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What happens to a promissory note if the creditor takes title to real property?
Wiki User
∙ 13y ago
Real property can only be encumbered by a mortgage and not by a promissory note. A promissory note has no effect on real property it is only evidence of a loan. If the mortgagee acquires title to the mortgaged property the title merges and the mortgage is extinguished.
Wiki User
∙ 13y ago
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What does it mean to establish credit?
if something ever happens to the person witht he credit then the creditor takes care of it.
Will you be notified when to move after sheriffs sale?
If you cannot pay the creditor and have not made any arrangements with the creditor to remain on the property then you should be prepared to vacate the premises immediately. As soon as the sale takes place there is a new owner and the property is no longer yours. There can be problems with liability and insurance coverage from that moment on and it is not in the buyer's interest that you remain on their property, uninsured.
Can a bank foreclosure on property where money is also owed to the government for nursing home costs if property is ever sold?
Certainly. The bank has a lien on the property, and in most cases that lien takes precedent. In some situations, however, say in situations of unpaid taxes, no other creditor takes precedent. The IRS will be paid.
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After a default by the borrower the bank takes possession of the property and sells it.
What happens if a spouse takes his name off a deed prior to a legal separation from a spouse?
He no longer owns any interest in the property.
What happens to you when your house is condemned?
When a property is condemned, the state takes it over. All people living there are required to vacate and find someplace else to live.
Are you supposed to be notified if someone puts a lien on your house?
Liens, in just about every state are for the protection of the creditor, not the debtor. You state laws will define what is expected for all liens that are filed. If you want to check if there are existing liens consult the county's public records.
What happens if a dog takes nexium?
What happens if your dog takes nexium?
If you file chapter 7 bankruptcy and are discharged can a creditor later put a judgment against you for a mortgage on property you surrendered to them when you filed the bankruptcy?
No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during this foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.
What does secured loan?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
What does secure loans mean?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
In Alaska are your children responsible for your medical and credit card debt after you die?
They are not responsible for credit card or other creditor debt unless they are joint account holders, nor are they responsible to pay medical bills unless they signed a written agreement to do so. Life insurance death benefits are not subject to creditor attachment or to probate procedure when there is a named beneficiary. No, but your estate is. If you have any property that you WANTED to go to the children, the courts will sell the property to pay outstanding debts. That is often the reason probate takes so long.
