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What if two people own the land and the foreclosure is in only one name?
Wiki User
∙ 13y ago
It depends on how the real property is legally titled and recorded in your jurisdiction. If the foreclosure notice is in one name only, it is probably in the name of the debtor whose name appears on the loan/mortgage. IF two people actually do own the property, then the notice MAY be legally insufficient for the lender to actually foreclose on the property in question.
Another Perspective
It depends on who owned the land at the time of the mortgage and who signed the mortgage.
If two people owned the land at the time of the mortgage and only one signed the mortgage then the lender only has a one-half interest. It cannot foreclose on the interest of the owner who didn't sign.
If one person owned the land and signed a mortgage and then transferred a half interest to another person, that other person received their interest subject to the mortgageand the bank can foreclose and take possession of the property if the mortgage isn't paid. In addition, once an owner of property has granted a mortgage the "due on transfer clause" in the mortgage prohibits any transfer of title without notifying the bank. If the bank finds there has been a transfer of any interest by deed, it can demand payment in full of the mortgage balance immediately.
Wiki User
∙ 13y ago
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What can you take in a foreclosure?
You can only recover what the loan was for--house, land and so on.
Do you know who is qualified to answer foreclosure questions truthfully?
Jurors are people who are qualified to answer foreclosure questions truthfully. Not only will they do it, but they have to. They are sworn to answer truthfully about qualifications for the case.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
Does foreclouse affect the spouse credit who is not on the mortgage?
No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.
How do you make a sentence with the word foreclosure?
The purchaser at the foreclosure sale has only the rights of an assignee
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
If your wife's house is in foreclosure and the note is in her name but you have made payments on it in the past will it hurt your credit or only hurt hers?
I would say it should hurt her credit only. But i guess that would depend on if the house is in your name as well. Hopefully its in here name only and it should only affect her.
Foreclosure - when is earliest point it can happen?
A foreclosure can happen according to the contract that you signed. It is usually only after 3 or 4 months of no payment that a bank or mortgage company will begin to think about foreclosure.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
Can a wife whose name is on the deed and the mortgage do a deed in lieu without the husband?
No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.
Should I buy a foreclosure from a bank?
The only way to buy a foreclosure is through the bank. If you want to save money you can try to pay in cash.
What if you buy a property that was orignially foreclosed by fraud?
If the foreclosure was no good you may not own the property. In other words, your title is only as good as the foreclosure.
