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Do you have to notify your mortgage lender if you want to sell your property on a contract for deed?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Is there legal notification of foreclosure from mortgage company or bank?
Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.
Does the person quitclaimed to the deed responsible for the loan?
The person who signed the mortgage is responsible for the loan. They must notify the lender if they transfer ownership to someone else and the full balance will be due at the time of the transfer. If the mortgage isn't paid the lender will take the property.
Who notifies HOA when a property is foreclosed?
Generally the foreclosing lender must notify the HOA.
Can someone purchase a home and then deed it to you?
Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.
Why would a mortgage release be on public record file?
A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.
Can i get get the name back on my property from an investor that bought my property with a subject to the mortgage and they have stopped making the payments i have tried to contact them but can't.?
You cannot "get your name back on the property" unless the investor conveys the property back to you by deed. If you did not notify your bank of the transfer you should contact an attorney to determine your exposure and negotiate for you with the lender.
Can you go around a lien on your property?
No. The purpose of a lien is to notify the world that you own someone money. When recorded against your real property it serves notice to a potential buyer or lender that the property is already encumbered. You cannot sell or mortgage the property until the lien is paid. You need to go around and pay it off.
Do you legally have to have home insurance to get a mortgage?
It is the Mortgage company's requirement. One of their conditions for loaning you the money is that you carry insurance. This protects their investment in the home. If you attempt to cancel the insurance after you get the loan, your agent is required by law to notify the lender. They will then placed forced coverage on the property. This coverage is much more expensive and only covers the lender, not you. So you are best to get your homeowner's policy and keep it paid and in force.
What do you do if both spouses die and both names are on the reverse mortgage?
The next of kin must notify the bank of the deaths of the owners. The mortgage must be paid off or the bank will take possession of the property by foreclosure under the terms of the mortgage agreement. Upon the death of the homeowner the heirs are expected to notify the lender and discuss repayment options. The owners estate must be probated in order for the heirs to have legal title which will be transferred to the lender. If the heirs want to keep the property they need to pay off the reverse mortgage. They could seek a traditional mortgage to pay off the reverse mortgage or pool their funds and pay it off in cash. They can try to sell the home if there is more equity value than the balance due on the reverse mortgage. Reverse mortgages sometimes only reflect a portion of the homes value.
If you lost your job after purchasing a car 14 days ago can you return it and cancel your contract?
Contact the lender and notify them of your situation. See what can be worked out.
Who is responsible for paying the mortgage after a quitclaim deed?
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
Do you need to notify mortgage co if you have changed your homeowners policy with a different Insurance Co?
Generally your lender requires you to keep up-to-date proof of insurance on file with them.
