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Is the due on transfer clause in the deed of trust used by lenders to prevent sellers from conveying the property without notifying the lender?
Arriaganorma
Yes. The owner has no right to sell the property without notifying th bank. The present owner applied for the mortgage and was approved after a lengthy process. If that owner sells the property the lender wants its money back.
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∙ 14y ago
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Is it possible to carry a mortgage from one house to another?
No, it is not possible to transfer a mortgage. It is specific to a piece of property. But most lenders will work with you to create a new one for the new property with the resolution of the previous one.
What type of title insurance is requested by lenders?
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
What guarantees may a mortgage company insist on?
Lenders can require a variety of conditions such as:that you live on the propertythat you pay your property taxes to the lender so it can make certain they are paidthat you not make changes to the title without notifying the lenderthat if you breach your agreement the lender can accelerate the loan payment
What is the legal process for transferring ownership of property between NOTE HOLDERS?
Lenders transfer their interest in and rights under the note by executing an assignment of the note and mortgage and then recording that assignment in the land records.
What distinguishes hard money lenders from other lenders?
Hard money lenders offer loans backed on property. They tend to be short term loans, but as they use the client's house as collateral they can cause the person to foreclose their property. Hard money lenders place a higher focus on the value of the collateral over the ability of the borrower to repay.
Is vested interest on a property paid by the renter usable in the lenders eyes?
yes
Who are lenders and borrowers?
Lenders are the banks and finance companies who contract loans for the purchase of vehicles, homes, and other property. Borrowers are those who contract for the loans so they may purchase vehicles, homes, and other property. Although you did not ask, dealerships and realtors are those who act as the agents of the lenders to put borrowers in debt.
Can you transfer your credit rating from Canada to the United States?
No. There is no way to transfer credit ratings. You can, however, request that lenders pull a Canadian report (if they are able).
What are some commercial property lenders in Cleveland Ohio?
Some commercial property lenders in Cleveland, Ohio include CommercialBanc and Lender 411. For a comparison on interest rates available on commercial loans you could visit the websites Bank Rate.
How do you go about condemning a house?
Once you have the seller's information and you have the property information you need to talk to the city to see what encumbrances are on the property and what you will need to do to have them removed. Lenders normally will not lend on this type of property so you will need to work with unconventional lenders to purchase and repair the home. Once the repairs are complete and any encumbrances are removed you can refinance with conventional loans.
What is the purpose of a lien when you get a secured loan?
To let lenders take back property they financed if you don't repay your loan
Can a property solicitor transfer the mortgage debts to one party in the divorce so the other party can sell the property?
No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures.The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:A will transfer their interest in the property to B.In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.The entire transaction should be handled by the attorneys who represent each party.No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures. The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:A will transfer their interest in the property to B.In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.The entire transaction should be handled by the attorneys who represent each party.No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures. The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:A will transfer their interest in the property to B.In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.The entire transaction should be handled by the attorneys who represent each party.No. Lenders own mortgages and only the lender has the right to make changes in the mortgage. Generally, the debts must be paid off and refinanced in one name only. A lender would not allow a mortgage debt to be removed from the property it secures. The correct way to handle real property, that is subject to a mortgage, in a divorce proceeding:A will transfer their interest in the property to B.In exchange for the deed, B must arrange to refinance the property in their sole name and pay off the existing mortgage.The entire transaction should be handled by the attorneys who represent each party.
