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Ex is on loan only but deed of trust in both name who pays the loan when divorce?
Wiki User
∙ 14y ago
You MUST address this issue in the negotiations for the Separation Agreement. It MUST be decided at the time of the divorce. The ownership of the property and the responsibility for payment of the mortgage must be arranged as part of the divorce proceeding. Your brief question doesn't provide much detail. Your divorce attorney should be provided with all the details and the matter should be addressed by the parties and the bank.
Wiki User
∙ 14y ago
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If a property is held in tenancy in common and they divorce how is that effected?
One way to remove one or the other person off the deed of trust, is to refinance the loan.
How do you get your original deed of trust note?
If you want to get your original deed of trust note, it will need to be obtained from the trustee. A deed of trust is a document that secures a loan with real property.
Should a second deed of trust be listed on the property title or first deed of trust and does that then make the property NOT fee simple marketble title?
Both Deeds of Trust are listed in a title report. Ist Deed of Trust, fisrt position, second deed of trust, second position. Both liens will have to be paid off with a sale to clear the titl and they boths have to be shown prior to any sale, loan or refinance.
What does a secured real property loan consist of?
Financing Statement and trust deed
What is supplemental deed of trust?
A supplemental deed of trust is a document that embodies the agreement of a secured real estate transaction. The property title is transferred to a trustee that holds it as security for the loan.
What do i get My husband filing for divorce am not on the loan but am on the deed?
What portion of the property you own will be determined by the court granting the divorce. There are too many variables to give you a simple answer.
Can deed of trust be used as collateral for a Mississippi home equity loan?
No. A deed of trust demonstrates that a bank (or other lending institution) owns the property, however, the bank may not sell or pledge the property unless the borrower had not met loan conditions. Even if you are the lender (and, therefore, have been given a deed of trust), unless the people that you have made the loan to fail to meet obligations, you may not use the piece of paper or the underlying property as collateral.
What is the difference between a Deed and a Deed Of Trust?
A deed is the instrument used to transfer title to real estate. A deed of trust transfers property to someone to be held in trust for another. A deed of trust can have different meanings in different jurisdictions. In some states a deed of trust has the effect of a mortgage. A trustee holds the property until the debt has been paid. In other jurisdictions a deed of trust is a deed that transfers real property to a trustee who will hold title to the property indefinitely according to the terms of the trust. The trust may be one that was created in a separate instrument that is referenced in the deed or the trust may be set forth in the deed itself.
What is the purpose of 'trust deeds'?
The purpose of trust deeds is to provide security for a loan by establishing a legal framework for the repayment of the loan. Trust deeds outline the terms and conditions of the loan, including the repayment schedule, interest rate, and consequences for default. They also allow the lender (trustee) to take ownership of the property if the borrower fails to repay the loan as agreed.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
Is a deed of trust a secured lien in chapter 7?
Yes, they usually are. It is up to the bank to file the lien, which they do as standard practice, otherwise it would be an unsecured loan. Yes is probably the right answer to the intent of your question. However a deed of trust is not actually a loan/lien or such in legal terms. It actually means that a 3rd party holds the deed (in trust) while there is a debt owed to the lender. If the debt isn't paid the one holding the deed has been instructed to give the title it represents to the lender. When a "deed of trust" is used there actually isn't the legal mortgage. This takes it's place nd makes foreclosure easier and faster as the one holding the deed has already been instructed to do when there is a default on the loan (that would otherwise be the mortgage).
Do both spouses have to be on the deed even if they are separated and only one of them is buying the property?
All this is much easier with a divorce decree. However, most lenders will require a notarized quit claim (a specific format may be needed) from the spouse who is not on the deed--and they will not include the spouse's income or put the them on the loan.
