Contact your mortgage company about doing a "short sale".
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
Providing that all other requirements of law have been met, once the mortgage has been paid off and the clear title has been registered, you may give a house as a gift to whomever you want.
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.
The only way you may be able to keep the house is to negotiate with the bank. Foreclosures are expensive and in the present economic climate the bank may be willing to renegotiate the mortgage amount. You should seek the services of a local attorney who specializes in real estate financing.
She would certainly have been wiser to get her name on the mortgage if she is paying it, however, she can still claim the status of common-law marriage, and community property (although specific laws vary by state).
It depends on the laws of the the jurisdiction. In many cases the bank would have required this to get the mortgage. There may have been a quit claim deed filed with the mortgage.
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.
The second mortgage would have to have been cancelled with the Land Titles Office so that the Charge itself was officially deleted. Otherwise, the lender would still be entitled to payment of the outstanding principle.
What can a mortgage company do if mortgage has not been paid in 4 years
The mortgage company will have filed a lien against the property in the loan documents. It will have to be resolved when the property is sold.
The mortgage closing is the last step in purchasing a home. It is the point that one goes from house buyer to home owner. The mortgage closing is when your mortgage becomes official and the seller receives their money. Once the mortgage closing has been completed, you will then receive the keys to your new home.
The best you could do would be to try to require her to refinance the house as part of the divorce agreement. Then your name will not be on the mortgage. You will need to sign a quit claim as part of the process.
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
Before a house goes into foreclosure, homeowners have the option of agreeing to a short sale. This generally happens when a house is in the pre-foreclosure stage. At this stage, the lender has not taken the final steps to begin foreclosing on the property. The homeowner may wish to avoid foreclosure proceedings, because the foreclosure will damage their credit for a long time. They can avoid a foreclosure by short selling. A short sale is when homeowners sell a house for less than the mortgage is worth. For example, the mortgage is may be $150,000. The homeowners are currently having difficulties selling the house because housing prices have dropped so much recently that they can't sell the house to cover what is owed on the loan. The homeowners may only manage to sell the house for $130,000. If the lender agrees to take the $20,000 loss, the homeowners can proceed with the short sale. In order to qualify for a short sale, four requirements must be present. If the house is located in an area where housing prices have dropped significantly and the value is less than the current mortgage, the first qualification has been met. If the homeowners are very close to defaulting on the loan and are currently experiencing financial difficulties that will make it impossible for them to pay their monthly mortgages, they have met the second and third qualifications. The last prerequisite is that the homeowners have no assets with which to pay the difference between what the house will sell for and the amount of the mortgage. These homeowners must be able to prove that they are in no position to pay the remaining amount or else the lender may not allow the short sale. After the lender has agreed to take less than is owed, the homeowner can list the house for sale as a short sale with a real estate agent. A potential buyer will make an offer that will be lower than the amount owed on the mortgage. Both the homeowner and the lender will have to agree before the offer can be accepted. If the offer is agreed to by both parties, the sale goes through and the homeowner avoids foreclosure. Short selling a house can keep people from having to declare bankruptcy and have foreclosure proceedings started against them. They relieve themselves of monthly payments they can no longer afford and they can begin to start their lives anew.
It depends how you want to buy it. If you've been left a lump sum and want to buy the house outright for cash - 16. If you need a mortgage - you cannot legally sign a contract for the mortgage unless you're at least 18.
Depends on the value of the house and any mortgage. If its free and clear, and you have already used your home exemption, then you could possibly lose the house to the BK trustee.
If you have been making more than the required payments, then that surplus should have been applied to the principal balance of you mortgage. If you sell the home, you will receive a check for the difference between the purchase price and the principal balance minus fees.
The HELOC mortgage is used when a borrower wishes to take out a loan using the house as collateral. The practice has been blamed for the most recent housing crisis of the early 2010's.
If your mortgage account has an escrow for insurance, the mortgage company will continue to pay it even if you do not. The mortgage company loses it's collateral if the house burns down, so they need the house insured. If there is no escrow account and you did not pay your insurance, the mortgage company will put "forced placed" insurance on the house, and charge the cost of it back to the mortgagee. This is usually expensive and not very good coverage. Furthermore, forced place coverage insures only the mortgage holder's interest, rather than the home owner's interest, and provides no contents coverage. What you should also keep in mind is that if no mortgage payment has been made for that length of time, the house may have been vacated. If so, problems can arise because one of the typical conditions in a homeowners policy is that the home is occupied. The reason behind that condition is that the homeowner will be available to attend to occurrences as they arise and minimize damages.
Short sales must be approved by the bank or mortgage company holding the mortgage. A short sale letter is normally written by the bank holding the mortgage or it's attorneys. If you have been asked to write it, contact a real estate attorney to make sure you are sufficiently protected. The bank will have to sign this letter acknowledging the terms as well. I mention this because if you are under time constraints, it is important to know this step may take some time.