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This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.

2007-06-01 13:27:04
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Related Questions

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 seller held mortgage when mortgagor dies?

If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.If it ws done properly, the mortgage is a lien against the real estate. If the mortgage is not paid by the estate then the holder of the mortgage can foreclose and take possession of the property. You should consult with an attorney who can review the situation and explain your options.


Can a remainder interest owner be held responsible for paying a mortgage?

If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.


Can a second mortgage holder foreclose and force the property to be sold a public auction?

Yes. The second mortgage holder would take possession of the property subject to the first mortgage.


How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?

You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.


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.


If your mortgage was not reaffirmed and it was discharged in bankruptcy do you have to repay it?

Any debt discharged through BK is cleared and no longer exists. The debt may no longer exist but the lien against the property still exists. While you do not have to pay the loan, the note holder can still take possession of the property.


What options are available to owner to repossess rental house from non-paying tenant who has filed ChapterThirteen bankruptcy and continues in possession of rental house?

While I'm not certain how, if at all, his filing bankruptcy controls your options - for sure - it isn't a repossession. That is done when someone defaults on a mortgage and that process changes ownership of the property to the mortgage holder. The mortgage holder then has to evict and take possession of the property.Presuming he hasn't paid his rent (if he has, you have no cause for action), that last step - eviction - is what you have to do with a non paying tennant.


How do i find out who mortgaged someone's home?

A property can only be mortgaged by someone that OWNS the property. A mortgage is a loan that is secured by the value of the property. I cannot get a mortgage on property that I do not own, since I have no right to that property. The mortgage company would be considered a lien holder- they have a claim against the property for as much as the unpaid amount of the loan. Lienholders will be listed on the deed to the property, which is recorded by the County Clerk or Recorder.


Can a judgment be filed against a deed holder not included in a mortgage?

Yes. The lien would be against any interest they own in the property. If only one owner granted a mortgage the other owner still owns their interest free of the mortgage unless they acquired that interest after the mortgage was granted by the owner.


What must a mortgage holder do when the person with the mortgaged house dies without a will?

File a claim against the decedent's estate. If the mortgage was recorded in the land records it must be paid before the property can be sold.


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.


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.


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 the debt for your mortgage was discharged in chapter 7 bankruptcy must you vacate the property?

Frankly...I've never hear of a mortgage debt being discharged without the underlying asset, the property, being given to the mortgage holder. It is possible your confused...that the property was transferred (or sold) and wasn't worth as much as the debt (mortgage) you owed...and the deficiency (the amount you would still owe...was discharged.But the house isn't yours...and you are a "tennant in adverse possesion".


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.


Who owns the house equity in a life estate deed?

The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.


Can the mortgage holder sell the house if my name is on the deed?

Yes, but only if you have defaulted on the mortgage. When you granted the mortgage you gave the lender an interest in the property that it could foreclose if you do not keep up payments on the mortgage. The lender can sell the property to recover the debt. If your name went on a deed after the mortgage was granted, and the mortgage was granted by the owner of the property at the time of the mortgage, the bank has a superior claim and can take the property if the mortgage isn't paid.


What are the statute of limitations in Georgia for mortgage debt?

As long as the home is still owned, no, there is no limit. The mortgage holder has a lien on the property and that will suffice.


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.


Can second mortgage lien holder foreclose on your home after bankruptcy is closed?

The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.


With second mortgage holder asking the homeowner to sign a deficiency judgment isn't this lien dropped if the home is foreclosed and goes to public auction?

HOMEOWNER SHOULD SIGN NOTHING...the 2nd mortgage is cut off in the foreclosure action against the 1st mortgage as it affects real property...if the 2nd mortgager holder is looking for a signature, then they should get it from the judge


How do you get a 2nd mortgage discharged and keep your house?

You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan


Can you borrow money on a property that has a life estate?

Any person with an interest in the real estate would need to sign the mortgage so that the lender could foreclose in case of a default. Therefore, the fee owner, or remaindermen, can mortgage the property only with the written consent of the life estate holder. The holder of the life estate can only mortgage the property with the written consent of the fee owner.


What happens to the first mortgage when the second mortgage is foreclosed on?

It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html