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If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:
- Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor).
- If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).
- You need to follow the same process for any further assignments.
- Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.
- When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
What else can I help you with?
How would you validate chain of title with a MERS loan?
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
You want to buy a house from a private homeowner who has a bank mortgage Should you buy out the mortgage first?
You would go through a title company who would manage the sale. That would include making sure there is a clean title, assertaining how much you are paying and then arranging for your money (cash or your own loan from a bank) to be paid on the remainder of his mortgage. Otherwise, you could pay into his mortgage loan and get no credit or ownership in the home, which would be a scam. Most mortgages are not transferable these days.
Can you apply for a mortgage on property you have no title to?
No. You would have no standing to pledge property you don't own to obtain a loan.
If a quick cliam deed was just processed to provide you with legal title to your principal residence with your partner how do you add your name to the mortgage?
The mortgage would have to be refinanced to add your name to it.
If a payoff on a mortgage is not provided by a lender can the seller's dismiss the mortgage?
If there is a lien on the title to the property, it would have to be satisfied for the seller to give "good and marketable title" to the buyer. I have never heard of a situation where a payoff could not be obtained and anyone was okay with it so I don't think the sellers can "dismiss the mortgage" under an circumstances.
If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
What if an investor bought my house and never sent the payoff to the mortgage company and the investor was caught and is currently in jail could the loss be covered by my home title insurance?
If there was a Title company involved the Title Company would have collected and made the payoff, if they did not the Insurance Company would be on the hook to pay. If you sold the home to an Investor, without a Settlement Agent ( Title Co.) you are out of luck and most likely would have to make a settlement with the Bank for the mortgage.
Why would spouse want to be on title and not the mortgage in New Jersey?
Maybe you should ask them? Actually it would be surprising that the potential mortgagor would grant the mortgage unless your spouse (IF you are, in fact, legally married) failed to co-sign the documents.
Do you have to go in front of the lender to close and sign the final mortgage papers?
Usually you would sign loan papers at a title company or a location handling the change of title.
Can title insurance be transferred when refinancing a mortgage?
Typically, a Loan/Mortgage policy cannot be transferred to a new loan as the title coverage is unique to each loan. The mortgage coverage on a loan ends when the loan is paid off and satisfied, that is why new coverage is taken out on the new loan. However, in the case of a Mortgage Modification of an existing loan, the coverage may be extended to cover the existing loan and the new loan amount of the Modification. There would still be title charges for the changes in the Mortgage Modification coverage in most cases.
Can second mortgagee pay off first mortgage and take the property by foreclosure?
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
