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If two separate mortgage brokers are working with the same bank does this create a conflict of interest for the borrower?
Wiki User
∙ 18y ago
No but if it's the same bank, the rates and closing costs will be the same but the individual broker may cut a fee or two for you..
Wiki User
∙ 18y ago
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When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
If your attorney and the judge for your case are co defendants in an unrelated separate trial is this a conflict of interest?
If a judge and a lawyer are under trial, they shouldn't be practising. You can probably apply for a mistrial or something, under conflict of interest or incompetency.
If an attorney represented your granny and now represents your ex is that a conflict of interest?
not if her case is finished. also if they are separate cases that doesn't deal directly with your granny and you ex then the attorney can accept both cases without conflict of interest.
If an unmarried couple separate and the co-owner is the one who leaves the home can he ask the mortgage lender to be removed?
Mortgage loans are contractual obligations that cannot be terminated by agreement, divorce or any other means. Your only option for getting off the mortgage is for the remaining spouse to refinance in their name only. I've even had clients who had their names removed from the mortgage companies records, IN CUSTOMER SERVICE. That made it difficult to verify the mortgage. But, never at any time, was the borrower relieved of liability. The contract is never changed, or superceeded. If a mortgage loan has been granted to any two people; the lender has made a loan for a substantial amount of money that they want repaid. You can bet that they are not going to simply release a borrower from the liability because the two people go separate ways.
When can a lawyer be considered in a conflict of interest?
An example might be if he represents two separate clients both charged wtih the same offense.
Can they base a mortgage on two separate incomes living in the home?
Absolutely. The income of any person living in a home can be used for mortgage approval as long as they are on the application and the income is verifiable. There are even instances where a non-occupying co-borrower's income can be used (this varies by loan program). Source: I'm a loan officer.
What are the legal rights of an unmarried couple to a home when they are separate and both their names are on the deed but only one is the mortgage holder for the house?
The answer depends on the details that were not included and its a complicated situation. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage.If your name was on the deed as joint owner before the mortgage was granted and only the other owner signed that mortgage then the bank can only foreclose on the co-owner's half interest if the mortgage isn’t paid. Your half interest would be free of the mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank.If your name was added by deed after the mortgage was granted then your interest in the property is subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage. That means if the sole owner of the property grants a mortgage and then transfers an interest in the property to another person, the bank can demand the full payment of the mortgage- immediately.If there is no issue with the mortgage being paid and if you acquired a half interest by a valid deed then you will be paid half of the net proceeds if the property is sold. You are also responsible for paying the property taxes.
Will a deed in lieu of foreclosure affect your credit record if you are on the deed in joint tenancy but did not signed the note or mortgage?
If you were a joint owner and didn't sign the mortgage then the bank cannot foreclose on your interest in the property. Therefore, you shouldn't sign a deed in lieu of foreclosure. Only the borrower in default should sign that deed. The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the bank only received that person's interest in the property. If you want to sell your interest to the bank it should conveyed by a separate deed with you alone as the grantor. If your name was added after the original owner granted the mortgage the situation is different. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit.
What conflict in values is expressed by the phrase separate but equal?
What conflict in values is expressed by the phrase separate but equal
What is the legal ground for the co-borrower to demand restitution payment from the borrower in case of failure of repayment of student bank loan by the borrower if the co-borrower has made all necess?
Unless there is a separate legal agreement or order between the 2 borrowers, there is absolutely no legal recourse whatsoever.
We own rental property in Texas The mortgage and deed are in my name only We are planning to separate but not divorce I want to buy his interest Can I transfer his interest via a quit claim deed?
Yes you can transfer his interest using a quit claim deed. There might be a more effective way to do this and you should consult an attorney for advice.
Is an equity line of credit considered a second mortgage?
YES IT IS you are borrowing on the equity of your home and the loan institution will hold a lien on it.AnswerA Home Equity Line of Credit (HELOC) differs from a second mortgage. A HELOC is a secured revolving account. The total is set by the lender and is determined by appraised value of the real property used as collateral. The borrower may access all or part of the amount available to them . The amount can be repaid at variable terms, interest only, lump-sum, or interest and principle. The fees associated with HELOCs are generally much less and interest is paid only when money is accessed and only on the exact amount drawn.A second mortgage reports on the credit bureaus as an installment loan. Similar to a 1st mortgage, it is a loan for a set amount and must be repaid in specific terms each month. This type of loan is secured by a separate (secondary) lien on the property and must be paid exactly as stated in the loan documents. Fees and taxes for a second mortgage are similar to a first mortgage, varying only by the percentages (since 2nd's are typically for a much lower $ amount). There is much less flexibility in this type of loan.
