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Can a future beneficiary borrow against his assets in trust?
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
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.
Can you borrow against your life insurance plan or use it as collatoral for a loan?
You can take out the net cash value on your policy if you have cash value, or you can assign the policy as collateral for a loan, and change the beneficiary to be the lender.
Can you get a loan against your home without a appraisal?
it depends upon the lender - if the market in your area is active - a lender can decide to use comparable recent sales figures on same/similar dwellings
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
Who gets money when there's a Vendor's Lien on title?
Lender or Beneficiary
Can you will someone your home if it is not paid for?
Yes. You can leave your property to a beneficiary. However, the beneficiary must pay off the mortgage or the lender will take possession of the property by foreclosure. When you grant a mortgage you are granting the lender an interest in your property. Your beneficiary would take the property subject to the bank's interest.
Can a future beneficiary borrow against his assets in trust?
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Is the voluntary relinquishment of a vehicle by the borrower as damaging as a lender's repossession?
Yes, it is the same thing.
What if opening bid is higher than house is worth in trustee sale?
Then it will go back to the beneficiary, the lender.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Requirements for winning a quiet title suit in Missouri?
beneficiary cannot be lender void DOT UCC 3-602a
Is it legal to have two insurance policies for the same beneficiary under a different contract?
Yea, if you have two different contracts and the beneficiary is the same, you can have two different policies which is legal.But against same contract, you cannot take two policies when the beneficiary is the same which is illegal.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
What happens to a co-buyer if the car is repossessed?
Same thing that happens to the buyer. Lender persues their legal options to collect the balance due.
What about any life ins or death benefits?
Life Insurance is the same thing as Death Insurance, If you are insured, and you die, your beneficiary receives the proceeds of the life policy.
