0
If one person is on the mortgage and 2 on the deed who has legal right to property?
Wiki User
∙ 15y ago
The grantees on the most recent deed are the legal owners but the property is subject to a mortgage. The type of ownership will affect the rights of the other party.
For a discussion of the complicated issue of different names on deeds and mortgages see the related question link.
Wiki User
∙ 12y ago
Wiki User
∙ 15y agoIn this case the bank has a half interest in the property. If it forecloses it can only forclose on a one-half interest.
Add your answer:
Earn +20 pts
What is a property conveyance?
In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.In law, a property conveyance is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or an easement right in land.
What is the difference between a legal charge and a mortgage?
A mortgage is a loan secured by real property.A legal charge in some jurisdictions is the right a lender has to take that property if the loan is not paid back.
Who is a person who has legal right to property upon a person's death?
An heir.
Can a person sell property that was held as security for a loan without consent of the lender?
If you check the note and mortgage you signed you will find some type of clause that says the mortgage will become due in full upon any transfer of the property. You would find yourself in legal trouble with the bank and with the buyer. You should do it the right way.
You and your boyfriend are buying a house and he wants only his name on the loan and deed. You're both to pay the mortgage. When you sell the property how will you get half of the equity?
The ONLY reason a person would request that you not be on the deed and mortgage would be to INSURE that you would have no legal right to the property. If he expects you to help pay the mortgage you would be paying for property you do not own. You and your boyfriend are not buying a house. Your boyfriend is buying a house and he wants you to help him pay for it. You would be entitled to nothing when the property is sold.
Can a joint mortgage be renewed by one person?
A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
What can happen to a person who receives a property through right of survivorship and can't afford to pay the mortgage?
If the person is unable to pay, the bank can foreclose.
What happens if someone take mortgage on your property that has no legal right to do so?
If someone was able to obtain a mortgage on your property and they don't own it then the lender is out of luck if the person doesn't pay the mortgage. The bank has no legal claim to your property in the case of a default if you, the owner, didn't sign the note and mortgage. You should get a copy of the first page of the mortgage and your deed and bring/send it to the lender with a copy to the local district attorney's office and the state attorney general office consumer division in your state. The act constitutes fraud. The last few years have witnessed tremendous negligence on the part of lenders to dedicate funds to a professional title examination at the time of the mortgage. Many such errors have been discovered.
What is the meaning of charge by deed expressed by way of legal mortgage?
It means an interest or right in a property created in favour of a lender of money as security for payment of a money loaned. It's accorded the status of a mortgage.
What exactly meant by mortgage in the banking terminology?
The mortgage is the document that says the loan is secured by the property and if not paid the bank has the right to take the property.
If a person is on the deed and mortgage of a property but does not live there can they legally enter the property without being invited?
Yes. Every grantee on a deed owns an undivided interest in the property. That means they each have the right to the use and possession of the property.
What is the difference between charge and mortgage?
Mortgage is a conveyanceof property, subject to a right of redemption whereas a charge only gives a right to payment out of a particular immovable property without transfering it
