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Answered 2007-07-25 17:22:56

The answer would depend entirely upon the exact wording of the loan and the security agreement, when read in context of local laws for lending and consumer protection.

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Can you write up a deed of trust pursuant to an owner's partial interest in a property if there are no other loans on the property?

Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.


You co-signed a mortgage for property you don't own. Can a lien be placed on that property for your own personal debt?

No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.


Can creditor go after you discharged in court for a secured item?

A creditor cant take you to court over a secured debt. However, if they have a security interest in any of your property, they can still foreclose on that property.


If more than one person owns a piece of property and one of the people owe money can a creditor of this individual put a lien on the property or force the property to be sold?

Where there are joint owners a creditor of one can petition the court for a judgment. If the creditor is successful and the debt isn't paid then they could petition to partition (sell) the debtors interest. You may need to purchase that interest to keep your property ownership close with no third party owning an interest.


Can a co-owner refinance a property without telling the other co-owner?

No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.


A contract between Kim and Larry to lease real property contains an exculpatory clause This clause is?

A contract between Kim and Larry to lease real property contains an exculpatory clause. This clause is a. enforceable only if either party is in a business important to the public interest. b. enforceable only if the lease involves residential property. c. generally enforceable as a matter of public policy. d. generally unenforceable.


Can a lien be placed against jtwrs property when only one of the owners has a judgment?

The interest of a co-owner can be attached by a creditor. That creditor can then petition the court to partition the land if the debt isn't paid and the debtors interest could be sold.


What is the difference between right and interest in a property?

One AnswerAn interest in property means that you have a legal or equitable claim or right in property. A right in property is a legally enforceable claim. Used by themselves those legal terms are sometimes interchangeable.For example, a fee interest in property means you own it absolutely. You also own all the appurtenant rights that pass with the property such as easement rights. You can sell the property, devise it by your will or your heirs will inherit it when you die.A life estate is an interest in real estate that provides its owner with the right to the use and possession of the property for life. The life estate is extinguished upon your death. There is nothing left for your heirs to inherit.An easement right gives you a legally enforceable right to make a certain use of another person's property.


Is an oral contract for a transfer of an interest in land enforceable?

No, it is not typically going to be enforceable. Interest in real property, in this case land, must be documented in a written contract. Anything for more than a year must also be in writing. There may be exceptions of the parties have taken action based on the oral agreement.


What does collateral mean in personal finance?

Security for a loan so the loan is secured by property, vs unsecured-more risky for creditor. Whenever, any borrower intends to raise a loan, or financial advances, either from the Creditor, or from the Banks, any prudent Creditor would like to secure the interest. It is, therefore, that the Creditor would ask to mortgage the property in exchange of financial advances being granted, or sanctioned. The Borrower, therefore, offers the property by way of "equitable mortgage" so as to secure the interest of the creditor. The very process is called the mortgage. And the property that is being mortgage is called the "collateral security". In case, the Borrower does not repay the debt due and payable, including cost, charges and interest, the secured creditor would be legally entitled to auction the property or sale away and recover the dues. The public sector banks recover the dues by auctioning the property that is equitably mortgaged.


What is an antichresis?

An antichresis is an agreement by which the debtor gives his creditor the use of real property to be able to pay interest and principal of his debt.


How is collateral connected to a loan from a bank or credit union?

Collateral - in the form of a repayment promise or property... is a 'guarantee' that the person will repay the debt. If the borrower defaults on the repayments, the creditor can recover their money from the guarantor.


What happens to your lien against a debtor who does not own the property but has life use?

Unfortunately for a creditor, a life use of real property is not an attachable interest as would be a fee interest in the same property. When the debtor dies the life interest is extinguished. The creditor should try to find out if the debtor has other personal property that could be seized to satisfy the judgment. You should inquire at the court that issued the lien about scheduling a hearing to establish what assets the debtor might own. Perhaps their car could be taken by the sheriff and sold.


Is it effective for a property owner to sign prepare and place a lien on his own property?

A property owner cannot place a lien on his/her own property. To create a voluntary lien on property the owner must agree to transfer an interest to the creditor until the debt has been paid. When the debt has been paid the creditor executes a release of their interest in the property. A conveyance to yourself would be null and void because there would be, in legal terms, a merger of title. You cannot convey to yourself what you already own. There would be no conveyance.


What is the difference between co signer and co borrower?

A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.


Will you be notified when to move after sheriffs sale?

If you cannot pay the creditor and have not made any arrangements with the creditor to remain on the property then you should be prepared to vacate the premises immediately. As soon as the sale takes place there is a new owner and the property is no longer yours. There can be problems with liability and insurance coverage from that moment on and it is not in the buyer's interest that you remain on their property, uninsured.


Can a tenant in common mortgage its interest?

Yes. As long as the lender will accept it. If the borrower defaults and the lender should later need to foreclose on the mortgage, it will acquire only the tenant's proportionate interest in the property and not the interest of the other co-owner(s) who didn't execute the mortgage.


What is a example of an agreement that would need to be in writing to be enforceable?

A contract to buy or sell real property (land/house) must be in writing to be enforceable.


If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?

No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.


What allows creditor to reach property of a debtor that is in a third party's hand?

allows a creditor to reach property of a debtor that is in a third party's hands


Can you put a lien on your own property?

A lien is a legal right or interest a creditor has on another's property lasting usually until the debt is satisfied. No. You already own the property. You cannot place a lien against it in order to acquire an interest, and, you must obtain the right to record a lien against property through a court order. You cannot sue yourself in court.


If a lien is put on your house do you have to sell it?

Generally, and depending on the type of lien, you don't have to sell your property if a creditor records a lien. However, you cannot refinance or sell the property without paying the lien. Interest accrues the longer a lien remains unpaid. If the amount is substantial enough the creditor can obtain an order to sieze and sell the house to recoup the amount owed plus costs and interest.


If you write a document in pencil will it be enforceable in court?

It depends on the nature of the document. A document that affects an interest in real property must meet recording standards and they may require black ink. If the document is a contract that has been properly executed and the original is available for the judge's inspection it would be legally enforceable.


Can the holder of a promissory note place a lien on a property?

A promissory note is an unsecured note. It doesn't create any lien on a person's property. Generally, if the borrower defaults on the note the creditor must sue and obtain a judgment within the statute of limitations for the promissory note. If successful in court, the creditor can request a judgment lien that can be recorded in the land records against the debtor's real property. Their property cannot be sold or mortgaged until the debt is paid. State laws vary so you need to check the laws in your state.


A person has right to survivorship to property in Ct and the spouse who died had a judgment lien on the property in his name only is this lien still valid?

No. A benefit of owning property by survivorship is that the moment one owner dies their interest in the property disappears and the survivor is the sole owner. The creditor is out of luck.