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A "mortgage buyer" when referring to a private real estate note, would be a real estate investor who will purchase private mortgage notes for cash. These investors are also sometimes referred to as note buyers, promissory note buyers, land contract buyers and deed of trust buyers.
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Is a mortgage enforceable if not deeded to buyer?
Answer: A mortgage runs with the land until it is paid. The buyer would acquire the property subject to the mortgage.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
Who holds the deed the seller holding mortgage or buyer?
the seller holding mortgage
What describes assumable mortgage?
It can be transferred from a seller to a buyer.
Which of these describes an assumable mortgage?
It can be transferred from seller to a buyer
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
How much deposit does a first-time buyer need for a mortgage?
A first-time buyer typically needs a deposit of around 5-20 of the property's purchase price to secure a mortgage.
Who are some companies that are buyers of mortgage notes?
A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
What is the purpose of a good faith deposit in a mortgage transaction?
A good faith deposit in a mortgage transaction is meant to show the seller that the buyer is serious about purchasing the property. It demonstrates the buyer's commitment and helps secure the deal.
What best describes an assumable mortgage?
An assumable mortgage is a type of home loan that allows a buyer to take over the seller's existing mortgage, including its interest rate and terms, rather than obtaining a new loan. This can be beneficial for the buyer if the original loan has a lower interest rate than current market rates. However, the lender typically needs to approve the buyer’s assumption of the mortgage, ensuring they meet credit requirements. Assumable mortgages can streamline the purchasing process and provide potential savings for the buyer.
Is buying a property that is subject to a mortgage legal?
The bank must be notified of the sale and it is up to the bank whether the mortgage can be assumed by the buyer.
