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If a mobile home is not attached to Texas real property and I default on the mobile home what can the mortgage holder do?
Wiki User
∙ 16y ago
Take the mobile home back and sell it.
Wiki User
∙ 16y ago
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What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
Does mortgage holder or deed holder sign at closing?
If the property is subject to a mortgage the mortgage must be paid off at the time of the sale of the property to a new owner. The holder of the mortgage must provide a signed release of the mortgage that can be recorded in the land records.The owner of the property signs the deed that transfers the property to the new owner.The new owner of the property signs the new mortgage.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Can a judgment lien be placed on a property mortgaged by USDA-Rd?
A lien can be placed on any property, regardless of who holds the mortgage. In most cases the mortgage holder will be paid before a secondary lien holder.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
What is the meaning of a buy let mortgage?
A buy to let mortgage is one in which the sole purpose of the purchase of the property is to immediately let/rent it out. On the one hand the transaction provides the landlord/mortgage holder with income while retaining an equity increases in the property. The down side is where the landlord cannot find a paying tenant and could default as a result.
If you're buying your home which is not in default but you file bankruptcy on all your other debt would you be allowed to keep making the payments and keep the property or do you have to claim it?
You may have to make reaffirmation to the mortgage holder.
If a mobile home is not attached to Arizona real property and you default on the mobile home what can the mortgage holder do?
In short. repossess and pull the home off the property..However, you have not made it clear who owns the land. If a third party owns the land, most if not all lenders will ask to the land owner if they are interested in leasing the land to a new owner, in which case the lender saves thousands.
How do you refinance a life estate property?
Generally, in order to refinance the property the owner of the property AND the life estate holder must both sign the mortgage. If you are only a life estate holder you cannot refinance the property. A lender will grant a mortgage to the owner of the property only and the life estate holder must sign their consent. See related question link.
What is a mortgage escrow account?
An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.
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 she owned with a different person.
