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Can the mortgage company keep homeowner claim money that is left over?
Yes, If money is still owed on the property. The mortgage company is a co-owner and a co-insured until the mortgage note is paid off. Of course, these funds would have to be credited to any amounts you still owe on the property.
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.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
Can anyone mortgage any property without the signature of the registered owner or does it require the signature of the owner?
Of course not. When a property owner gives a mortgage to the bank they must sign over an interest in their property so that if they default on the mortgage the bank can take possession of the property by forelosure. You cannot pledge property as security for loan if you don't own the property. Granting a mortgage to a lender requires the consent and signature of the owner.Of course not. When a property owner gives a mortgage to the bank they must sign over an interest in their property so that if they default on the mortgage the bank can take possession of the property by forelosure. You cannot pledge property as security for loan if you don't own the property. Granting a mortgage to a lender requires the consent and signature of the owner.Of course not. When a property owner gives a mortgage to the bank they must sign over an interest in their property so that if they default on the mortgage the bank can take possession of the property by forelosure. You cannot pledge property as security for loan if you don't own the property. Granting a mortgage to a lender requires the consent and signature of the owner.Of course not. When a property owner gives a mortgage to the bank they must sign over an interest in their property so that if they default on the mortgage the bank can take possession of the property by forelosure. You cannot pledge property as security for loan if you don't own the property. Granting a mortgage to a lender requires the consent and signature of the owner.
Is there any truth that if a mortgage company forecloses on you they have to pay you because of the Homestead Act?
No. The Homestead Act of 1862 provided a means for people to claim land that was ownerless. When you got a mortgage to buy property, someone else owned it. Foreclosure occurs as a result of failure to pay back money that you borrowed. In some cases, a mortgage company may pay you to move (cash for keys) in order to gain control over the property without long delays, but that is not the Homestead Act.
What is a mortgage and how does it work?
A mortgage is a loan used to buy a home or property. The borrower agrees to pay back the loan plus interest over a set period of time. The property acts as collateral, meaning if the borrower fails to make payments, the lender can take possession of the property.
Can you mortgage without being on the title?
No. When you mortgage a property you are signing yourinterest over to the bank as collateral for the loan. You can't do that if you don't own the property.
What is the purpose of reverse mortgage wells?
A reverse mortgage is available to people age 62 and over and allows them to take a mortgage out on the equity of their home. They do not have to pay back the loan until they pass away, sell the home, or stop living at that property.
How long can you mortgage property in monopoly?
when its your turn you can mortgage a property so long as you own the property and it has no houses or hotels on it. to mortgage it you just flip the card over and take from the bank however much it says the mortgage is worth (this is always half the value of the street). people who land on your street when it is mortgaged do not have to pay the rent. you can unmortgage your street when it is your turn again and if you sell or trade the street to another player when it is mortgaged then that player must adopt the mortgage and pay it themselves.
What is a mortgage registration fee?
A State or Territory Government fee charged when a mortgage is established or discharged over your property.
What do i do if I Need Someone To Take Over My Mortgage Payments?
GVC Property Solutions Inc. is a well-established Real Estate Investment Company that offers property owners with unique solutions to their real estate difficulties as an alternative to the traditional way of selling. They take over house, townhome and condo payments as well as the property associated with the mortgage. You can contact them for Free Consultation 604-812-3718.
How much over the mortgage should the rent be for a rental property?
Ideally, the rent for a rental property should be at least 1.2 to 1.3 times the mortgage payment to cover expenses and generate profit for the property owner.
