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The first and most essential step in a lot of regards is to identify and evaluate all your possible options. Find a reputable mortgage company that can help be your guide and advise you on which financial option is best suited for you based off your income and several other factors. From there, it will be much easier to settle on a mortgage option and then you can go through the qualification process. This is where the company will ensure that you do indeed qualify for the option agreed upon by verifying certain credit and income credentials.
AnswerThere are forms you can purchase online if you wish to execute a private mortgage. However, it would be better to spend an hour with an attorney who could draft a proper mortgage for your jurisdiction, explain the consequences, have it notarized and have it recorded in the land records.
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How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
Can you remove your spouse's name from the property if separated?
No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.
Can a co-borrower on a mortgage refinance without the land owner's consent?
Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.
Does adding your name to a deed make you liable for payment?
It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.
The co-owner on my deed and mortgage doesn't pay the mortgage or other bills and they come and go as they please saying there's nothing I can do. What are my options?
You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure.You should consult with an attorney who can review your situation and explain your rights and options. You may need to sue the joint owner.
Do you have to seek approval from first mortgage for a second mortgage?
You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.
How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
Can you remove your spouse's name from the property if separated?
No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.No. You cannot remove a spouse's name from a mortgage or a deed. If you want their interest in the property they must execute a deed voluntarily, transferring their interest to you. You may need to buy them out.
Can the Mortgage be in your name and deed be in both your names - not married?
A lender would require that all the owners of the property execute the mortgage. If only one person signs the mortgage and it is later foreclosed, the lender would only get that person't interest. Lender would want ALL the interest conveyed in the mortgage deed.
Can a tenant in common mortgage its interest?
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.
Is mortgaging estate properties legal?
Yes. Generally, the estate representative must be court appointed and have permission in the Will or by the court in order to execute a mortgage.
Can a co-borrower on a mortgage refinance without the land owner's consent?
Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.
How do you sign for your spouse on a mortgage?
Your spouse must execute a power of attorney that grants you the right to sign legal documents on their behalf. You need to consult with an attorney.
If you are on a promissary note but not on the deed do you sign the mortgage?
If you are not on the deed then you don't own the property. If you don't own the property then you should not promise to pay the mortgage. A co-signer on a mortgage and promissory note is completely responsible for paying the mortgage. If the primary mortgagor (who in this case is the owner of the property) defaults on the mortgage the lender will go after the co-signer of the note for payment. A default will ruin your credit. If someone has asked you to sign their note and mortgage then you should require they execute a new deed with you as the co-owner of the property.
How can you transfer your mortgage to a friend?
You cannot transfer your mortgage to your friend. The lender owns the mortgage. You must discuss the situation with your lender to determine if it will allow your friend to assume the mortgage obligation. If so then you can convey the property to your friend by deed and the lender will execute an assumption agreement with the new owner.Mortgages have a due on transfer clause. That means if you transfer the property to a new owner the full amount of the mortgage will become due immediately as you agreed when you signed the mortgage. You will be the one responsible for paying and not the new owner. Remember that the person you transfer the property to did not apply for the mortgage and was not approved by the lender.
Will the mortgage company require refinancing with a quitclaim deed transfer?
If you want to take your name off the property and mortgage, yes. Also, most modern mortgage documents contain a "due on transfer" clause. If you execute a quitclaim deed the bank can demand full payment of the debt immediately. You should speak with a bank representative to discuss the changes you want to make.
Does adding your name to a deed make you liable for payment?
It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.
