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What are the responsibilities of a new mortgage owner to existing tenants what if new owner wants to tear down and rebuild?
Wiki User
∙ 16y ago
Usually the new owner can do what they wish with the property, but must give some consideration to the previous owners contract with any tenants. You should give such tenants reasonable time before they must vacate. Let them know your intentions and discuss what amount of time would be acceptable for all parties.
Wiki User
∙ 16y ago
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If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Do you have regrets about having a buy to let mortgage over a traditional fixed rate mortgage?
If I had a buy to let mortgage over a traditional mortgage I think I would regret it. Renting to tenants is always a risky business. It can be hard to evict tenants if necessary and rent levels in these economic times are low.
In Texas can a landlord give a senior citizen discount only to new tenants and not existing tenants signing new lease?
Yes, landlords in Texas can offer a senior citizen discount to new tenants only, as long as this policy does not discriminate against existing tenants based on age. Landlords are not required to offer these discounts to all tenants, and they are allowed to set their own rental terms and conditions for new leases.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
If a home has 2 people named on the deed but the mortgage is in only one persons name what happens if the person who dies is not the mortgage holder?
It depends on how the 2 people owned the property: as joint tenants, tenants by the entirety, tenants in common, and whether the mortgage covered the entire fee ownership or just one joint tenant's interests in it. Too little information to be specific, but if we're talking joint tenants with the right of survivorship, the mortgagor-owner would inherit the deceased joint tenant's share and nothing much would change.
If a mother wants to sell her home with no existing mortgage to her son who will need her as a co-signor to secure a new mortgage will capital gains still be applicable?
You can't sell a home to yourself. If the son needs the mother as a co-signer she will need to remain on the title of the home. Therefore the ownership will go from mother to mother-and-son as tenants in common or joint tenants. Therefore an interest was added to the home (the son) but the mother is still an owner (just now 50% owner).
What are the rules concerning eviction of tenants due to foreclosure and sale of property?
Last year's Protection of Tenants in Foreclosure Act required the succeeding owner after foreclosure of a federally related mortgage to give the tenants a 90 day notice to quit.
What is the Landlord Tenant Act?
The Landlord Tenant Act is the rights and responsibilities of landlords and tenants. General obligation of tenants and landlords. It also governs the rental of commercial and residential property.
Are you interested in properties with existing tenants or vacant properties?
At Remaxstar Estate Agents Ilford, we cater to your preference. Whether you prefer properties with existing tenants for immediate returns or vacant properties for a fresh start, we've got you covered. Explore our options at estateagentsilford.co.uk. Your satisfaction, our priority.
Are joint tenants equally responsible for the mortgage?
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
What if a landlord doesn't pay mortgage with tenants money?
Then the landlords mortgage will go into default and if he/she continues to not pay the mortgage the property will be foreclosed on, and yes, you will be left in on the street. there is nothing that says (unless it is in specifically in your rental agreement) what your land lord has to do with the money.
If two people buy a property as joint tenants and finance it through a mortgage company and one of them dies who does the deceased property pass to?
The survivor is automatically the owner of the property and is responsible for the full amount of the mortgage.
