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What happens when a mother temporarily quit claims her paid off property to her son he grants a mortgage on the property but wants to quit claim it back after he gets the mortgage?
Wiki User
∙ 11y ago
First, it sounds as though the mother may be contemplating helping her son obtain funds from a bank through a fraudulent scheme. It won't work. Mortgages have a "due on transfer" feature meaning that if you make a title change after you grant a mortgage then the lender can call the note due and payable if they become aware of this change. If you read the note and mortgage that the son signed this will be clearly stated.
It should also be noted that the son is still obligated to pay the mortgage. The mortgage as a legally binding contract predates and supercedes anything dated after it was executed. If he is relying on mom to make the payments and she does not, his credit will be wrecked. Lending regulations are specifically structured to prevent just this kind of thing.
Wiki User
∙ 11y ago
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What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
Is a mortgage a security?
Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.
What is a Mortgage Backed Security?
Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.
How much is a mortgage registration fee?
The mortgage registration fee is a State Government charge for the registration of a home loan. Because the property acts as security for a home loan, the government requires a home loan to be registered so that all claims on a property can be checked by any future buyers of that property. This fee can vary from state to state, so check the website of
What does mortgage?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
What mortgage means?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
What does mortgage mean?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
What is the name for claims against property?
The name for claims against property is liens.
What happens if you have judgments against you after you die?
Your creditors can make claims against your estate if you own any property at the time of your death.
What are the top rated American mortgage companies?
One company that claims to be the best American mortgage company is 'America's Best Mortgage Co.' The company is based in Canfield, Ohio and claims to be dedicated to providing the best customer service possible.
If husband claims bankruptcy and his name is not on the title is the house safe?
(Presuming no community property laws, etc), if he never owned the property it won't be subject to being sold to satisfy his debts. But it would seem the mortgage on the property wouldn't be his either...and if he has been paying that before his own debts...!st - shame on him...second...that won't fly in court..his creditors will have a right to claim his assets were misdirected to benefit someone else (and himself) instead of them...and that will become a mess! If he is on the mortgage, I'll bet you'll find that the owners of the property, (likely also on the mortgage, but not always), actually agreed that the property is security for the loan...and then it may well be used to pay that debt.
Is it a good idea to buy a bank note for your own property from someone who has bought it from the bank?
That could be done. However, you should seek the assistance of an attorney to determine that the assignment of the note from the original lender to the person who claims to have bought it is bonafide. The assignment of the note and mortgage from the bank to the present holder should be in writing, with reference to the recording information of the mortgage and signed by an authorized bank officer. The note and mortgage should then be assigned to you in writing, and in a similar form, upon payment to that assignee. Both of the assignments should be recorded in the land records. The second assignment, to you, should extinguish the mortgage lien on your property if you are still the record owner of the property.
