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All you need to do is go to a mortgage lender (broker/bank/etc) and apply for a mortgage. It does not matter that there is not a current mortgage on the property. The ownership of the home will be listed on the title, and a Deed will have been recorded to show transfer of ownership. If you qualify for a mortgage, the lender will work with you from there!
The best person to contact with regards to getting a mortgage will be an independent whole of market mortgage advisor - they will be able to get you a mortgage which will suit your needs.
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∙ 12y ago
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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.
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
Do you have to get a mortgage to buy a house?
No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.
What happens to mortgage debt when adult children acquire it?
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
Can a deed be transferred to administrator of estate when a mortgage exists?
The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.The estate must be probated. The property can be transferred with court approval but it is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Are you responsible for your mother's mortgage on her house that was left to you by survivorship rights?
If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or just keep paying the mortgage until the debt has been paid in full. If you owned the property as joint tenants with the right of survivorship and only your mother granted a mortgage in the property then you should consult an attorney who is familiar with your state laws regarding real property and mortgage by one co-owner.
Does the bank still collect from a deceased co signers estate if the property was sold?
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
When inheriting property when does the mortgage not go with it?
==One Answer== Inherited real property that is encumbered by a mortgage would be taken free of the mortgage IF the will also specified that the mortgage would be paid by the estate.
What does it mean to be a title theory state in Michigan?
In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.
What is a house mortgage?
A mortgage is a loan from a bank used to purchase real estate. Until the loan is paid off the bank has a lien on the property. The property cannot be sold or refinanced until that mortgage is paid.
