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Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
Where does the borrower authorize the lender to foreclose?
The homeowners and lender sign a note and a Mortgage or Deed of Trust to create a security interest in the real estate. The right to foreclose in the case of a default is set forth in the mortgage clause entitled "Power of Sale".
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
What is the synonym for foreclose?
preclose
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
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.
Can a vendor's lien holder foreclose on real estate property due to default in the state of Texas?
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
Where does the borrower authorize the lender to foreclose?
The homeowners and lender sign a note and a Mortgage or Deed of Trust to create a security interest in the real estate. The right to foreclose in the case of a default is set forth in the mortgage clause entitled "Power of Sale".
If Mortgage note is in one persons name and the deed to property is in another can mortgage company foreclose and take both house and land?
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
What is the prefix for foreclose?
The prefix for "foreclose" is "fore-".
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Can you foreclose a mortgage without the note?
In some states it is going to be hard to foreclose without the original copy of the note because the court will need this to show the chain of title and who has what rights revolving around the debt and the real estate.However, in other states such as Massachusetts, the recorded mortgage allows foreclosure in the case of a default as long as the mortgage and any assignments were recorded and the foreclosing bank is the owner of record.This is an extremely complicated issue and the laws vary from state to state. Also, there are urban legends that have sprung up concerning mortgage notes. You need to consult with an attorney in your jurisdiction who can answer your question under your particular state laws.
What is the word foreclose when changed into a noun?
Foreclosure is the noun variant for foreclose.
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
What is the synonym for foreclose?
preclose
