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I assume you are talking about a deed of trust. This is because the lawyer was appointed trustee of the deed of trust. If you fail to make the payments, that lawyer, or another lawyer appointed by the lender (a successor trustee) may sell the home.
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∙ 15y ago
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How do you get your name on husbands mortgage?
You have to apply for a mortgage jointly for both people to be listed on a mortgage. You can however have your name added to a title of a house with simple paperwork.
Is insurance automatically included in a mortgage?
No, but you do hae insurace on your property, its put in place as soon as you buy the home, the mortgage is a fraud, the bank ur lawyer your clean title and the lawyer snuck behind your back and took a loan placed it back and called it a mortage, your NEGOTABLE INSTRUMENT PAID FOR YOUR HOUSE. ask the title company for your clean title
Can second mortgagee pay off first mortgage and take the property by foreclosure?
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
Can you be listed on the title for a home but not on the mortgage and still see improved credit scores if you are making all the payments?
In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.
If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so. Your Title company can help you.
What is the Difference between a Junior Mortgage and a second mortgage?
The difference is really all in how the loans were originated. A junior mortgage refers to the lien placement on the property title. A second mortgage means a mortgagor has more than one loan on a property with the same lender. For example, If I purchase a home (assuming the title is clean and there are no liens on the title) and get the loan with ABC Bank then ABC Bank is considered the senior mortgage. If I obtain another loan with ABC Bank most commonly a HELOC or Home Equity Line of Credit then it is a second mortgage in second position. Let's say that after I obtained the second loan with ABC Bank, I chose to take out a smaller loan against the property with XYZ Bank. That loan will be considered a junior lien. The loans won't always fall that clean on the title however. You can have a junior lien between a senior lien and second mortgage. In the example above if the XYZ Bank loan was taken out before the second mortgage with ABC Bank then it would still be called a junior lien and the second mortgage with ABC Bank would be the second mortgage with ABC Bank but in third position. Hope that helps!
Do you have to pay back a second mortgage after it has been reposesed?
The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
Can you sell a house that has a second mortgage on it?
Absolutely, you can sell a house with a second mortgage on it. Keep in mind that you will have to provide clear title at time of closing and that the all mortgages (first and second) will need to be satisfied at closing which can be paid with the proceeds from the sale.
Can you get a second mortgage with only one signer?
You need to go and see a mortgage broker. However if there is already a mortgage on the house with two signatories, it is unlikely that you will be able to get a second mortgage without the agreement of the second signatory as it will affect their primary mortgage. It will also depend on the property deed. If the land is titled to a single person, that person can obtain a mortgage. Note that a spouse is considered to be on the title even if it isn't printed there in most jurisdictions.
What happens when a second mortgage that was defaulted is transferred to another lender and the court documents reflect the original lender?
Since the second mortgage was transferred, there should be legal documents recording this fact. Take up the issue with the title company who (presumably)insured the second mortgage. The title insurance should cover this. Failing that, you may have to go to court to clear up the chain. If the title agency isn't helpful, talk to a real estate lawyer. Be careful as this occurrence can frequently result in a foreclosure. Whatever the reason, the more lenders which one defaults on, the more trouble they will find. Paying the primary lender while ignoring the second can just as easily result in foreclosure. One potential issue can play out as follows: * A homeowner finds themselves in financial trouble. * They successfully negotiate a payment plan with their primary lender, but remain in default against their second mortgage loan. * The second lien holder then purchases the primary mortgage (which is still in good standing) and forecloses. * Homeowner finds themselves losing their home to the 2nd mortgage lender.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Who owns the house the owner or co signer?
Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.
