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Is the lender required to sign the satisfaction of mortgage before they get the money?
Wiki User
∙ 10y ago
Of course!
Wiki User
∙ 10y ago
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Does a co-signer on a home need to live in the house?
No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.No, unless it is required by the lender. You need to review your mortgage documents.
What is the required timeframe for mortgage lenders to retain files for paid off mortgage loans?
The timeframe for which a mortgage lender is required to retain files for a paid off mortgage loan depends on the state that the lender is in. Each state has their own laws regarding mortgages.
Can lenders sue after satisfaction of mortgage?
Read your Satisfaction of Mortgage carefully. The wording and the document used can vary, depending on the lender and the jurisdiction. The satisfaction or discharge of the mortgage should state that the mortgage has been satisfied. In some cases the note is mentioned also. A satisfaction of the mortgage removes the encumbrance of the mortgage from the subject property. If the mortgage was effectively satisfied and was not recorded in error, the lender would have no reason to sue.In some cases where the mortgage is discharged the notemay not be discharged and will remain as indebtedness against the borrower but not as an encumbrance on the real estate.If the satisfaction was recorded in error the bank would need to take the matter before a judge to request a court order to reinstate the mortgage. However, courts do not always help a lender when it has made that kind of mistake. The statute of limitations and rules regarding that type of action vary in different jurisdictions. You need to consult an attorney who is familiar with the laws in your jurisdiction.Also, a problem has developed in the mortgage/foreclosure related industry whereby entities who have no interest in a mortgage are executing bogus discharges for a fee, convincing unsuspecting consumers that the lender's title is insufficient and the lender will need to take the matter to court in order to defend their ownership of the mortgage. Of course, those discharges are worthless.If you are uncertain about your mortgage discharge then you should consult with an attorney who specializes in real estate law in your jurisdiction.
Which is not usually required by the lender when you apply for a home mortgage?
Renters Insurance.
Who pays for satisfaction of mortgage?
If the mortgagee (lender) fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute. A Satisfaction of Mortgage is a document signed by a mortgagee acknowledging that a mortgage has been fully paid by the mortgagor and that the mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
What if you want to change the property of a mortgage loan?
You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.
Can you get a mortgage with IRS liens?
No. The liens must be paid off before a lender will grant a mortgage. Sometimes the lender will arrange payment and roll that amount into the amount borrowed.
How do you modify mortgage?
The lender owns the mortgage and only the lender can modify it. You need to discuss it with the lender.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
What does a mortgage lender provide for proof of ability to by a house?
The LENDER provides nothing the LENDER requires YOU to provide the evidence before they will lend you any money.
How do you become a qualified mortgage lender?
A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.
