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Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
Which term is defined as legal process in which mortgaged property is sold to pay the loan of the defaulting borrower?
Auction.
Who owns the assets in a trust?
The trust owns the trust property and that property is managed by a trustee who carries out the provisions of the trust.
Is mortgagee a noun?
Yes, the word 'mortgagee' is a noun, a singular, common noun; a word for the person to whom property is mortgaged.
How does a real estate trust work?
An investor(s) who wants to acquire real property for income or investment purposes arranges for the drafting of a realty trust by an attorney who specializes in real estate and trust law. The property is then conveyed by deed to the trustee of the trust who then manages the property according to the provisions in the trust. The trust protects the property from the creditors of the individuals who created the trust and from their heirs at law. Property in a trust is not included in a decedent's estate.
What happens upon death of owner of mortgaged property placed in living trust?
I think the key word here is "LIVING" trust. Once a person passes away so does the trust...the Will should determine what is to be done with the property. If no Will is in place..his or her heirs will have to battle it out. Seek advice from an attorney.
Can you trade a mortgaged property in Monopoly?
No, you cannot trade a mortgaged property in Monopoly.
Can you sell mortgaged property to the bank in Monopoly?
No, you cannot sell mortgaged property to the bank in Monopoly.
What is the definition of house placed into a trust?
A property conveyed to a trust becomes trust property. It can only be conveyed by the trustee of the trust.
Can a judgment lien be placed on a property mortgaged by USDA-Rd?
A lien can be placed on any property, regardless of who holds the mortgage. In most cases the mortgage holder will be paid before a secondary lien holder.
Can you collect rent on mortgaged property in Monopoly?
Yes, in the game of Monopoly, you can collect rent on mortgaged property.
Can the HOA put a lien on an irrevocable trust property?
It is unlikely that an irrevocable trust gives the property any immunity from liens.AnswerYes. If the property is owned by an irrevocable trust the HOA can place a lien against the property and the trust. The HOA should research the trust so that the present trustees can be mentioned on the lien. Although debts are sometimes difficult to collect from a trust, the property cannot be sold or mortgaged unless the lien is paid.
Concealing mortgaged property?
Concealing mortgaged property is considered to be illegal. This is translated to mean that on has an ill motive or fraudulent intentions.
Can you conceal mortgaged property with out going to jail?
Laws vary from state to state. In some states, it is considered a delony to conceal mortgaged property.
What will happen to mortgaged property placed in trust?
The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.
What happens to mortgaged property in Monopoly when you lose the game?
When a player loses the game of Monopoly, their mortgaged property is returned to the bank and can be bought by other players.
If property has been placed in an irrevocable trust but funding runs out for paying the expenses is the trust dissolved?
No
