Generally, you are not free to transfer your property if it is subject to a mortgage.
Most mortgage documents have a 'due on transfer' clause that the mortgagor agreed to at the time of the signing of the mortgage. The bank must be notified of any transfer in interest or the mortgagor will be in breach of the agreement and the bank will demand payment in full. A quitclaim deed will trigger the due on transfer clause.
If the property is transferred, the mortgagor is still responsible for paying the mortgage and the property is subject to the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure and the foreclosure will be reported on the mortgagor's credit record.
If a new owner has agreed to take possession of the real estate subject to the mortgage the seller must notify the bank of the transfer of interest. The bank may require that the mortgage be paid in full and refinanced by the new owner. On the other hand the bank may agree to allow the new owner to assume the mortgage. In that case, the original mortgagor will be free of the mortgage obligation and no longer responsible for repayment.
Unfortunately, if you've signed your rights away you are only removed from title and are still obligated to the mortgage. The only way to get out of the mortgage is for the person holding title to refi and have your name removed from the mortgage.
what does it mean when the mortgage company says they must read the underlying of the mortgage? I do not quit understand what that means.
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
It is called a 'quit claim deed'. You can call any title company, they will fill the form out properly and have it recorded at the county recorders office.
No, I have not received the home insurance claim check from the mortgage company yet.
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
Normaly only if you have not recorded such quit claim...
If there is a mortgage, where both people have the responsibility to pay, they may opt to not accept the quit claim. Easiest thing to do is to refinance in one name.AnswerYour question needs more detail. A deed cannot be "revoked" by a mortgage company.
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
Yes. He is the sole owner of the real estate and the sole owner of the debt.
You must pay the mortgage or the lender will take possession of the property by foreclosure.
He can sign a "quit claim deed". Signing a quit claim deed allows you to deed any of YOUR interest in a property to someone else. To do tha you may want to make sure your father-in-law is off the mortgage first.
If you Quit claim it to her you loose all rights to the asset. If they Foreclose due to non payment she will loose the asset. If they sale it for less than the mortgage you both could be liable for the difference in a suit.
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
You could file a quit claim deed. It will not remove your obligations under the mortgage and since the quit claim means they get the same rights you have, it doesn't to any good, except if there is any equity in the property after the sale, they will get it, not you.
It depends on the laws of the the jurisdiction. In many cases the bank would have required this to get the mortgage. There may have been a quit claim deed filed with the mortgage.