0
What else can I help you with?
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 you get rid of your mortgage legally?
No
If there are two people on the deed and only one on the mortgage and the mortgage goes into foreclosure what happens?
If the mortgage goes into foreclosure, the lender can pursue the property for repayment, regardless of the deed's ownership. The person listed on the mortgage is legally responsible for the debt, so their credit will be affected. However, both individuals on the deed can lose their ownership rights to the property. Ultimately, the foreclosure process will result in the property being sold to satisfy the mortgage debt.
What relief can the mortgagee receive if 2 names on the deed but only one signed the mortgage and the person not on the mortgage moved out and left the expense to the one whose name is on the mortgage?
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
What if two people own the land and the foreclosure is in only one name?
It depends on how the real property is legally titled and recorded in your jurisdiction. If the foreclosure notice is in one name only, it is probably in the name of the debtor whose name appears on the loan/mortgage. IF two people actually do own the property, then the notice MAY be legally insufficient for the lender to actually foreclose on the property in question.Another PerspectiveIt depends on who owned the land at the time of the mortgage and who signed the mortgage.If two people owned the land at the time of the mortgage and only one signed the mortgage then the lender only has a one-half interest. It cannot foreclose on the interest of the owner who didn't sign.If one person owned the land and signed a mortgage and then transferred a half interest to another person, that other person received their interest subject to the mortgageand the bank can foreclose and take possession of the property if the mortgage isn't paid. In addition, once an owner of property has granted a mortgage the "due on transfer clause" in the mortgage prohibits any transfer of title without notifying the bank. If the bank finds there has been a transfer of any interest by deed, it can demand payment in full of the mortgage balance immediately.
Can a person be legally married to two people at the same time?
No, a person cannot be legally married to two people at the same time in most countries as it is considered bigamy, which is illegal.
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
Will you get your mortgage?
A person gets two ways to get a mortgage. It could be either through pre-approval or pre-qualification, which is different from each other.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
Where is it possible to refinance a home mortgage if someone has bad credit?
There are many places a person can go to refinance a home mortgage if they have bad credit. Bad Credit OK and Quicken Loans are two websites a person can use to help refinance their home mortgage.
Can a home be foreclosed on when the mortgage is in a different name from What is on the deed?
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Can the mortgage company take your house without the deed?
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.
