YES.
No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.
You can only mortgage your own interest in the property. Generally, the lender requires that all owners consent to a mortgage so that in the case of a default, it can take possession of the property by foreclosure. Therefore, it is likely the lender will require that the other owners join in the mortgage.
Unless you can enter into a mutual agreement with the lender they have the right to take your house or what other equity you may have used to guarantee the loan.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.No. Any professional, knowledgable lender will require that all owners sign the mortgage so that in the event of a default it can take possession of the property by foreclosure. If only one of two owners signed, the lender can only take the half interest of that person and not the other owner.
You can only mortgage your own interest in the property. Generally, the lender requires that all owners consent to a mortgage so that in the case of a default, it can take possession of the property by foreclosure. Therefore, it is likely the lender will require that the other owners join in the mortgage.
Unless you can enter into a mutual agreement with the lender they have the right to take your house or what other equity you may have used to guarantee the loan.
Intangible assets are also assets like any other assets so if all other assets have debit as a default balance then intangible assets also have debit as default balance. Like Goodwill etc.
Yes. The lender will foreclose on the mortgaged property. If you owe more than the property sells for at foreclosure the lender could sue you in civil court and obtain a judgment lien that it could record in the land records. In that case it would affect your other property.
No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
Its hard to default on a reverse mortgage because there are no payments due, so to default you have to move out of the home or rent it out, or not keep the property maintenance, taxes or insurance up. There is no default for the mortgage balance exceeding the home value. as a result there is typically no default for a reverse mortgage. However, if there is a negative equity position the borrower is still guaranteed to never make a payment as long as they live in the home. once they move or pass away the home can then be turned over to the lender who takes the loss on the loan if there is any, or if there is equity the home can be given to heirs who keep the equity in the home by selling it or refinancing it. (they will have 6 months from the borrowers passing to get this done) There is never recourse against the borrowers heirs for negative equity or loan defaults, nor is there recourse against the borrowers other assets.
No. One co owner of a property can only mortgage their own interest in the property. If they default, the lender can only foreclose on their interest and not on the interest of the other owner who did not consent to the mortgage.
No, of course not. They can only mortgage their own interest in the property and any legitimate, professional lender will require that both owners sign the mortgage so that in the case of a default it can take possession of the property by foreclosure. If only one owner executed a mortgage the lender could not take possession of the property if that borrower defaulted.Your title to the real estate can only be transferred by your signing a deed transferring your interest or by signing a note and mortgage transferring your interest to a bank.No, of course not. They can only mortgage their own interest in the property and any legitimate, professional lender will require that both owners sign the mortgage so that in the case of a default it can take possession of the property by foreclosure. If only one owner executed a mortgage the lender could not take possession of the property if that borrower defaulted.Your title to the real estate can only be transferred by your signing a deed transferring your interest or by signing a note and mortgage transferring your interest to a bank.No, of course not. They can only mortgage their own interest in the property and any legitimate, professional lender will require that both owners sign the mortgage so that in the case of a default it can take possession of the property by foreclosure. If only one owner executed a mortgage the lender could not take possession of the property if that borrower defaulted.Your title to the real estate can only be transferred by your signing a deed transferring your interest or by signing a note and mortgage transferring your interest to a bank.No, of course not. They can only mortgage their own interest in the property and any legitimate, professional lender will require that both owners sign the mortgage so that in the case of a default it can take possession of the property by foreclosure. If only one owner executed a mortgage the lender could not take possession of the property if that borrower defaulted.Your title to the real estate can only be transferred by your signing a deed transferring your interest or by signing a note and mortgage transferring your interest to a bank.