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How to file an Answer to a petition to foreclose mortgage. As the business or third party with a mechanics lien filed on the property?
Wiki User
∙ 11y ago
Wording is confusing..but this system does that.
Basically, the owner of the property should respond (answer) th petition (made by someone else) to foreclose on the property. (That petition will be baseed on some type of loan/lien by somone that is attached to the property...even if the loan itself is to someone that isn't the owner and he just allowed his property to be security). If it is owned by the business, than the business responds, etc.
I'm not sure where your mechanics lien thing plays in...if there is one on the property it takes precedence to even a 1st position mortgage...and will be paid by the foreclosure process as the court distributes the funds from the bankruptcy sale and gives a clear title to the new buyer.
You should probably notify the one forcing the bankruptcy (the lender) and the Court that you are asserting your rights and have a mechanics lien.
In most states, if your mechanics lien is older than 30 day and has NOT been officially recorded, then it may become junior (below) other recorded liens and you may have limited, if any, recovery.
Wiki User
∙ 11y ago
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Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
Is it necessary to file a petition in probate court to obtain information concerning mortgage insurance benefits?
No. The only action necessary is to contact the financial institution that holds the mortgage.
Single Brother died No will No children No estate Trying to handle his affairs How do I get authorization for mortgage company or other creditors to talk to me?
Your brother has an estate if he has a mortgage. You need to petition the probate court in your brother's jurisdiction to be appointed the Administrator of his estate. The court will issue Letters of Administration that will enable you to carry on the business of disposing of his estate.
What happens if one tenant in common records a note or mortgage?
If the tenant in common who mortgaged her half interest defaults on the loan then the lender can only foreclose on that half interest. The lender would have to share the property with you. It could petition to partition the property, try to force a sale and share the proceeds with you. Their legal costs would come out of their half not yours. A foreclosure and partition would be very expensive for the lender. The important point here is that your half is free and clear of the mortgage unless you signed it.
How many years does it take before you can drop a private mortgage insurance?
It's not a matter of time. When you have equity of 20% or more of the total asset, you can petition the mortgage provider to drop its requirement for the insurance.
Can someone explain a winding up petition?
"For a business, a winding up petition is about the same as a bankruptcy. The more common term for a winding up petition is liquidation; that is, a company is forced to end."
How does our condo association foreclose and collect the amount they are owed?
Read the governing documents; look in the index under Assessments. Then read about the process for notifying the owner of a delinquency, the owner's right of appeal or petition, and other steps that may be required in advance of foreclosure.In any case, best practices dictate that you work with an attorney to collect the amounts owed and if unpaid, ultimately foreclose on the unit to satisfy the debt.
What is the winding up petition?
A winding up petition is a legal document used in England to initiate the process of closing a business down. These petitions are used by people or companies owed a significiant amount of money by a business as a tool to recover debts that are seriously past due.
Can your spouse close your business and not tell you. Petition for Divorce stipulated a Retainer that no property could be sold or given away?
The Petition stipulated that no property could be sold or given away so if your spouse closes the business or does not give you the opportunity to buy them out or your both agree to dissolve the business then they are breaking the law and you should seek legal advice.
Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
If you fall behind mortgage payment in Chapter 13 can they foreclose?
Exactly how many chances do you think you should get? Hey that "they" your speaking about, it may well be my retirement savings....buy what you can afford, pay your bills, or get rid of it and live differently. it is not OK to mis mortgage payments. No everyone doesn't so it....a very, very small percentage of people do. And after getting Chap. 13 protection from having lied originally about how you would pay....to do it again...why not save everyone the trouble and just move out to something you can afford? Get some financial advice...maybe someone to really sit down and handle things for you....you've asked what now....7 very basic type questions that all indicate you ever relly understood you are actually expected to pay the loans you get and that you buy a lot of stuff....cars, time shares, more and more...you can't afford....nor do you feel you should have to pay for.
Does the lender have to provide a written notice to the mortgagee that it has commenced a foreclosure?
Yes. The lender must send notice to the mortgagee that it has filed a Petition to Foreclose. The notice is set by certified mail. A notice is also recorded in the land records. You should check your state statutes for requirements particular to your state.
