As long as there is notice of the life estate in the public land records the bank would need the life tenant's signature on the mortgage and note in order to wipe out the life estate. If the life tenant didn't sign the original mortgage and note then the bank has a problem. If it forecloses, it would acquire possession of the property SUBJECT TO the life estate.
Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.
No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.
Yes. As long as the lender will accept it. If the borrower defaults and the lender should later need to foreclose on the mortgage, it will acquire only the tenant's proportionate interest in the property and not the interest of the other co-owner(s) who didn't execute the mortgage.
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 primary borrower defaults, the bank will go after the co-signer.
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
A mortgage is a document, sometimes referred to as an instrument, which secures a lender's interest in real estate property. Anyone who borrows money to buy property signs a mortgage with the mortgagee. The document legally makes that property collateral which the lender can take back if the mortgagor ever defaults on payments.
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. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.