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What does it mean to be on the deed but not the mortgage, and how does this impact ownership and financial responsibility for a property?
Being on the deed but not the mortgage means you have ownership rights to the property but are not responsible for the mortgage payments. This arrangement can impact ownership by giving you legal rights to the property, but you are not financially responsible for the loan. However, if the mortgage is not paid, the lender can still foreclose on the property, affecting your ownership interest.
Does the bank need to know about a quit claim deed?
Yes. If the bank has a mortgage on the property there is a due on tranfer clause in the mortgage that the property owner signed That means the bank must be notified of any transfer of ownership and it can demand payment in full of the mortgage if any transfer is made. A quitclaim deed would be a transfer of ownership.
How can one apply for mortgage refinance with bad credit?
There are few points that help someone to make investors think of giving mortgage to the person with bad credit, if one is: Always pay minimum balance on time. Try to reduce balances. Don't run up the entire balance. Throw away new credit card offers. Fix credit mistakes.
How to Refinance with Bad Credit and Save Money?
Many people with bad credit may be afraid that they will be unable to refinance their mortgage. However, a refinance may be needed desperately to save that family money or even save their home. It is true that many lenders are wary of lending money to people with bad credit. However, it is still possible for those people to obtain a refinanced mortgage. First, to refinance with poor credit, a family should start saving money to pay off closing costs and other refinancing fees. A mortgage refinance will actually create a completely new mortgage. Due to this fact, no matter who a family chooses to refinance with, there will be certain out of pocket expenses that must be paid. These can include closing costs, application fees, and appraisal fees. If you have filed for bankruptcy, you should wait at least two years after that bankruptcy to attempt to refinance. A recent bankruptcy as well as a recent repossession will usually result in a mortgage refinance being rejected. Some time will be needed to re-establish a person�s credit to make that person look trustworthy enough for a new mortgage. Next, you should look for a lender that specifically offers refinances to people with poor credit. This will take some time and effort. After the recent recession, many lenders have stopped offering subprime loans. However, keep a look out. When you do speak to a lender or mortgage broker, you should inquire about a FHA mortgage refinance. A FHA refinance is designed specifically to help homeowners in peril refinance their mortgages so they can keep their homes. Once you have found a lender that does offer refinances to homeowners with bad credit, fill out the application for the new mortgage. Once finished, submit it. Make sure to include all required documents such as bank statements, paycheck receipts, and tax returns. You should also attempt to obtain a lower interest rate on this new mortgage. One way to do that is by paying points. Often a bad credit score will result in all lenders giving a homeowner a very unreasonable interest rate. The homeowner should remedy this situation by paying points. A point in this context refers to an extra $1,000 that is paid during the closing. In most cases, for every point paid, a lender will lower the interest rate of the refinanced loan by 1 percent. Lastly, schedule a date for the closing. This will involve meeting with the lender and signing any required documentation.
If you default on your mortgage in Ohio can the bank confiscate other property you own in Alaska to pay the debt?
Not unless you gave the interest in the Alaska property as collateral for the loan. If you signed the Security Deed..debt deed with only the Ohio property (unless it contains a "blanket mortgage" clause or cross-collaterazation clause giving the address & legal description to the Alaska property) you are fine. Also the Security Deed or Debt Deed would have to be recorded in Alaska (in the city or county) where the property is to be an enforceable lien.
How do you mortgage subordinate?
You can't subordinate a mortgage. One bank, the senior lender, sometimes subordinates their mortgage to a bank who is giving the homeowner a new mortgage. The subordination gives the new mortgage first place and the old mortgage becomes the second mortgage.
What is the importance of having a hazard insurance policy in place for your mortgage?
Having a hazard insurance policy for your mortgage is important because it protects you and the lender from financial loss in case of damage to your property from hazards like fire, natural disasters, or theft. This insurance ensures that your investment in the property is safeguarded, giving you peace of mind and meeting the lender's requirement to protect their investment as well.
What happens if you sign off on a house during a divorce and your ex cannot refiance Does giving him the house mean he is responsible for the mortgage payments What if he doesn't pay?
If you live in the US… I assume you mean you signed a quitclaim deed? If so, that was a mistake. That removed your name from the deed, but not the mortgage. So, that means you have no interest in the property, but you are still responsible for the payment. If he can't refinance and he defaults on the loan, the bank will foreclosure against both of you. Your credit will be ruined along with his. And the bank will seek a deficiency judgment against both of you for their loss (if your state allows for deficiency judgments, and most states do).
Can a person convey real property to another person without that other person being required to pay any consideration?
Yes, You can sign a Quit Claim deed giving up all "your" interest in the estate. You would be giving them a Warranty deed if there's no mortgage.
Who is the mortgagor and who is the guarantor?
The mortgagor is the primary borrower on the mortgage- the party who purchased the real estate. The guarantor is the co-signer on the mortgage loan. The co-signer guarantees they will pay the debt if the primary borrower defaults.
Can a recorded quitclaim deed create a cloud on title thereby preventing a foreclosure action?
If you're asking if the defaulting mortgagor can stop the foreclosure by executing a deed and conveying the property the answer is no. To execute a deed wouldn't create a cloud on the property. The property would be transferred subject to the mortgage and the lender can continue with the foreclosure by giving notice to the grantee.
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