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Can you accept advance for sale of a mortgaged property without declaring to the buyer that the property is mortgaged?
Wiki User
∙ 14y ago
No. What you suggest is wrong on many levels. There would not be full disclosure on your part. It is assumed that you will execute a purchase and sale contract in which you agree to deliver marketable title free and clear of defects and encumbrances except those listed. If you didn't list the mortgage you would be committing a fraudulent act. Also, when you signed your mortgage you agreed that the lender is entitled to full payment of the outstanding balance upon any transfer of the title. By keeping money from the sale and not paying off the mortgage you would be in breach of the mortgage contract. What you suggest in your question is dishonest.
Wiki User
∙ 14y ago
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Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
Can a mortgaged property be placed in trust?
No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.
Can you put a lien on someone's house if they don't carry enough auto insurance to pay for injury caused by car accidents?
You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.
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.
What is a life estate owner?
A life estate holder has the right to the use and possession of real property for the duration of their natural life. They do not own the property but the property cannot be mortgaged or sold by the fee owners without the consent of the life estate holder. The life estate is extinguished when the holder dies.
What must a mortgage holder do when the person with the mortgaged house dies without a will?
File a claim against the decedent's estate. If the mortgage was recorded in the land records it must be paid before the property can be sold.
What is the difference between mortgage and pledge?
The differences between a mortgage and a pledge:1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.M.J.SUBRAMANYAM, XCHANGING, BANGALORE
What is the meaning of the term life tenant in a Virginia deed?
It means the life tenant named in the deed has the right to the use and possession of the property for the duration of their natural life. The property cannot be mortgaged or sold without their written consent. After their death the property will be owned free and clear of the life estate by the fee owners.
Is there such a thing as a voluntary surrender of mortgaged property without foreclosure?
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
Can you split up mortgaged property?
Not without the lender's permission. Of course there's nothing to say you couldn't prepare and record a Quit Claim Deed, but if the lender found out about the transfer, he could call the entire loan due and payable in full. Not a good idea.
Can you sell your mortgaged car without your husband's consent?
Only if his name is not on the title, and you live in a state where you can do that, without violating duel ownership under your states marriage laws.
What are some of the rights that renters have?
Some of the rights that renters have are: the right to deny the landlord access to the property without proper advance notice and the right to clean and safe housing (property must be free from pest and rodent infestation and faulty plumbing, for example).
