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What if a Mortgage holder never files a lien against your house?
Wiki User
∙ 13y ago
If the mortgagee neglects to record the mortgage then it will not become a lien on the real estate. However, you are still obligated to repay the loan.
Wiki User
∙ 13y ago
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If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
What must a mortgage holder do when the person with the mortgaged house dies without a will?
File a claim against the decedent's estate. If the mortgage was recorded in the land records it must be paid before the property can be sold.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
Does house insurance cover a mortgage if the holder dies?
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
How do you get a 2nd mortgage discharged and keep your house?
You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan
How often can a mortgage holder inspect a fire damaged house?
every 2-7 years
How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?
forever
What happens when you die and leave a mortgaged house to someone?
They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
Can i find out if there is a mortgage on an estate?
Check the deed at the court house. There will be a lien against the property if their is a mortgage.
Can a second mortgage company foreclose on your house?
Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.
What rights does a mortgage holder have to inspect property?
Most notes and mortgage contacts give the lender many rights to inspect if they feel the house is not being taken care of and effecting their collateral position. Always remember, until that mortgage is paid, they own the house, not you.
