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Does owner financing and contract for deed mean the same thing?
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
What rights does a debtor have in a trust deed?
A deed of trust is used in North Carolina in place of a mortgage. It is now the same thing. At one time it was not.
Is a quitclaim deed the same as a mortgage deed?
No. A quitclaim deed transfers the property to a new owner permanently. A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.
Can you refinance a mortgage in California with only one owner on the new mortgage if it is a legal same-sex marriage so both would now be legally owners?
The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.The following is general information only. It depends on who is listed as a grantee on the deed. If the property was acquired by only one then they must sign the note and mortgage. California is a community property state so it is likely in that case that the lender would require that the other spouse sign their consent to the mortgage so it can take possession of the property in the case of a default.If both are on the deed then both must sign the note and mortgage.
Your grandmother is a cosigner on your mothers house and your mother is now deceased is your grandmother now the owner?
Signing on a note is not the same as being on the deed. She certainly has a claim on the property, particularly if she helped pay the mortgage.
Can a quitclaim deed stop foreclosure?
No. The deed would only complicate the foreclosure process and cause an increase in legal costs. The mortgage takes priority over the deed since it was granted first. The grantee in the quitclaim deed would take the property subject to the mortgage. The foreclosure would still be filed against the mortgagor.
Is title to a house the same as a deed to it?
Not exactly. The person with title to a property is the person who legally owns it. A deed and a title are not the same thing. A deed is a legal document that transfers the title from one person to another.
Was citifinancial mortgage company ever accused of predatory lending?
Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%.... Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%....
If your name is not on mortgage application can it be put on deeds?
No. All the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property. If the deed and mortgage are both done at the same time, all the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property.Also take note that if a parent grants a mortgage to a bank there is a due on transfer clause in the mortgage. That means if there is a transfer of ownership the bank can call in the full amount of the loan. Therefore if the parent transfers the property to their children after they have mortgaged the property, the bank can demand payment of the mortgage in full.You should seek legal advice before you act.
Who records a satisfaction of mortgage?
The same local county/parish Registrar or Recorder who recorded the Deed of Trust will record the satisfaction or reconveyance papers. Your mortgage company is responsible for filing the appropriate documentation.
I own a condo with my boyfriend. I am moving out of the state and my boyfriend will remain in the condo. Can I file a quit claim deed to get my name off the mortgage?
No. The mortgage will need to be paid off and refinanced to free you from the obligation. Do not convey your interest to your boyfriend until he has been approved for a refinancing and make certain your deed is part of that same transaction. You will want indisputable proof the mortgage will be paid off and a new mortgage recorded in your boyfriend's name only. Only then should you sign a deed. The matter should be handled by an attorney who can look after your legal rights.A mortgage is an iron-clad contract you signed with the bank promising to pay a considerable sum of money it loaned to you. There is no way you can "take your name off the mortgage". If you sign a deed now you will be responsible for paying a mortgage on land you do not own.
