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Is the mortgagor allowed to enter your home in florida?
Are you certain that you do not mean the Mortgagee? The mortrgagee is the lender? The Mortgagor is the person who is BUYING the house.If, however, you are renting a home from someone who has a mortgage on the property, and the mortgagor is actually your landlord, yes, landlords DO have the right to enter their rental property to inspect it.If you actually mean to ask abaout a mortgagee's authority to enter your home; no, they do not have the rights that a landlord does. and would need either your permission, or a court document granting them access to the house.However, once the home has actually been foreclosed on, they do have the right to enter THEIR property.
What does a mortgagor right of redemption mean. what is as is clause?
Right of redeem is the right to recover something by making certain payments. Mortgagor's right of redemption means mortgagor's right to recover or get back the property after making payment of loan. Mortgage is a transfer of an interest in immovable property for securing the loan. By way of security, the mortgagor transfers an interest in his immovable property. If the loan has been paid, the interest so transferred must revert back to the mortgagor. The mortgagee cannot retain any interest in the mortgage-property if debt does not exist.
Does a mortgage property also have a deed?
Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.
If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
What rights does a mortgage holder have to inspect property?
Most notes and mortgage contacts give the lender many rights to inspect if they feel the house is not being taken care of and effecting their collateral position. Always remember, until that mortgage is paid, they own the house, not you.
What happens when Mortgagor never recorded deed for real estate property?
If a person is not the record owner of the property then any mortgage she signed cannot be enforced against the property described in the mortgage. The lender would need to go after the "mortgagor" personally. It would have no lien on the real estate.
What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
Difference between co borrower and co mortgagor?
A Co-borrower and co-mortgagor have the same meaning but a mortgage is only used to refer to a loan for real property. Both incomes are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. Generally, a co-mortgagor has an ownership in the encumbered property.
Can you write up a deed of trust pursuant to an owner's partial interest in a property if there are no other loans on the property?
Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.
What happens if the mortgagor dies before paying off the mortgage?
First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.
Mortgage holder rights if borrower doesn't repair damage to property?
It depends on what kind and how much damage is being referred to, and just how much interest the mortgagor has in the property. There is such a thing in the law as "wasting" the value of real property. If the damage is severe and/or ongoing, in order to protect their investment, the mortgagor could step in and bring court action against the mortgagee to maintain the value of the investors property. On the other hand, as long as the mortgagor continues to receive the specified mortgage payments they may not care, inasmuch as it will eventually become the mortgagee's problem if they cannot sell it for at least the value of the mortgage. Either way, the mortgagee is still responsible for the contracted financial obligation.
What is a Home Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
