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Can you force a foreclosure to get your name off of a mortgage?
Wiki User
∙ 12y ago
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoGenerally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.
In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
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Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
How long does it take for a foreclosure to go off your credit?
Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
How do you get your name removed from the church mortgage loan?
Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Can a co signer of a mortgage be taken off after foreclosure?
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
How long does it take for a foreclosure to go off your credit?
Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
What is the process of a bank foreclosure?
Bank foreclosure will first give the customer several months to remove their mortgage. When it cannot be done, the customer loses their asset and it is auctioned off.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
If one co-mortgagor dies does the other have to pay the mortgage?
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
How do you get your name removed from the church mortgage loan?
Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.
How can you erase a foreclosure before 7 years?
You can't "erase" something off of your credit report. The best solution to not go into foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
What is the difference between mortgage loan insurance and mortgage life insurance?
Mortgage Insurance protects the LENDER in the event of a foreclosure and will pay any $$$ loss to them....no protection at all for YOU. Mortgage Life will pay-off your mortgage in the event YOU or the covered person dies.
