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you got a problem. the mortgage company goes to the second person and they don't care as long as they get the money. if you can't handle the mortgage payments, try to get it refinanced for a lower amount or tell the mortgage company the problem. they rather get some money than nothing at all. if you can get the person to take their name off the mortgage and let you take over everything, that would be great. but you will have to found out from the mortgage company how to go about taking other persons name off. they will tell you , it has to be done by the one that abandoned it.you can get all the paperwork together for the other person and send it. but if that person wants what they invested in the property, the money amount. you may have to buy their portion out or sell it and divide up the money. but if they don't want it then maybe a letter to the mortage company from that person would take their name off.you really need to get in writing what that person is going to do concerning property.

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โˆ™ 2005-05-11 10:07:13
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Q: What do you do if two single people are on a mortgage and one person abandons the property in Florida?
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Related questions

Does a home mortgage cost more if you have waterfront property in Florida?

Home mortgage will cost more on any waterfront properties including Florida because this type of property is highly sought after. Many people like to live near the water so the cost will always be higher than non waterfront properties.


Do you have to get a mortgage to buy a house?

No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.No. If you have the cash to pay for the property you do not need to obtain a mortgage. Mortgages are for people who do not have the cash on hand to buy real property.


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.


How is a deed tied to mortgage?

People acquire the title to real property by virtue of a deed. The deed makes them the legal owners. If they want to borrow money from a bank in the form of a mortgage they must grant the bank an interest in the real property that is described in their deed. The property will be described in the mortgage exactly as it is described in the deed and will also recite a deed reference. Signing a mortgage and note gives the bank an interest in the property described in the deed. Any person who is checking that property in the land records will find that mortgage. In some states (lien theory states) the mortgage becomes a lien on the property that must be paid before the lien is released. In some states (title theory states) a mortgage is an actual transfer of the property to the bank. Language in the mortgage prevents the bank from doing anything with the property unless there is a default in paying the mortgage. If there is a default the bank can take possession of the property and sell it.


How does cosigning for a mortgage differ from a joint mortgage?

A joint mortgage is executed by two people who own real estate. Each is responsible for paying the mortgage in full.A co-signer has no ownership interest in the property but they have agreed to pay off the mortgage if the primary borrower fails to pay. In other words, they agree to pay the mortgage for property they don't own.


Can 1 person sell a home if 2 people are on mortgage but 1 signed over the deed?

The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.


What happens in the state of Florida when there is one person on the loan and two people on the Deed?

The answer depends on when your name went on the deed. If your name was on the deed as joint owner before the mortgage was granted then the bank can only foreclose on the co-owner's half interest if you didn't sign the mortgage. In order for the lender to perfect their interest in the mortgaged real estate, all the owners must sign the note and mortgage. Generally, if you own an interest in real property and don't sign the mortgage, the bank cannot foreclose on your interest in the case of a default since YOU did not transfer your interest to the bank.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage. That means if the sole owner of the property grants a mortgage and then transfers an interest in the property to another person, the bank can demand the full payment of the mortgage- immediately.


Do you have claim to house if name is on deed but not mortgage?

You have asked a complicated question. Many people execute a quitclaim deed to a partner or spouse after they have purchased and mortgaged their property. If that is the case, the original owner should notify the bank of the change in ownership and the bank may require the new co-owner to sign a consent to the mortgage. If the bank isn't notified, you acquired an interest in the property subject to the mortgage and the mortgagor has breached their mortgage agreement with the bank. The bank can demand immediate payment of the balance due on the mortgage and can take possession of the property if the mortgage isn't paid. Another possibility is that if the mortgage is paid on time and the bank does find out about the transfer to you and notify the mortgagor that they have breached the agreement then you own a half interest in the property. On the other hand, if two people own property by deed and only one granted a mortgage, the bank has only a half interest in the property. If the mortgage is foreclosed the bank will acquire only a half interest in the property.


One person is on the deed and two people signed the note . Can the person on the deed sell the property without permission satisfy the mortgage and collect the proceeds?

Yes. A person who does not own the property but signs the note is simply a volunteer. They have volunteered to pay the mortgage if the primary borrower (the owner of the property) defaults. Signing a mortgage for property you don't own is a very bad decision.


Can one person remortgage when two people are on the deed?

No. All the owners of the property must sign the mortgage so the lender can take possession of the property in the case of a default.No. All the owners of the property must sign the mortgage so the lender can take possession of the property in the case of a default.No. All the owners of the property must sign the mortgage so the lender can take possession of the property in the case of a default.No. All the owners of the property must sign the mortgage so the lender can take possession of the property in the case of a default.


How do you mortgage property in monopoly?

when its your turn you can mortgage a property so long as you own the property and it has no houses or hotels on it. to mortgage it you just flip the card over and take from the bank however much it says the mortgage is worth (this is always half the value of the street). people who land on your street when it is mortgaged do not have to pay the rent. you can unmortgage your street when it is your turn again and if you sell or trade the street to another player when it is mortgaged then that player must adopt the mortgage and pay it themselves.


If one person is on the deed and two people signed the note can the person on the deed sell the property without permission satisfy the mortgage and collect the proceeds?

Of course. A person who signs a note and is not on the deed is simply a volunteer. They have volunteered to pay a mortgage on property they don't own if the primary borrower defaults. The owner of the property can sell the property and pay off the mortgage from the proceeds at any time.


According to the monk what is one of Fortune's traits?

She abandons people when they least expect it


If 2 people are unmarried and deeds are in 1 name to avoid paying a huge amount of tax and they split where does the person who is not on the deeds stand with regards to paying mortgage or ownership?

First, the person who is the grantee on the deed owns the property. Period. Second, the person who signed the mortgage is obligated to pay the bank. If you signed a mortgage but didn't own the property the bank can come after you to pay if the property owner defaults on the mortgage. It will ruin your credit. Your answer: If you do not own the property and yet you signed the mortgage then you own nothing and you will be held responsible for paying the mortgage.


Do people over 65 pay property taxes in Florida?

Everybody pays property taxes if they own property or a house on property.


What is meant by contractor mortgages?

Mortgages applicable to those type of people (Contractors) are termed as Contractor Mortgages. Guidelines and documentation required for availing a contractor mortgage is different than that of a typical mortgage. The only entity that can mortgage any property is the legal owner so the contractor must have title in order to grant a mortgage on the property.


Can you have two people on a mortgage and only one of them on the deed to a house?

Yes. A person who doesn't own the property can agree to be responsible for paying the mortgage. However, they would be a volunteer and signing the mortgage and note would give no ownership interest in the property. If the primary borrower failed to pay the volunteer would be held fully responsible for paying the mortgage.


If you are a title holder of real property but are not on the mortgage loan and or mortgage note of that property can a lien be placed against the real property if you file bankruptcy?

This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.


A trustee removed the bank's lien so he can liquidate the property to pay creditors. Can a property be released from a mortgage if one person is on the mortgage and two people are on the deed?

A duly appointed trustee in bankruptcy can obtain permission from the court to sell the property free from encumbrances. That is the only way the property can be transferred free from the creditors liens.


Can two people own the house but one have the mortgage?

A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders


What does a secondary mortgage market deal with?

The term 'second mortgage market' refers to all the people who have taken a second mortgage out on a property. This market has dramatically increased in size given the recent economic conditions in the housing market.


Can someone place on a property lien if one person is on mortgage but two people on deed of trust?

Yes.


What is a mortgage?

mort·gagen.1. A temporary, conditional pledge of real property to a creditor as security for performance of an obligation or repayment of a debt.2. A contract or deed specifying the terms of a mortgage.3. The claim of a mortgagee upon mortgaged property.tr.v., -gaged, -gag·ing, -gag·es.1. To pledge or convey (property) by means of a mortgage.Source: Answers.comIn popular, non-legal terminology, people often refer to getting or having a mortgage. What they probably mean is that they have obtained a loan to fund the purchase of real property. Lenders of such loans require that the lender receive a security interest in the real property as protection against a default or non-payment. A properly drafted mortgage grants the lender the power to take possession of and sell the property if the loan isn't paid.In the case of "mortgages," we are really dealing with two different things when we speak about "a mortgage." Most people actually use "mortgage" incorrectly. They use "mortgage" when they are really referring to a loan secured by a mortgageinterest. The mortgage, however is not the loan itself; the mortgage is the security interest in the real estate that the lender obtains from the borrower.A mortgage is a conveyance of title to real property as security for a debt. The mortgage can create a conditional conveyance of real property or it can create a lien depending on state laws.In title theory states the mortgage transfers title to the property to the lender until the debt is paid. A release of the mortgage transfers the title back to the mortgagor. In a lien theory state the mortgage creates a lien on the property that is released when the mortgage is released.


What is the purpose of reverse mortgage wells?

A reverse mortgage is available to people age 62 and over and allows them to take a mortgage out on the equity of their home. They do not have to pay back the loan until they pass away, sell the home, or stop living at that property.


What is a mortgage company?

This is a type of regulated lender that specifically lends money for people to purchase "Real Property" (homes)