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Both parties who signed the mortgage are equally responsible for paying the mortgage. If one leaves and refuses to pay the other will be held responsible for payment. If the mortgage isn't paid the bank will take possession of the property by foreclosure and your credit will be ruined. You may want to arrange a meeting with the bank, explain your circumstances and arrange to sell the property. Perhaps the bank will accept whatever you can get for the property instead of going through the expense of a foreclosure.
You have another problem. If the other person is on the deed, you will need their signature to sell the property. You should seek the advice of an attorney, perhaps one who specializes in family law and real estate, to help you resolve the situation. They would have the knowledge and experience to negotiate with the bank for you.
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What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
What happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
What happens if one spouse leaves and there is a mortgage on the home?
The mortgage agreement is still valid and must be adhered to by all parties that are named in the lending agreement or the lender can begin foreclosure proceedings. The spouse abandoning his or her personal and financial responsibility has no bearing on the validity of any debt.
How do some people get independent mortgage?
Some people get independent mortgage by showing the government or state that one is capable of doing so. In addition, one can get independent mortgage by one's plea or need.
Where can someone get a mortgage loan for people with bad credit?
One can get a mortgage loan for people with bad credit in two different places. The first place that one can get a mortgage loan for people with bad credit is a bank, like Wells Fargo. Another place that one can get a mortgage loan is a credit card company, like American Express.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
What happens to a mortgage when one spouse dies?
Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
What happens there is one person on the loan and two people on the Deed?
Nothing happens unless that person on the loan does not pay or dies. A real estate attorney in your particular state should be contacted for legal advice. If one of the former occurrences happen, the one not on the mortgage may lose property rights. The lender for the property does not need to accept mortgage payment from the other party since the loan was not with them. Legal and mortgage rights are dependent upon the state. Consult with an attorney to ensure your continuity rights of ownership here.
Where can one find information regarding reverse mortgage fees?
One can find information regarding reverse mortgage fees by contacting one's mortgage/insurance/bank provider. The customer service people will help provide the information one needs.
What happens during the process of a mortgage closing?
The mortgage closing is the last step in purchasing a home. It is the point that one goes from house buyer to home owner. The mortgage closing is when your mortgage becomes official and the seller receives their money. Once the mortgage closing has been completed, you will then receive the keys to your new home.
What if 2 people are on a mortgage and one moves out of the home in North Carolina?
The names on a mortgage are not what decides ownership, the deed to the house is the determining factor. Married couples generally own a house by Joint Tenancy With Surviviorship Rights, Joint Tenancy or in a few states Tenancy By The Entirety. Even if one spouse leaves the residence he/she does not lose their rights of ownership.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
