Do all owners of undivided property have to sign a mortgage?

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Yes. An experienced, quality lender will require that all of the owner's sign the mortgage since the underlying principal of mortgages is that if there is a default the lender can take possession of the property by foreclosure. If there are multiple owners and only one signed the mortgage the lender could only foreclose on that person's interest in the property. It could not take possession of the property.

Ask around at your local banks for a better idea about what to expect for an answer. Beware of predatory lenders who will promise you anything and then empty your pockets for closing costs and fees.

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Do all undivided interest participants have to consent to one participant building a structure on the property?

It would be best but if one decides to build anyway and it is permenantly placed, the structure would fall under the interest that one has. ie if he owns 25% interest, that's all he owns of the structure and all he will get for it when/if sold. I don't think he can use the land as collatteral either ( Full Answer )

In undivided interest of property if all are on the note and 1 decides to stop paying their share of the note Can the others foreclose on that person and take their share away from them?

\n. \n Answer \n. \n. \nThe answer is most likely "no". The relationship which gives rise to the power to foreclose is between the lender or seller and the buyer or buyers, not between joint buyers. \n. \nThe relationship between buyers, or joint owners will determine among them how to enfo ( Full Answer )

You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?

Answer . If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property.\n. \nIf the property your son mortgaged is the same property in which you have a life e ( Full Answer )

How do you legally divide undivided interest property?

If you no longer want to own the property you can sell your interest to the other owner or to a third party if you can find someone who wants to take over your interest in the property. If it is a large tract and you want to divide it you can arrange to have the tract surveyed and subdivided an ( Full Answer )

Can an owner that has a mortgage sell the property with owner finance?

The buyers attorney would arrange to have the title examined, find the outstanding mortgage in the land records and require that it be paid from the proceeds of the sale. Your lender has the right to demand payment in full upon any transfer of the property. You could owner-finance the property but y ( Full Answer )

What are your rights on property that you have undivided interest in?

As an owner of an undivided interest in real property you have the right to the use and possession of the whole property. If there are three owners and the property is sold or partitioned you have the right to one-third of the net proceeds. You have the right to one-third of the profits.

Does a co-borrower on a loan who isn't an owner of the property need to sign the mortgage as well?

No. A non-owner should NEVER sign a mortgage. A person who has no interest in the real estate should have no interest in promising to be responsible for the mortgage debt. If someone who does not own the property signs the mortgage they are promising to pay for property they do not own. If the prima ( Full Answer )

Is a mortgage valid if not signed by all the title holders?

Answer . A mortgage is valid only against the interest of the person who granted the mortgage. If you own real estate with another person and they grant a mortgage then your interest isn't affected. If the lender forecloses it only acquires the interest of the one person who granted he mortgage.

Your mortgage company added your other property to your mortgage illegally 2 years after signing mortgage What can you do?

The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it ( Full Answer )

If you cosign for a mortgage and the primary owners no longer want the property can the cosigner become the primary owner if all parties agree?

You cannot make those changes on your own. Mortgages have "due on transfer" clauses that are triggered when there is any transfer of ownership. If the owners want to transfer their interest to you the mortgage may become due and payable in full. Also, transferring your interest in a mortgaged proper ( Full Answer )

What is Mortgaged property?

Mortgaged property is real property that has been used as collateral for a debt. The mortgage lien remains on the property until the debt is paid. Generally the legal agreement signed by the mortgagor gives the lender the right to take possession of the property and sell it if the loan is not paid. ( Full Answer )

How does an undivided interest effect appraised value of estate property?

An undivided interest in property would be valued at its proportionate interest of the appraised value. For example, if you own an undivided one-quarter interest in property valued at $100,000 then the value of your interest would be one-quarter of the appraised value or $25,000. You could sell your ( Full Answer )

Can a loan be taken out on an undivided interest in property?

Theoretically, yes. However, it is unlikely you would find a lender willing to loan you money on less than a full interest such as a one half share in the property. When a lender loans money secured by real estate, it wants to be able to take possession of the the property by foreclosure if the mort ( Full Answer )

Can a bank put a second mortgage on a property without notifying the owner of the property?

In most states and with most banks, the answer is no. It can get complicated in a couple of states though. I am aware of several cases where a more that one person was on title for a home. Only one of them applied for and received a second mortgage, the other was not aware. It is best to check o ( Full Answer )

What If the home owner dies does the property owner's heirs have to pay the mortgage?

The estate must be probated in order for title to the property to pass to the heirs legally. That's the first step that must be taken so that someone will have the legal authority to deal with the bank. Someone must pay the mortgage or the bank will take possession of the property by foreclosure. Yo ( Full Answer )

If you are a co-owner of real property did not sign the mortgage and it's foreclosed can you be held responsible for a deficiency judgment?

If you did not sign the mortgage then you have no obligations relating to it. You are not responsible for any deficiency. If you owned the property at the time the mortgage was executed by a co-owner, the lender cannot foreclose on your interest at all. If you received your interest by deed after th ( Full Answer )

How is an undivided interest in property defined?

An undivided interest in real property is created when more than one person acquires the property by deed or inheritance. If two people are named as grantees on the deed they each have an undivided interest in the property. That is, a right to the use and possession of the entire property even thoug ( Full Answer )

Is it effective for a property owner to sign prepare and place a lien on his own property?

A property owner cannot place a lien on his/her own property. To create a voluntary lien on property the owner must agree to transfer an interest to the creditor until the debt has been paid. When the debt has been paid the creditor executes a release of their interest in the property. A conveyance ( Full Answer )

Do all heirs have to sign to sell property?

Yes, unless the court appointed estate representative is selling the property either through power in the executor to sell real estate or through a license issued by the court. If several heirs have inherited the property through a court proceeding then they each own an interest and each must sign ( Full Answer )

How is undivided interest property appraised?

Undivided interests implies that there is more than one owner. An undivided interest means you have the right to the use and possession of the whole property but when it is sold your portion of the net proceeds is only equal to your proportionate share. If three people own property as tenants ( Full Answer )

Am sole legal owner of property but have joint mortgage with x upon your property who owns the property?

The grantee on the deed is the owner of the property. Co-signing a mortgage when you don't own the property does not give you any right of ownership. You are simply a volunteer who has agreed to pay the loan if the primary borrower defaults. The grantee on the deed is the owner of the property. Co- ( Full Answer )

Can a judge force a joint owner to sign a quit claim deed if there is a mortgage on said property?

You have not provided enough detail. However, a judge can rule that a party shall lose their interest in the property. The outstanding mortgage must be addressed at the same time. The judge could rule the recipient of the property will be responsible for paying the mortgage. However, that could crea ( Full Answer )

Is a property owner required to pay road association dues if there has been no signed agreement?

Review the documents you signed when you purchased the property to confirm that you **did not sign** any association-based documents, such as CC&Rs, a Public Offering Statement containing such, or a receipt indicating that you received a copy of the CC&Rs, and read them. The CC&Rs and other govern ( Full Answer )

How do you split a property into a 50 percent undivided interest ownership?

When real property is conveyed by deed to two owners they each have the right to the use and possession of the entire property. If the property is sold they each have the right to 50% of the net proceeds unless some other arrangement was specifically recited in the deed, for example, a 40/60 divisio ( Full Answer )

Can an owner of a life estate in Kentucky take out a mortgage on their property?

No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant. No. The life tenant no longer owns the property. The signature of the fee owners would be required as well as the signature of the life tenant. No. The li ( Full Answer )

What happens if all owners did not sign mortgage and bank is now foreclosing?

The bank has a problem. It cannot foreclose on the interest of the owner who did not consent in writing to the mortgage. The mortgagor who didn't sign should contact the legal department of the bank. There may be contact information in the notices and documents that have been sent in relation to the ( Full Answer )

How to buy sisters interest in your undivided property?

You should have the property appraised by at least two real estate appraisers in your area. Then you should make your sister a fair offer for her interest in the property. You should also get estimates on any major repairs that need to be done to make certain you know what you're getting into by bec ( Full Answer )

Can anyone mortgage any property without the signature of the registered owner or does it require the signature of the owner?

Of course not. When a property owner gives a mortgage to the bank they must sign over an interest in their property so that if they default on the mortgage the bank can take possession of the property by forelosure. You cannot pledge property as security for loan if you don't own the property. Grant ( Full Answer )