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Can you foreclose on a bank note to a corporation you are part owner in?
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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.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Can you foreclose without a note?
no
If 2 people were on the deed much prior to the mortgage and note can the bank foreclose on property in which only 1 person is on the mortgage and note?
In short, Yes. You will want to talk to a local attorney. The bank is entitled to recover the money borrowed. If the mortgagee can't or won't pay it back, well, that's what the "secured" part of a secured loan means; the bank can foreclose on the mortgage and sell the house to recover their investment. If they committed fraud in representing themself as the sole owner, then there are bigger problems than foreclosure (i.e. potential jail time) to be worried about.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
What are your rights you cosigned for your stepson who is 4 months behind and no insurance?
there is a difference between co signing a note and being on the actual title, if you are on the title as an owner, you need to pay this insurance yourself, because (in most states i know) you will be held legally responsible as an owner of the uninsured vehicle should he be in an accident.........as to the note he is hurting your credit severely by defaulting on the loan......personally i would pick up the car and bring it to my house, or call the bank and ask them to foreclose the note.....
Who is the owner of bank notes?
The treasury is the entity that issues bank notes. They are issued on the amount of gold in the treasury. They are a promise to pay the holder the amount on the note. Although the holder is in possession of a note , the treasury still owns it.
What happens when a waranty deed is executed on a property but there is still a note for the mortgage?
The property is subject to the mortgage and the buyer has notice of it. A conveyance will likely trigger a demand from the lender that the note be paid in full. If the mortgage isn't paid the bank will foreclose. You should seek the advice of an attorney.
Can you foreclose a mortgage without the note?
In some states it is going to be hard to foreclose without the original copy of the note because the court will need this to show the chain of title and who has what rights revolving around the debt and the real estate.However, in other states such as Massachusetts, the recorded mortgage allows foreclosure in the case of a default as long as the mortgage and any assignments were recorded and the foreclosing bank is the owner of record.This is an extremely complicated issue and the laws vary from state to state. Also, there are urban legends that have sprung up concerning mortgage notes. You need to consult with an attorney in your jurisdiction who can answer your question under your particular state laws.
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Can they foreclose a property if the note is paid and current?
No. Foreclosure is a legal process that can be used in the case of a default only.
Will a deed in lieu of foreclosure affect your credit record if you are on the deed in joint tenancy but did not signed the note or mortgage?
If you were a joint owner and didn't sign the mortgage then the bank cannot foreclose on your interest in the property. Therefore, you shouldn't sign a deed in lieu of foreclosure. Only the borrower in default should sign that deed. The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the bank only received that person's interest in the property. If you want to sell your interest to the bank it should conveyed by a separate deed with you alone as the grantor. If your name was added after the original owner granted the mortgage the situation is different. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit.
