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No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
No. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNo. The real estate is used to provide security for the note. The mortgage is executed to grant the lender an interest in the real estate until the debt is paid.
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What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
Does the spouse have to sign the mortgage in PA-Hubby is the one on the mortgage but bank states wife has interest in property so she must sign. Does that mean she has to be a co-applicant?
Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.
Are a mortgage and promissory note the same?
No. The term mortgage is many times used by consumers and others to refer to both a note and a mortgage but they are not the same. A note is a promise to pay. An 'I owe you' committing the borrower to pay the lenders and setting out the terms of the loan. A mortgage is one form of a security agreement. The document sets out the terms of the security provided by the borrower to the lender to protect the note. A person has to own the property before they can provide a security agreement that will create a lien or charge on the property. Technically that means a home buyer will need to go on title before the mortgage can be used to put a lien on the property. A little chicken and egg but generally handled through escrow by a lawyer, solicitor or escrow agent. Many times there will be one physical document that contains the note and the mortgage. In some US states a borrowers will sign a note and a trust agreement. Trust deed states is a term for them. Rather than use a mortgage that requires court action a trust agreement will allow a third party to sell off the asset, the house, without court action. Cheaper and faster so the lenders are more open to making the loan in the first place. Less risk to the lender, lower costs to the borrower. No, they are not the same, but they work together. A promissory note says, "I am borrowing $X from you and promise to pay you back $Y per month which includes interest of Z% per year. On DATE, the loan will mature and I will pay you the outstanding balance at that time." But that is just a promise. What does the lender do if the borrower doesn't perform according to the terms of the note? That's where the mortgage comes in. The mortgage document (or Deed of Trust in some states) pledges ownership in a property as collateral for the promissory note. It says, "Here is the legal description of a property I own. If I don't pay this note on time and in full amounts due at each time, then you can foreclose the note and accept this property as payment."
Your credit was not used to get the loan but your name will be on the property will your credit score be affected?
If you didn't sign the mortgage and without your social security number being considered as basis for the loan the financial institution will not report for or against you. If you signed the note and mortgage, in the case of a default you will be responsible and a foreclosure will affect your credit record.
What is purpose of a mortgage?
A mortgage is granted to a lender by the owner of real property in conjunction with a loan. The owner must grant a security interest in real property to the lender. A note that sets out the terms for the loan is executed at the same time. The mortgage must be recorded in the land records and then constitutes a lien on the real estate until it is discharged. It will take priority over any liens that are subsequently recorded.If the mortgage is not paid the lender can take possession of the real estate by foreclosure. Therefore, from the perspective of the lender the purpose of a mortgage is to grant the lender a security interest in the real estate so that it can take possession if the loan isn't paid.From the borrower's perspective, a mortgage can be used to purchase and improve real estate. It can also be used for any other purpose for which the property owner is willing to encumber their real property by using it as collateral.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
Where can I mortgage calculator my mortgage?
A mortgage calculator can be used to determine your mortgage payment after you provide a few simple details. These can be found on most mortgage loan websites or independently such as mortgagecalculator.org.
Does the spouse have to sign the mortgage in PA-Hubby is the one on the mortgage but bank states wife has interest in property so she must sign. Does that mean she has to be a co-applicant?
Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.Yes. If the husband and wife own the property then the wife must sign the mortgage in order to grant the lender the right to take possession of the property by foreclosure if the loan isn't paid.The note is a separate instrument in a mortgage transaction. The note sets forth the terms of the loan and must be signed by the responsible party. In some cases the lender will allow only one party to sign the note and only that party will be responsible for paying the loan. However, if real property is used as security for the loan both owners must sign the mortgage.
Your credit was not used to get the loan but your name will be on the property will your credit score be affected?
If you didn't sign the mortgage and without your social security number being considered as basis for the loan the financial institution will not report for or against you. If you signed the note and mortgage, in the case of a default you will be responsible and a foreclosure will affect your credit record.
Are a mortgage and promissory note the same?
No. The term mortgage is many times used by consumers and others to refer to both a note and a mortgage but they are not the same. A note is a promise to pay. An 'I owe you' committing the borrower to pay the lenders and setting out the terms of the loan. A mortgage is one form of a security agreement. The document sets out the terms of the security provided by the borrower to the lender to protect the note. A person has to own the property before they can provide a security agreement that will create a lien or charge on the property. Technically that means a home buyer will need to go on title before the mortgage can be used to put a lien on the property. A little chicken and egg but generally handled through escrow by a lawyer, solicitor or escrow agent. Many times there will be one physical document that contains the note and the mortgage. In some US states a borrowers will sign a note and a trust agreement. Trust deed states is a term for them. Rather than use a mortgage that requires court action a trust agreement will allow a third party to sell off the asset, the house, without court action. Cheaper and faster so the lenders are more open to making the loan in the first place. Less risk to the lender, lower costs to the borrower. No, they are not the same, but they work together. A promissory note says, "I am borrowing $X from you and promise to pay you back $Y per month which includes interest of Z% per year. On DATE, the loan will mature and I will pay you the outstanding balance at that time." But that is just a promise. What does the lender do if the borrower doesn't perform according to the terms of the note? That's where the mortgage comes in. The mortgage document (or Deed of Trust in some states) pledges ownership in a property as collateral for the promissory note. It says, "Here is the legal description of a property I own. If I don't pay this note on time and in full amounts due at each time, then you can foreclose the note and accept this property as payment."
What is the purpose of credit note?
A credit note is used to write off an invoice or provide a refund.
What is coded word or number used to provide security to the cardholder?
the answer is password
What is purpose of a mortgage?
A mortgage is granted to a lender by the owner of real property in conjunction with a loan. The owner must grant a security interest in real property to the lender. A note that sets out the terms for the loan is executed at the same time. The mortgage must be recorded in the land records and then constitutes a lien on the real estate until it is discharged. It will take priority over any liens that are subsequently recorded.If the mortgage is not paid the lender can take possession of the real estate by foreclosure. Therefore, from the perspective of the lender the purpose of a mortgage is to grant the lender a security interest in the real estate so that it can take possession if the loan isn't paid.From the borrower's perspective, a mortgage can be used to purchase and improve real estate. It can also be used for any other purpose for which the property owner is willing to encumber their real property by using it as collateral.
Why do you need verification methods?
It is part of security measurers used in conjunction with other methods to provide for better security in many applications.
What Does The Term Floating Charge Mean?
A floating charge is a type of security under which all the assets of the business, apart from the ones which are subject to a mortgage or fixed charge, are used as security for the business loan.
Is a 30 year fixed loan home collateral?
Not sure what the question is. If you take out a mortgage loan on a home. the Promissory Note is used to show the debt (the promise to repay) and a mortgage lien is placed on the home to show that the home is collateral for the Note if the promise to repay isn't kept. Does that answer the question?
Where can I learn about reverse mortgage wells?
Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.
