How much does it cost to come out of a legally binding joint mortgage if an ex is buying you out?
You cannot "get out of" a mortgage. The mortgage must be paid off and refinanced in the name of the new single owner. That issue should be addressed in every divorce agreement.
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
Who is responsible for a joint home loan if the divorce decree designates one party to take ownership and after that person fails to do so the property is foreclosed?
Will a credit card company remove your name from an account if you and your husband are separating and splitting the credit card debt and he is the primary card holder on both cards?
A joint mortgage is executed by two people who own real estate. Each is responsible for paying the mortgage in full. A co-signer has no ownership interest in the property but they have agreed to pay off the mortgage if the primary borrower fails to pay. In other words, they agree to pay the mortgage for property they don't own.
Usually, a mortgage company is going to check credit that belongs to both you and your husband and may also require both signatures on any mortgage agreement. If you can get your husband to sign on to a mortgage and deed the property solely to you...go for it! Otherwise you would be wise to wait to make any major purchases until the divorce is final and your personal financial situation is stable. There may also…
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
go and make an appointment with your lender and ask them to add them on the mortgage. be careful if you default and dont pay (for whatever reason, redundancy, divorce, split etc) in the small print there will be the words 'joint and severaly liable'. this means that you are both liable for the full cost of the mortgage and they will chase both of you for the whole amount, and you are legally bound…
Can a mortgage company in Iowa come after a spouse if that spouse is NOT on the loan but IS on the title in the event of death?
Iowa is not a community property state, but that does not change the fact that the home is still considered collateral for the loan. In the vast majority of case the mortgage would still be owed by the surviving spouse if he or she wished to keep the property. There have been some very interesting rulings in a few state courts that have allowed the suviving spouse to take over the property "free and clear"…
If a Joint Tenant has the mortgage in his name and the other joint tenant defaults on his home equity loans what are the legal ramifications to the mortgage holder?
This sounds like a real mess. It sounds like two joint tenants own a piece of property in common with one having the mortgage in his name. The other joint tenant has a piece of property that has a home equity loan about to go into default. In one state the joint tenant with the home equity in default would lose that piece of property. It would not affect the piece of property he or…
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
If a home has 2 people named on the deed but the mortgage is in only one persons name what happens if the person who dies is not the mortgage holder?
It depends on how the 2 people owned the property: as joint tenants, tenants by the entirety, tenants in common, and whether the mortgage covered the entire fee ownership or just one joint tenant's interests in it. Too little information to be specific, but if we're talking joint tenants with the right of survivorship, the mortgagor-owner would inherit the deceased joint tenant's share and nothing much would change.
If husband and wife own the house as joint tenants with right of survivorship then under CA law does having the mortgage only under husband impact ownership of the property in the case of death?
You should consult with an attorney who specializes in real estate law in your area. In some states, a mortgage by one joint owner will sever the joint tenancy and the bank will own a half interest if the husband dies and the mortgage isn't paid off. In other states the bank would be out of luck if the mortgagor died before the mortgage was paid. You need to consult with an attorney who can…
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
The co-owner on my deed and mortgage doesn't pay the mortgage or other bills and they come and go as they please saying there's nothing I can do. What are my options?
You cannot remove a joint tenant from the deed. They would have to execute a deed voluntarily, transferring their interest in the property to you. You cannot make any changes to the mortgage that you signed. A co-borrower on any mortgage always takes the risk that the other borrower won't pay. Unfortunately, that means you will be responsible for paying the mortgage or the lender will take possession of the property by foreclosure. You should…
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
If two people buy a property as joint tenants and finance it through a mortgage company and one of them dies who does the deceased property pass to?
Can a father just take a baby from the mother if they were never married without establishing custody first in Missouri?
No. The unmarried mother has sole custody until the father has established his paternity legally, in court and then requested (and obtained) joint custody and visitations. No. The unmarried mother has sole custody until the father has established his paternity legally, in court and then requested (and obtained) joint custody and visitations. No. The unmarried mother has sole custody until the father has established his paternity legally, in court and then requested (and obtained) joint…
When a mortgage is in husband's name only but wife and husband have joint tenancy with survivorship warranty deed in Georgia then husband dies without will does wife owe mortgage?
If you pay a mortgage company to hold your property title deeds do you need to advise them if one of the joint holders dies?
If the property was held in a joint tenancy with the right of survivorship you are the sole owner and the property does not need to be probated. To prove your ownership you only need to record a death certificate in the land records. You don't need to notify the bank. You do need to make all your mortgage payments. You are responsible for paying the mortgage or the bank can foreclose if you default.
What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER. It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you…
Can a lender foreclose on a joint property used as collateral for a mortgage if only one spouse signs?
There is no ownership by a renter in a rental property. Just joint tenancy. If you are a co-owner of a rental property. in equal part, the other co-owner must agree in order to make a legally binding contract. Even if you are a majority owner, doing things against the partner's wishes is just asking for trouble.
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Yes. If the lender agrees. Only a half interest could be included in the mortgage. However, an experienced lender would want all the owners to sign the mortgage in case there is a default. If only one owner signed the mortgage, the lender could only foreclose on that person's half interest. It would become a tenant in common with the co-owner. That half interest would be difficult to sell. In some states, if the mortgagor…
There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.
The names on a mortgage are not what decides ownership, the deed to the house is the determining factor. Married couples generally own a house by Joint Tenancy With Surviviorship Rights, Joint Tenancy or in a few states Tenancy By The Entirety. Even if one spouse leaves the residence he/she does not lose their rights of ownership.