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What kind of contract do you need for buying a house that is subject to an unpaid mortgage?
Wiki User
∙ 11y ago
Many properties that are subject to mortgages are offered for sale. The mortgages are paid off at the closing with the amount due deducted from the proceeds by the purchaser's attorney. You need to consult with an attorney or a trusted real estate agent before you sign any contract regarding the purchase of real property. Your attorney must arrange to have the title to the property examined by a professional to disclose any encumbrances, liens or defects in the title.
A home is usually the biggest investment the average person will make. A wise purchaser will hire an attorney who specializes in real estate law to make sure the deal is done properly and avoid future disasters.
Wiki User
∙ 11y ago
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What is unpaid?
An Unpaid mortgage is a mortgage that has not been paid
What is unpaid mortgages?
An Unpaid mortgage is a mortgage that has not been paid
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
What happens to second mortgage in foreclosure?
After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
Can a bank attach a unpaid balance to real estate?
Not in Texas. If the unpaid balance is related to your Mortgage then the answer is yes. In this case your home will be foreclosed. an unpaid balance will eventually be reported to the credit bureau.
Are sicked days paid or unpaid?
That depends on your contract with the employer.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
Can you be denied entry in US because of an unpaid cell phone contract?
No.
Can condo foreclose over a lender?
It is possible that both entities -- the association and the mortgage holder -- have vested, monetary interests in a condominium unit.There may be no 'priority' as to which entity forecloses first, but your state law may dictate which entity occupies the 'priority' position insofar as the distribution of funds are concerned when the property is sold.A local, association-savvy attorney can answer the specifics of your question.AnswerGenerally, a lender will make certain there are no outstanding condominium fees or assessments due before granting the mortgage. The banks require a certificate of no unpaid charges as part of any mortgage transaction. That is the main purpose of the title examination performed for any property that is the subject of a pending mortgage, i.e., to make certain there are no prior encumbrances. The lender wants to make certain it's lien is senior.If a lien arises for unpaid condominium fees or assessments after a mortgage is granted, the lien is subject to the mortgage. If the condominium forecloses on a condominium lien for a unit that is subject to a prior mortgage, the condominium would acquire the unit subject to the mortgage.
If a payment is missed on a private contract does Washington State law require that interest be charged?
Greetings fellow Washingtonian! The answer to your question is that the state does not require that you collect interest. I will assume you are talking about a real estate contract (the kind where the seller finances the property--not to be confused with a mortgage or deed of trust). If you are the seller, you are not required to charge any interest at all (my, what a nice person you are). But if the R.E.C. provides for interest, and a payment is not made, then interest will accrue on the unpaid principal. If there is a late fee provided for in the contract, then the late fee may be charged, and if unpaid, the seller may initiate foreclosure proceedings.
What would happen if you lives with your mother who dies with an unpaid mortgage and your name not on the loan or deed?
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
