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Who gets paid with a construction mortgage loan, the contractor or the home owner?
Wiki User
∙ 14y ago
Construction mortgage loans are obtained by the home owners. Most of the funds are used to pay the contractor for the construction project though.
Wiki User
∙ 14y ago
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Why did the mortgage got discharge?
A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.
Are condominiums generally financed by a general mortgage on a whole building?
Only by the developer. Once the unit has been sold the developer should obtain a partial release from the blanket mortgage and then the unit owner gets a mortgage on that unit only.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
What is the difference between a general engineering contractor and a general building contractor?
A general engineering contractor is a contractor whose principal contracting business is in connection with fixed works requiring specialized engineering knowledge and skill, including irrigation, drainage, water power, water supply, flood control, inland waterways, harbors, docks and wharves, shipyards, roadways, airports, bridges, etc. A general building contractor simply builds buildings.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
What happens when a contractor gets the work done on a house and the homeowner decides not to pay?
he goes to the court house pay's $50. and puts a lean against the property * Generally the contractor will file a mechanic's lien against the property. The procedure for filing the action is governed by state law and therefore differs greatly from state to state. The basics however are the same, the contractor sends notice to the property owner and to all other parties involved in the construction project and then drafts and files the required legal documents at the office of the city or county recorder of deeds in the city or county where the property is located.
Who gets the money to pay off first mortgage at closing?
The funds from the new mortgage are advanced to your solicitor who pays out the current first mortgage.
What happens if seller dies who gets the house?
In the UK the seller is the owner of the house together with any mortgage lender, the proportion of ownership depends on the amount outstanding on the mortgage. If the seller dies then the 'estate' will own the sellers proportion of the house. The estate will pass on to the next of kin or anyone nominated in the sellers will.
If you hire a contractor to work on your home what insurance should the contractor have?
They should at a minimum have a commercial general liability policy for the protection of your property.The contractor should also carry the necessary medical Insurance for his workers. The home owner is "not" responsible for injury to a contractor's employees unless the home owner was somehow personally responsible for that injury. Just having hired the contractor does not create a liability for the health and safety of the contractors workers.The contractor is responsible for obtaining the appropriate protection for his workers as well as for his liabilities. Employee injury coverage is the responsibility of the contractor.AnswerThey should also definitely have Workman's Compensation insurance. If they don't and one of their employees gets injured while working on your project you could potentially get sued by the employee if the homeowner personally caused the injury. Again, make sure to see a copy of the policy.
Will insurance cover joists falling off of main girder?
If you are having this construction done by a bonified contractor, then their insurance should cover any/all damages. If you, the homeowner, are doing the construction and someone gets hurt, your home hazard insurance policy should cover that. Your home policy most likely will not cover other damages.
Can homeover's association make your tenant pay rent to them?
I'm no lawyer but... I expect the answer is no, not unless the owner agreed to this in writing. It is common in mortgage contracts to have wording that says the tenants pay rent to the landlord as long as the mortgage payments are on time but as soon as the owner gets behind in payments, the bank can tell the tenant to pay the rent directly to them. So if, for some reason, the owner signed a deal like that with the HOA, then this could happen. Without something in writing, the HOA shouldn't be asking for this.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
