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Two or more individuals can share a mortgage for a property by applying for a joint mortgage. This means that all parties are equally responsible for making mortgage payments and are co-owners of the property. Each person's income and credit history are considered during the application process, and all parties must agree on the terms of the mortgage.
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Can you explain how a joint mortgage works?
A joint mortgage is a home loan taken out by two or more people, typically partners or family members. All parties are equally responsible for repaying the loan, and the property serves as collateral. This arrangement allows multiple individuals to share the financial responsibility and benefits of owning a home together.
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
What is work share mortgage?
A work share mortgage is when more than one title company prepares the title.
Can your brother and sister buy your portion of the family farm by using the property as collateral?
As long as you get your share of the money, does it matter how they get it? A mortgage on the property is one way of doing it. In your case you want to be sure that the value of the property is established by an appraiser and you should be paid one third of the price.
Can you explain how a joint mortgage works?
A joint mortgage is a home loan taken out by two or more people, typically partners or family members. All parties are equally responsible for repaying the loan, and the property serves as collateral. This arrangement allows multiple individuals to share the financial responsibility and benefits of owning a home together.
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
Can a daughter claim an interest in her parents' property when her mother dies and her father is getting a reverse morage?
That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.
I am on the deed of a property with one other person. They claim that i do not have any interest in the property because i have not been paying the mortgage . What should i do?
As long as your name is on the deed then you have an interest in the property. It cannot be sold or financed without your signature. However, when the property is sold the co-owner will expect, as they should, a larger share of the proceeds since they have paid the mortgage. They may sue you at that time so that you will not get half of the proceeds and will prevail if they can prove they paid the mortgage. You can retain your interest and negotiate a share of the proceeds when the property is sold or you could negotiate with the co-owner to buy you out now. You may want to speak with a real estate appraiser and an attorney to determine what your options are and what your share is worth.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
What will happen if you stop paying on a timeshare that has a mortgage?
Failure to pay the mortgage on a time share property will result in the lending institution seeking a foreclosure on the timeshare; the lender will then own the timeshare and be able to sell it on to someone else.
What is work share mortgage?
A work share mortgage is when more than one title company prepares the title.
Can a loan be taken out on an undivided interest in property?
Theoretically, yes. However, it is unlikely you would find a lender willing to loan you money on less than a full interest such as a one half share in the property. When a lender loans money secured by real estate, it wants to be able to take possession of the the property by foreclosure if the mortgage isn't paid. If only one co-owner signed a mortgage the lender can only take their interest in the property. In order for a lender to be able to foreclose and take possession of the property, all owners must sign the mortgage.
My father made me joint owner of his property before he died and now my siblings want a share of his estate. What should I do?
If your father transferred his property to you and he as joint tenants with the right of survivorship his interest passed automatically to you when he died. You are the sole owner of his property and there is no estate that needs to be probated. He wanted you to own the property. You have the right to explain that to your siblings and turn down their requests for a share of his estate. Depending on the size of the estate, you could volunteer to share but no one has the right to demand a share.
Can your brother and sister buy your portion of the family farm by using the property as collateral?
As long as you get your share of the money, does it matter how they get it? A mortgage on the property is one way of doing it. In your case you want to be sure that the value of the property is established by an appraiser and you should be paid one third of the price.
Is your ex partner responsible for her part of the mortgage if she is on the deed also and leaves the house?
Yes. She is responsible for paying the mortgage. However, if she doesn't pay and you want to keep the property then you will need to pay the mortgage or the bank will take possession of the property by foreclosure and both your credit records will be affected. On the other hand, if you continue to make the payments she will still own a half interest in the property. You should consider selling the property or making an offer to buy her share. Answer If you want to keep the house and she doesn't, refinance the house in your name only. You would need for her to sign a quitclaim.
Is it ok to share my wife?
No, she is not your property to share.
