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Is a property inspection required when a mortgage note is passed sold to another lender?
Wiki User
∙ 10y ago
No.
No.
No.
No.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoNo.
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To transfer your mortgage to another property?
You can't 'transfer' your mortgage to another property. The bank owns the mortgage lien. You would need to negotiate with the bank to modify its lien.
Can I Transfer a mortgage in foreclosure to another name?
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
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.
Am I responsible to repay a cosigned mortgage upon default?
If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.If you are the co-signer the answer is yes. That's why the bank required a co-signer. When you signed you agreed to be responsible for paying the full amount of the loan if the primary borrower defaults. In the case of a mortgage for another person's property, you agreed to pay for property that you don't own. You should read the documents you signed.
Your name is on a quit claim deed but the mortgage is in another person name can the bank take your house?
Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.
If one person has a first mortgage on one property can another person have a first mortgage on the same property?
no. whichever mortgage was filed first with the local county clerk is the first mortgage on the property. any other mortgage would be subordinate in priority, and the priority is established by the date on which the mortgages are filed in the county clerks office
Where could one find more information on mortgage insurance?
When looking to find the best and most current information on mortgage insurance it might be an idea to speak with the mortgage provider for the property the insurance is required for. Another way might be to view comparison websites such as Money Supermarket who offer information on many companies that provide mortgage insurance.
What happens if your mortgage exceeds the house value?
If your mortgage exceeds the sale price of your property your will be subject to a "Mortgage Shortfall" If you are selling your property to move to another and the shortfall is less the 2% most high street lenders can arrange a loan for your replayment of the mortgage shortfall and will not prevent you selling your property. If the % of "Shortfall" is significant some lenders will insist in you taking a secured loan, or disallow the sale of your property until some of the shortfall is paid. If you have mortgage shortfall, AND mortgage arrears it is unlikely any high street lender will allow you to sell the property and move to another. If your mortgage arrears exceed 3 months they may start repossession proceedings. In most cases if individuals financial situation allows the most cost effective way of dealing with mortgage shortfall if you intend to move and do not have adverse credit is to find the cheapest unsecured loan for the minimun required by the lender to pay off a lump sum of the mortgage which will reduce or remove any shortfall your property currently has.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
What is a property conveyance?
In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.
Your mortgage company added your other property to your mortgage illegally 2 years after signing mortgage What can you do?
The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it does not show the second property, then they have no legal right to put a lien on it. I would go to the closing agent (title company or attorney) that originally searched the title to your property and ask them for help. in some states if you had a foreclosure on another property, the first lender can place a lien on a new property that you have bought, if that is what you are talking about.
Who is responsible for mortgage payment on a survivorship deed the person who is on the warranty deed of survivorship or the estate?
The answer depends on the details: when was the mortgage granted- when was the survivorship created. If the mortgagor was the sole owner of the property when they granted that mortgage, and later created a survivorship with another, then ownership passed to the survivor subject to the mortgage. If the survivor doesn't pay the mortgage then the lender will take possession of the mortgage by foreclosure.Survivorship property does not become part of the decedent's estate and the mortgage passes with the property to the survivor.
