You can contact a loan officer regarding purchasing private mortgage insurance.
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
If the mortgagee neglects to record the mortgage then it will not become a lien on the real estate. However, you are still obligated to repay the loan.
In addition to the question, I am interested in buying this house and the owner is a relative.
Insurance is there in the hope that you will never need it! For instance, having your home fully insured would be an asset if your house suffered a fire and was totally gutted. But, if you never suffer a fire gutted house, your insurance payments are outgoing payments that are not recoverable.
She never bought the house. She rented it. And it has been rented to many talented artists and celebrities over the years.
the mortgage would not valid
The lender earns interest on the mortgage over time. While there are no payments, the interest does accrue. As a result the lender is fully aware the interest earnings will be received years later, however the loans typically never default because there are no payments, and they are insured by FHA so they are relatively low risk loans.
No. In order to get a mortgage in the USA you will, at the very least, need a social security number. If you have never lived, worked, or studied here, you will be unlikely to have one.
If he ever drives it he legally has to be insured. If he never sets foot behind the wheel, he does not.
If there was a Title company involved the Title Company would have collected and made the payoff, if they did not the Insurance Company would be on the hook to pay. If you sold the home to an Investor, without a Settlement Agent ( Title Co.) you are out of luck and most likely would have to make a settlement with the Bank for the mortgage.
The monthly payment on a fixed-rate mortgage never changes.
They would never have more rights than the mortgage company they bought it from.... This would seem very, very, highly unusual...and likely impossible...and why would they want anything if your current...if your not...well that's a different story.