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Yes there are several ways to do this. You can use an All Inclusinve Deed of Trust, Wraparound Mortgage Note or a Land Trust. Most mortgages have a "due on sale" clause that says the lender has the right to call the loan due in full in the event of a sale, however, as long as the payments get made on time, they will never know or care in most cases.
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In Michigan can you sell a house on a land contract if their is a very large Mortgage on it?
Absolutely not legal.
How does a personal mortgage differ from a land contract?
A mortgage is a loan from a lending company or a bank, and usual the loan was the total cost. The loan customer then has to make payments to the bank . When a loan is obtained, a customer's credit score is taken into consideration and will determine the amount of interest the customer will have to pay on the loan. A land contract avoids the use of credits scores, and payments are made directly to the property owner until the contract has been satisfied.
Is a mortgage a negotiable instrument?
No, a mortgage is a contract.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Can you drop hazard insurance from your mortgage?
You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.
In Michigan can you sell a house on a land contract if their is a very large Mortgage on it?
Absolutely not legal.
How does a personal mortgage differ from a land contract?
A mortgage is a loan from a lending company or a bank, and usual the loan was the total cost. The loan customer then has to make payments to the bank . When a loan is obtained, a customer's credit score is taken into consideration and will determine the amount of interest the customer will have to pay on the loan. A land contract avoids the use of credits scores, and payments are made directly to the property owner until the contract has been satisfied.
Is a mortgage a negotiable instrument?
No, a mortgage is a contract.
Is it legal for a land owner to enter into a land contract when they have a mortgage?
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
What is a seller's second mortgage?
The seller assigns keeps the first mortgage in his name, the buyer makes payments to the seller to cover the first mortgage and the sellers equity. It's sometimes called "seller financing" or "land contract".
Are you entitled to a credit if you paydown the mortgage?
It is entirely dependant on your mortgage contract.
Do you have to pay for a mortgage on a mobile home left to you by your parent or can you let the lender take it without taking the land it is on?
You would need to look at the contract. Often a mobile home contract is secured by the land it is placed on. It may be that you cannot default on the mobile home without losing the land.
How can you sell a house to your renters when you hold a mortgage on it they cannot get financing?
You probably need to speak to a local attorney. You can probably sell it to the renters on contract, but you need to make sure this will not conflict with the terms of your mortgage, and you will also need to make sure you have the contract properly prepared, notarized and recorded.
Do you have to notify your mortgage lender if you want to sell your property on a contract for deed?
The bank must be notified when there is a sale pending. The buyer's attorney will arrange to have the title examined and the mortgage will be disclosed. The mortgage will be paid from the proceeds of the sale and a discharge of the mortgage must be obtained from the bank. The discharge must be recorded in the land records.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
If you are buying a house on contract can the seller make you pay 'mortgage Insurance' on top of the mortgage payment?
Yes, It is typical and customary of all mortgages, does not matter who is doing teh financing. It sounds like the buyer is assuming the seller's mortage. Assuming the buyer has agreed to assume the seller's mortage, if the contract is silent about the mortgage insurance, then it depends if the mortgage insurance is considered part and parcel of the mortgage, or if it is a separate commercial instrument, and thus severable from the mortage.
Can you drop hazard insurance from your mortgage?
You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.You need to review your mortgage documents. You signed a contract and you need to determine what the terms are regarding insuring the premises.
