prosecution?
The mortgage company did not go to their own court date and the foreclosure was dismissed. They will be able to refile it if it was without prejudice.
Can your husband cosign on someone's home without your knowledge?
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
Can one trustee get a loan on property in trust without the signature of the other trustee's knowledge?
bank mortgage was never recorded with the county. what happens
Can you transfer your home mortgage to your mother and get it out of your name?
Not without the consent of your lender, no. You could sell your house to her, but then your mortgage company would expect to be paid off; you can't sell her your house for less than you owe on it without making up the difference yourself.
What is the smallest particle of matter that cannot be subdivided without losing its properties?
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How do you remove the co signer on the mortgage?
The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.
What is expandable mortgage?
An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
Which companies offer a no money down mortgage loan?
A no money down mortgage loan allows the borrower to purchase a home without giving any money. The company Bankrate is an example that offers these kind of loans.
Where can one receive low closing cost mortgage?
Low closing cost mortgages can be found at most banks and financial institutions. One form of no closing cost mortgage is when the mortgage company waives the fees, though this is rare. Another type is when the mortgage company give you no closing costs but the interest rate you pay is increased. For example the standard rate could be 4% with closing costs or 4.25% without.
Can your name be taken off mortgage without a signature?
Your name cannot be taken off a mortgage because the mortgage is owned by the lender. You remain responsible for the mortgage until it is paid off or refinanced without you.
