What is a Mortgage Take Out Letter?
A take out letter is an approval letter that the bank provides to a borrower, stating that you are approved for the final loan on the home once it is completed.
A second home mortgage is a loan that you take to purchase your second home. Read More
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage. Read More
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure. Read More
No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage. If you stand to inherit his property, the estate must be probate and the mortgage must be paid or the lender will take possession of the property by foreclosure. No. Not unless you co-signed the mortgage. If you co-signed you are responsible for paying the mortgage. If you stand to inherit his property, the estate must be probate… Read More
There is no set time for how long it will take a mortgage company to repossess a manufactured home. It could be as short as 30 days or take up to a year or more. Read More
The length of time it takes for a mortgage loan to get approved is highly dependent on the mortgage lender you are working with. Many large commercial banks can approve a mortgage in as little as 48 hrs. however. Read More
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance. Read More
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house. Read More
Your credit score will decrease after paying off your mortgage if everything else remains the same. Our credit score has been decreasing since paying off our mortgage 5 years ago. The suggestions for increasing our credit score were to take out a mortgage or take out a car loan. Read More
By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage. Read More
Your name is on a quit claim deed but the mortgage is in another person name can the bank take your house?
Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid. Read More
When you take out a mortgage you are agreeing to payback over time a certain percentage above and beyond the initial sum stipulated in the Mortgage. There is no fee that the lender has to pay as they are the ones setting up the mortgage with you and you alone. Read More
you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage Read More
Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure. Read More
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. Read More
Take a traing course. its posilbe to pass your mortgage advice qualifications in literally days after intensive traingin. You then need to apply for a license from the American mortgage licencing association or in the UK you need to pass the Certificate in Mortgage Advice & Practice (CeMAP). Read More
Mortgage brokers do not lend money. The have knowledge of the lending market, and guide potential buyers, who need to find a mortgage to purchase a property. The mortgage broker offers advice and recommends the most appropriate mortgage for the buyer. Advice is usually free, but the broker will take a commission from selling a mortgage, paid by the mortgage lender. Its best to seek advice from an independent broker in order that are not… Read More
In Florida it can take up to 6 months. Read More
There are a number of factors to consider when deciding on which mortgage refinancing package to take. These include how long the mortgage lasts for, the interest rate, what are the costs involved, is it a fixed or variable rate and are the repayments affordable. Read More
Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate. Read More
Yes. Read More
Can one spouse bump the other off title to real estate in California by a refinance loan in their name only?
No, of course not. They can only mortgage their own interest in the property and any legitimate, professional lender will require that both owners sign the mortgage so that in the case of a default it can take possession of the property by foreclosure. If only one owner executed a mortgage the lender could not take possession of the property if that borrower defaulted. Your title to the real estate can only be transferred by… Read More
"How Can I Negotiate With My Second Mortgage Lender to Take a Small Lump Sum Payoff" is an article available on the SFGate Home Guides section which explains in detail how to do just that. Read More
If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house. Read More
The mortgage must be paid off and the co-owner must refinance in their own name. The one who wants to take their name off the mortgage must convey their interest to the co-owner by deed. Read More
To refinance a mortgage through Wells Fargo, one doesn't need to be very patient. Refinancing a mortgage through Wells Fargo is a painless and easy process that only takes a few minutes. Read More
First and foremost, you cannot remove a "co-signer" of a mortgage from the obligations of the mortgage. They may release their interest in the property by signing a deed but that doesn't release them from their obligation to pay the mortgage. This type of situation often happens in a divorce when the parties have a poorly drawn agreement that one will convey their interest to the other and the other will take responsibility for the… Read More
Mortgage loans and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. Second mortgage means cover a part of buying of your home or to cash out some of the equity of your home. It is important to understand the differences between a mortgage and a home equity loan before you decide which… Read More
Some home mortgage lenders are basically any bank that is open around your home. A dedicated agent will be happy to tell you about the various loans you can take out. Read More
yes, and if you and your cosigner get into a disagreement. you would have to take them to court to get them off the mortgage if they dont agree. and they could sue you for half of what your mortgage is worth. and if they win you pay them what they won and then they can be taken off. but yes they own half. Read More
What do you do if two single people are on a mortgage and one person abandons the property in Florida?
you got a problem. the mortgage company goes to the second person and they don't care as long as they get the money. if you can't handle the mortgage payments, try to get it refinanced for a lower amount or tell the mortgage company the problem. they rather get some money than nothing at all. if you can get the person to take their name off the mortgage and let you take over everything, that… Read More
Generally no, all the owners of a property (and in many states their spouses) must sign a deed of trust or mortgage. The purpose of the mortgage is to give the lender the authority to take possession of the property by foreclosure in case of a default. When all the owners haven't signed, it's usually because someone (at a bank, title company or law firm) has made an error. If a mortgagor defaults following a… Read More
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender. Read More
If you are on the title of a house and the mortgage holder dies are you responsible for the mortgage if you are not associated with the estate?
If you wish to keep the property you will likely be required to refinance it and take on the financial responsibility depending upon how the property is titled and the probate laws of the state in which the property is located. Clarification If the decedent "holds" the mortgage ( as a mortgagee) then the answer is yes. The mortgage is an encumbrance on your property and it must be paid according to the terms of… Read More
What happens to a mortgage if the owner has committed suicide has children but no will and no insuranace to pay off the mortgage?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If the children are adults and want to keep the property they should call the bank to see if they can arrange to assume the mortgage. If so then they will need to make the mortgage payments. Also, the decedent's estate must be probated so the legal title will pass to the heirs according to the laws in your jurisdiction… Read More
When you are on a current mortgage your attorney offered you a loan modification should you accept it?
take the money and run Read More
The mortgage must be paid if the heirs wish to keep the real estate. The decedent conveyed an interest to the lender and if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should discuss the situation with the attorney who handles the estate. Read More
What can you do if you have givin the deed to a house to a person who you have a contract with and has not paid you any monies toward the house as per contract you are in the state of California?
If the buyer executed a mortgage in your favor then all you need to do is foreclose on the mortgage and take possession of the property. If the money due to you from the sale is not in the form of a mortgage in your favor then you will have to take your chances suing the new owner in a court of equity for breach of contract. Read More
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… Read More
Most mortgage companies' websites contain calculators for calculating the repayments one will make, the closing costs and can help one decide on which mortgage plan to take. Read More
The mortgage is still attached to the property. An heir can take over any interest in the property, as assigned by the probate court, but the heir will need to secure financing to cover the amount of money owed on the mortgage(s). If you're asking whether the mortgage goes away, no, the debt remains attached to the property until the debt is satisfied. Some banks offer "Credit Life" insurance which covers the mortgage, but it… Read More
The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit. Read More
You can only mortgage your own interest in the property. Generally, the lender requires that all owners consent to a mortgage so that in the case of a default, it can take possession of the property by foreclosure. Therefore, it is likely the lender will require that the other owners join in the mortgage. Read More
What can a mortgage company do if mortgage has not been paid in 4 years Read More
What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?
First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER. It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you… Read More
A Short Sale is when a servicer of the mortgage, the lender, takes less than what is owed on the mortgage, a shortage. For a Short Sale to even take place, someone must be getting "shorted." In this case, it would be the lender who services the mortgage(s). Typically, a Short Sale arises when a homeowner is behind on mortgage payments and owe more on the property than what it is actually worth, which means… Read More
The purpose for second mortgage calculator is to calculate the mortgage for when one gets a second mortgage. The second mortgage calculator will calculate all costs required. Read More
Your mortgage must be paid unless you have arranged for some type of mortgage insurance. Your mortgage must be paid unless you have arranged for some type of mortgage insurance. Your mortgage must be paid unless you have arranged for some type of mortgage insurance. Your mortgage must be paid unless you have arranged for some type of mortgage insurance. Read More
Yes. You can grant a mortgage on property owned in fee simple that is subject to a life estate. However, the life tenant must give their written consent by signing the mortgage. That way the lender can take possession by foreclosure, free and clear of the life estate, in the case of a default. Read More