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Your (previous) bank's assets are transferred to another institution. Your mortgage is considered an asset. It is money owed and part of accounts collectible. Someone somewhere will now hold the note, and you'll owe them like you owed your bank.
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∙ 15y ago
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Can a second mortgage holder foreclose on a first bank mortgage holder?
yes, but it rarely happens.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
What are Savings and Mortgage Banks?
A saving bank is a usual bank which offers you al the facilities of a normal Baking Arena, whereas a Mortgage Bank is a bank which specializes in Mortgage Plans.
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
What bank is servicing the mortgage held by first nationwide mortgage?
First Nationwide Bank
What happens when the bank closes your account?
if bank closes yr account,it gets closed,or dead.
If a bank that holds your mortgage fails what happens to that mortgage?
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
Can a second mortgage holder foreclose on a first bank mortgage holder?
yes, but it rarely happens.
What happens when someone has been approved for a mortgage but dies before the sale closes?
The contract becomes null and void.
What happens if your spouse dies you're not on the mortgage but have the deed in your name?
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
What happens to the mortgage loan when bought on a tax deed sale who is responsible or will the bank put a lien on the property?
A mortgage IS a lien on the property. The bank already has an interest in the property that was perfected as soon as the mortgage was recorded in the land records. If you purchase property that is subject to a mortgage, the mortgage must be paid or the bank will take possession of the property by foreclosure.
What happens to the mortgage if you sell deed with right of survivorship?
You must notify the bank of the transfer and arrange to pay off the mortgage in full.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
What is a mortgage title closer?
one who closes loans
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
What happens to property with a mortgage when the owner with a will dies?
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
