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If you have private mortgage insurance and you foreclose on an unwanted house in Ohio can your 401k or paid for property in Kentucky be taken?
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If we have a Joint mortgage one dies no insurance can lender foreclose?
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.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
Can a mortgage company take your home if a insurance refuses to insure property?
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance. It is up to the homeowner to maintain the home in a condition that it can be insured.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
Will a mortgage compay sue you if you can't pay your mortgage?
No, they will normally just foreclose on the property.
Can a second mortgage company buy the first mortgage and foreclose?
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
Can a mortgage company foreclose when the mortgagor sold property and new owner cannot pay?
Yes. Property remains subject to a mortgage until the mortgage is paid off. If a person purchases property that is subject to a mortgage that the seller granted to a bank, the new owner must pay the mortgage or the bank can foreclose.
If Mortgage note is in one persons name and the deed to property is in another can mortgage company foreclose and take both house and land?
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
What happens if someone pays their second mortgage but not their first?
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
When there are two names on a deed can one get a mortgage loan or do both parties have to sign for the loan?
Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.
What if your son holds the deed but you hold the mortgage do you have any rights in the house?
No. Not unless your son defaults on the mortgage. In the case of a default you must make certain the mortgage document contained the right to foreclose and if so then you must foreclose on the mortgage in order to get possession of the property. If you did foreclose your son's title to the property would be transferred to you and he would no longer own it.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
