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What else can I help you with?
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Can a mortgage holder foreclose because you quit your job if you are current on the payments?
Oh, dude, technically, yeah, a mortgage holder can foreclose if you quit your job, but like, it's not just because you decided to binge-watch Netflix instead of going to work. If you're current on your payments, they can't just kick you out for taking a personal day. But if you can't keep up with the payments because you quit your job, then yeah, they might start knocking on your door.
Can you transfer your current mortgage to another property?
Yes, it is possible to transfer your current mortgage to another property through a process called mortgage porting. This allows you to move your existing mortgage deal to a new property, but it is subject to approval from your lender and may involve certain conditions and fees.
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Can a mortgage holder foreclose because you quit your job if you are current on the payments?
Oh, dude, technically, yeah, a mortgage holder can foreclose if you quit your job, but like, it's not just because you decided to binge-watch Netflix instead of going to work. If you're current on your payments, they can't just kick you out for taking a personal day. But if you can't keep up with the payments because you quit your job, then yeah, they might start knocking on your door.
Can supplementary deed supersede trust deed?
The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.
Can you transfer your current mortgage to another property?
Yes, it is possible to transfer your current mortgage to another property through a process called mortgage porting. This allows you to move your existing mortgage deal to a new property, but it is subject to approval from your lender and may involve certain conditions and fees.
Can they foreclose a property if the note is paid and current?
No. Foreclosure is a legal process that can be used in the case of a default only.
Is it possible to have your mortgage loan modified if one is current on mortgage payments?
Yes, although mortgage companies are more likely to modify a loan in default.
Can you port a mortgage to a new property?
Yes, it is possible to port a mortgage to a new property, which means transferring your existing mortgage to a new home. This process allows you to keep the same terms and conditions of your current mortgage on the new property.
What type of mortgage should I get for my current financial situation?
For your current financial situation, consider a fixed-rate mortgage. This type of mortgage offers stable monthly payments, which can help you budget more effectively.
How soon can you refinance a mortgage after purchasing a home?
You can typically refinance a mortgage after purchasing a home once you have made at least six on-time payments on your current mortgage.
