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How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?

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βˆ™ 2006-07-31 19:05:17

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You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.

2006-07-31 19:05:17
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Does a quitclaim deed remove you from financial responsibility?

Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.Of course not. Financial responsibility is created when you sign a mortgage. You have a contract with the lender that you will pay the loan or the lender can take possession of the property by foreclosure. Your signing a deed transferring the property to someone else doesn't wipe out your responsibility to the bank. In fact, it will get you into more trouble since transfers are barred by the mortgage agreement.


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.


What is the meaning of mortgage foreclosure?

Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.


Can a deed be transferred to administrator of estate when a mortgage exists?

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Can a property with easement can be foreclosure?

The easement does not affect the mortgage. Therefore, the foreclosure can continue.


When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?

No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.


Do you have to pay for a home if you are on the deed?

If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.


Do you have to declare bankruptcy if you default on your mortgage?

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What is the responsibility of the estate executor regarding a decedent's mortgage?

The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.


A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?

What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?


What happens to second mortgage in foreclosure?

After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.


Who is legally responsible for a mortgage after death?

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Can spouse refinance home in his name only?

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What happens if the partner on the mortgage loan moves out nd stops paying?

The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.


Will your be son be responsible for the mortgage on the property left to him in your will?

Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.


What is a junior mortgage on a property that includes the balance due on an existing senior mortgage called?

foreclosure


Do you have to pay your deceased brother's mortgage?

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When refinancing mortgage do both spouses have to be on mortgage in TN?

If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.If both are on the deed then both must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.


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.


After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?

In almost every state, the answer is "NO".


Can I Transfer a mortgage in foreclosure to another name?

No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.


Can a joint mortgage be renewed by one person?

A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the 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.


In simple terms what does it mean to receive a deed in lieu of foreclosure?

A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.


Can a mortgage be taken out on land contract?

You can check with local bankers but that is unlikely. A mortgage is a security interest a property owner grants to a bank. If the mortgage isn't paid the bank can take possession of the property by foreclosure. If you don't own the property you cannot grant an interest to a bank.You can check with local bankers but that is unlikely. A mortgage is a security interest a property owner grants to a bank. If the mortgage isn't paid the bank can take possession of the property by foreclosure. If you don't own the property you cannot grant an interest to a bank.You can check with local bankers but that is unlikely. A mortgage is a security interest a property owner grants to a bank. If the mortgage isn't paid the bank can take possession of the property by foreclosure. If you don't own the property you cannot grant an interest to a bank.You can check with local bankers but that is unlikely. A mortgage is a security interest a property owner grants to a bank. If the mortgage isn't paid the bank can take possession of the property by foreclosure. If you don't own the property you cannot grant an interest to a bank.