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If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
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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.
Do you need to tell your mortgage company if you rent your house?
No, you do not. The deed has a due on sale clause, but no stipulation for renting your home.
Can I surrender a home and not be in foreclosure?
Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.
Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?
Yes but your parents being on the deed will have to also sign.
Can you deduct interest on a home loan taken out from a relative not from a bank?
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
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.
Do you need to redo the deed to refinance?
You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.
If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Do you need to tell your mortgage company if you rent your house?
No, you do not. The deed has a due on sale clause, but no stipulation for renting your home.
Can I surrender a home and not be in foreclosure?
Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.
How could we change the deed from my parents name to the childrens name. They still have a mortgage on the home. what California deed would we use.?
If there is still a mortgage on the home then the deeds will be with the mortgage provider and they will not allow you to change the deeds without paying off the mortgage first.
What is a HUD home?
HUD HOME: HUD Home is a term loosely applied to a single family home or other type of residence that was purchased by a mortgage that is backed by the Federal Housing Administration / FHA. That term also applies to a HUD home that is now in foreclosure. Once a home backed by the FHA goes into foreclosure, it is conveyed by deed back to HUD by the lending mortgage company.
Can you take out a home equity loan on a house if you are not on the first mortgage but are on the deed with your parents?
Yes but your parents being on the deed will have to also sign.
Can you deduct interest on a home loan taken out from a relative not from a bank?
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
Should I get a loan modification attorney or do it myself?
It depends on if your mortgage company is willing to work with you. Our attorney advised us to work with the mortgage company directly. This was the process we went through: 1. Call mortgage company and speak to specialist.2. Fill out questionnaire sent by mortgage company to home owner.3. Gather & send in paperwork requested by mortgage company.4. Receive response from mortgage company.5. Receive, sign and send back loan modification paperwork.
Can you quick claim deed yourself on your grandmothers title to her home but not on the mortgage?
You can't, but your grandmother could if she wishes.
Can you have 2 mortgage loans through same mortgage company?
Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
