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What relief can the mortgagee receive if 2 names on the deed but only one signed the mortgage and the person not on the mortgage moved out and left the expense to the one whose name is on the mortgage?
Wiki User
∙ 14y ago
Regardless of whose name is on the mortgage the property legally belongs to the person or persons named on the deed. The mortgage is only a financial obligation, the deed is a legal ownership document. Of course, if the mortgage is not paid the mortgagor can file a foreclosure action against the property.
Wiki User
∙ 14y ago
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In a mortgage who is the mortgagee?
The lender is the mortgagee. The person who borrows the money is the mortgagor.
Can a mortgage be in a will?
Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.
Why you need building insurance for mortgage?
The the person who owns the mortgage (mortgagee) wants to protect their investment.
Who can create a satisfaction of mortgage document?
Only the person or lender who owned the mortgage can discharge it. In Massachusetts, if a mortgage discharge has not been provided by the mortgagee within a reasonable period of time, or when the mortgagee is no longer in business, there is a statutory scheme by which proof of payment in full can be recorded with an affidavit. You should speak to someone at your state attorney general's office or a private attorney if you are having difficulty obtaining a discharge for a paid mortgage.
Are mortgage companys the fee simple titleholder?
No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.
Is mortgagee a noun?
Yes, the word 'mortgagee' is a noun, a singular, common noun; a word for the person to whom property is mortgaged.
What is an equitable mortgage?
An equitable mortgage is also called as English mortgage which can be done by deposit of original title deeds of a person who intends to obtain loan from anybody, as security for the said advances. The said document in the custody of the person handing over the loan would be entitled to enforce the same as it would create a charge on the immovable property and could e enforced in accordance with the provisions of Transfer of Property Act pertaining to mortgages. The person creating the mortgage is called as the Mortgagor and the person receiving the documents the Mortgagee.
What is an equition?
An equitable mortgage is also called as English mortgage which can be done by deposit of original title deeds of a person who intends to obtain loan from anybody, as security for the said advances. The said document in the custody of the person handing over the loan would be entitled to enforce the same as it would create a charge on the immovable property and could e enforced in accordance with the provisions of Transfer of Property Act pertaining to mortgages. The person creating the mortgage is called as the Mortgagor and the person receiving the documents the Mortgagee.
Who pays the insurance on the home when its owner financing?
Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.
Can the person who holds the mortgage but not the deed sell a house?
Yes, but only if you have defaulted on the mortgage. When you granted the mortgage you gave the lender an interest in the property that it could foreclose if you do not keep up payments on the mortgage. The lender can sell the property to recover the debt. If your name went on a deed after the mortgage was granted, and the mortgage was granted by the owner of the property at the time of the mortgage, the bank has a superior claim and can take the property if the mortgage isn't paid.
How would you validate chain of title with a MERS loan?
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title: Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).You need to follow the same process for any further assignments.Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
