0
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoIn a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
Add your answer:
Earn +20 pts
Can land be included in reverse mortgage?
No, land is typically not included in a reverse mortgage. Any type of underdeveloped land is not included in a reverse mortgage.
In Michigan can you sell a house on a land contract if their is a very large Mortgage on it?
Absolutely not legal.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
Is it legal for a land owner to enter into a land contract when they have a mortgage?
If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.If you are referring to a sales contract the answer is yes. The mortgage must be paid off when the land is sold and the buyer should have a title examination performed by a professional in order to determine if the title is clear.If you are speaking of any other type of contract such as for clearing lumber, you need a written consent by the lender. If you do not have the lender's consent and the mortgage is foreclosed then you will lose your rights under the contract.
What is a seller's second mortgage?
The seller assigns keeps the first mortgage in his name, the buyer makes payments to the seller to cover the first mortgage and the sellers equity. It's sometimes called "seller financing" or "land contract".
Do you have to pay for a mortgage on a mobile home left to you by your parent or can you let the lender take it without taking the land it is on?
You would need to look at the contract. Often a mobile home contract is secured by the land it is placed on. It may be that you cannot default on the mobile home without losing the land.
How does a personal mortgage differ from a land contract?
A mortgage is a loan from a lending company or a bank, and usual the loan was the total cost. The loan customer then has to make payments to the bank . When a loan is obtained, a customer's credit score is taken into consideration and will determine the amount of interest the customer will have to pay on the loan. A land contract avoids the use of credits scores, and payments are made directly to the property owner until the contract has been satisfied.
Do you have to notify your mortgage lender if you want to sell your property on a contract for deed?
The bank must be notified when there is a sale pending. The buyer's attorney will arrange to have the title examined and the mortgage will be disclosed. The mortgage will be paid from the proceeds of the sale and a discharge of the mortgage must be obtained from the bank. The discharge must be recorded in the land records.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Can a land contract be made if there is a mortgage on the property?
Yes. The mortgage should be disclosed and it must be paid off from the proceeds of the sale. If the buyer is represented by an attorney the attorney should arrange for the title to be examined in order to disclose any other encumbrances.
What is a mortgage buyer?
A "mortgage buyer" when referring to a private real estate note, would be a real estate investor who will purchase private mortgage notes for cash. These investors are also sometimes referred to as note buyers, promissory note buyers, land contract buyers and deed of trust buyers.
What is a puisne mortgage?
A legal mortgage of unregistered land in which the mortgagee does not keep the title deeds of the land as security.
