0
If we have a Joint mortgage one dies no insurance can lender foreclose?
Wiki User
∙ 15y ago
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can one joint tenant with right of survivorship get a mortgage on the property?
Yes. If the lender agrees. Only a half interest could be included in the mortgage.However, an experienced lender would want all the owners to sign the mortgage in case there is a default. If only one owner signed the mortgage, the lender could only foreclose on that person's half interest. It would become a tenant in common with the co-owner. That half interest would be difficult to sell. In some states, if the mortgagor died their interest in the property would disappear and the surviving joint tenant would own the property free of the bank's mortgage.
How can i take my name off a joint mortgage that i have not lived in or 10 years?
The lender must approve.
What type of insurance do you need in order for the mortgage to be paid off when one owner dies?
Joint Mortgage Term Life Insurance
If you are on a deed but not the mortgage are you responsible for the mortgage?
I would wonder how the lender loaned money without the signature of all the owners. However, if the other joint owner granted a mortgage to a lender and hasn't paid the debt then the lender can foreclose on the interest of the borrower. They would then become the owner with you and may be able to force the sale of the property to get their money. That would be costly for the lender. Perhaps you could arrange a deal with the lender to rewrite the loan so you could pay it back.
In undivided interest of property if all are on the note and 1 decides to stop paying their share of the note Can the others foreclose on that person and take their share away from them?
The answer is most likely "no". The relationship which gives rise to the power to foreclose is between the lender or seller and the buyer or buyers, not between joint buyers. The relationship between buyers, or joint owners will determine among them how to enforce joint payment of the mortgage. Is there a contract between the buyers? Is it written or oral? If oral is there a documented practice between the buyers? How this is resolved will depend on what state the property is located in.
When husband dies without a will and his name only is on mortgage although couple has Joint Tenancy with Rights of Survivorship how should wife proceed regarding mortgage?
She should pay the loan, if that's what you're asking, or re-finance in her own name. Otherwise, the lender will foreclose and take the house, regardless of who happens to own it. Just because you give away your ownership of a property with a secured interest, it doesn't effect the right of the lender to repossess the property or its value.
How do you remove your name from a joint mortgage in Portugal?
You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.You need to discuss that with the lender. Generally the only way to remove your name from a mortgage is to pay it off.
What happens in the state of Florida when there is one person on the loan and two people on the Deed?
The answer depends on when your name went on the deed. If your name was on the deed as joint owner before the mortgage was granted then the bank can only foreclose on the co-owner's half interest if you didn't sign the mortgage. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and 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 executed then your interest in the property is subject to the mortgage. 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.
Can you borrow against joint property?
That is entirely up to the lender. Generally, a lender sets up the transaction so that it can take the property by foreclosure if the borrower fails to pay. Therefore, an experienced lender requires that all the owners sign the mortgage. If only one joint tenant signs the mortgage the lender would only acquire a half interest by foreclosure. A half interest is hard to sell.Most mortgages that are signed by only one of the owners are errors made by inexperienced lenders.
Can a bank foreclose on a property that is jointly owned and the mortgage only in one person's name?
If it is a mortgage signed by only one owner of jointly owned property the bank can only foreclose on a 50% interest. The interest of the co-owner who didn't sign is free of the mortgage lien.
Do you need a solicitor to take your wife off the joint mortgage?
Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.
Your name is on the deed to a house which is facing foreclosure but it is not on the mortgage will it affect your credit?
Technically the foreclosure should not effect your credit, because it is a lawsuit against the person(s) who took out the mortgage. BUT, in reality, because your name is on the deed, the foreclosure could make it to your credit report. This is something that wouldn't effect your score much, but someone looking at your report might be able to tell that your home was in foreclosure.Technically, in Massachusetts and most other jurisdictions, if the lender forecloses it can only foreclose against the person who signed the note and mortgage. If you are a joint owner and didn't sign the mortgage then the lender cannot foreclose on your interest in the property. Your name shouldn't be mentioned in the foreclosure at all and your interest in the property should remain in your own name.If you want to sell your interest to the lender it should conveyed by a separate deed with you alone as the grantor. 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 at all.The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the lender only received that person's interest in the property. Thousands of mistakes like this one, not having all the owners sign, were made by lenders during the lending craze.
