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Does a homeowner who has a mortgage on his home have legal title to the home?
Wiki User
∙ 13y ago
Generally, yes. That can be confirmed by a visit to the land records office where you can perform research to find out who owns a property.
In another sense, in a title theory state, a homeowner who grants a mortgage actually conveys the property to the bank until the loan is paid. The bank can take no further action unless there is a default. During that time the homeowner has equitable title to the property and is considered the owner. When the loan is paid the bank must record a satisfaction of the mortgage in the land records. If the loan isn't paid the bank will take possession by foreclosure and then has the right to sell the property.
Wiki User
∙ 13y ago
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Is homeowners ins required when homeowner dies and home is left to children and home is empty?
There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
Is insurance required on a house if homeowner dies?
There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement. Failure to maintain a policy as required by the finance note can result in single interest coverage being placed by the lender and billed to the homeowner or possible foreclosure.
What is mortgage amortization?
If your a homeowner you should try to know how the amortization of your home mortgages work. Amortization affects how quickly a mortgage value is paid down also how fast you can build equity into the house. This allows a homeowner to understand how each monthly mortgage payment can effect the homeowner.
Can the private mortgage insurer sue the homeowner for the deficiency it pays to the lender after a foreclosure?
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.
Will homeowner's mortgage insurance pay for failing drainage pipes under foundation?
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
Do all states require a homeowner to carry homeowners insurance even afer a house is paid off?
No, Not a single one of them. There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
What is a mortgage refinance loan for?
A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.
Is probate needed when you inherit a home with a mortgage?
The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.The mortgage has nothing to do with the issue. Probate is required any time the decedent owned real property. Legal title can only pass through probate.
Who can you transfer your home title to?
With a quit claim and the agreement of your mortgage company, you can transfer your home title to anyone. However, if you are carrying the mortgage, there needs to be lien on the title until the loan is paid in full.
