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To port your mortgage to a new property, you will need to contact your current mortgage lender to discuss the process. They will assess your eligibility and the terms of the new property. If approved, they will transfer your existing mortgage to the new property, adjusting the terms as necessary. Be prepared for potential fees and paperwork during the porting process.
What else can I help you with?
What is the process for porting a mortgage to a new property?
Porting a mortgage to a new property involves transferring your existing mortgage deal from your current property to a new one. To do this, you typically need to meet the lender's criteria for the new property, go through a reassessment of your financial situation, and pay any applicable fees. It's important to work closely with your lender to navigate the process smoothly.
How can I port my mortgage to a new property?
To port your mortgage to a new property, you need to contact your current lender to see if they offer porting options. If they do, you will need to meet their eligibility criteria and go through a process to transfer your existing mortgage to the new property.
When inheriting property when does the mortgage not go with it?
==One Answer== Inherited real property that is encumbered by a mortgage would be taken free of the mortgage IF the will also specified that the mortgage would be paid by the estate.
You are looking to buy a second home for a rental property you own your home free and clear should you use the equity in your home to purchase the rental property or should you get a new mortgage?
I would just get a new mortgage on the rental property. That way if something should go wrong financially, your home is in less jeopardy. Also, you should get a 15 year fixed mortgage on the new property. this will save thousands in interest. Or you could save up and pay cash for the property...
If your name is on the mortgage but not the deed do you own the property?
No. In order to be the owner of real property you must be named as grantee on the deed. If your name is on the mortgage but not on the deed you have obligated yourself to pay for real property you do not own. If the primary borrower defaults the lender will go after you for full payment of the mortgage yet you do not own the property.
What is the process for porting a mortgage to a new property?
Porting a mortgage to a new property involves transferring your existing mortgage deal from your current property to a new one. To do this, you typically need to meet the lender's criteria for the new property, go through a reassessment of your financial situation, and pay any applicable fees. It's important to work closely with your lender to navigate the process smoothly.
How can I port my mortgage to a new property?
To port your mortgage to a new property, you need to contact your current lender to see if they offer porting options. If they do, you will need to meet their eligibility criteria and go through a process to transfer your existing mortgage to the new property.
When inheriting property when does the mortgage not go with it?
==One Answer== Inherited real property that is encumbered by a mortgage would be taken free of the mortgage IF the will also specified that the mortgage would be paid by the estate.
Does the bank still collect from a deceased co signers estate if the property was sold?
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
You are looking to buy a second home for a rental property you own your home free and clear should you use the equity in your home to purchase the rental property or should you get a new mortgage?
I would just get a new mortgage on the rental property. That way if something should go wrong financially, your home is in less jeopardy. Also, you should get a 15 year fixed mortgage on the new property. this will save thousands in interest. Or you could save up and pay cash for the property...
Your mortgage company added your other property to your mortgage illegally 2 years after signing mortgage What can you do?
The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it does not show the second property, then they have no legal right to put a lien on it. I would go to the closing agent (title company or attorney) that originally searched the title to your property and ask them for help. in some states if you had a foreclosure on another property, the first lender can place a lien on a new property that you have bought, if that is what you are talking about.
If you are on a promissary note but not on the deed do you sign the mortgage?
If you are not on the deed then you don't own the property. If you don't own the property then you should not promise to pay the mortgage. A co-signer on a mortgage and promissory note is completely responsible for paying the mortgage. If the primary mortgagor (who in this case is the owner of the property) defaults on the mortgage the lender will go after the co-signer of the note for payment. A default will ruin your credit. If someone has asked you to sign their note and mortgage then you should require they execute a new deed with you as the co-owner of the property.
What kind of trust can a property go to if it has a reverse mortgage?
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
Can a bank come after you if you are on deed but not mortgage?
No. All the owners of property must grant a security interest in the property by signing the mortgage. If you owned the property at the time of the mortgage and didn't sign the mortgage, the lender made a serious error. The lender cannot take possession of your interest by a foreclosure and you are not responsible for paying the loan.However, if your name was added after that mortgage was granted the lender can take possession of the property by foreclosure if the mortgage is not paid, and you are out of luck. The lender cannot go to you for payment if you did not sign the mortgage and note.
If your name is on the mortgage but not the deed do you own the property?
No. In order to be the owner of real property you must be named as grantee on the deed. If your name is on the mortgage but not on the deed you have obligated yourself to pay for real property you do not own. If the primary borrower defaults the lender will go after you for full payment of the mortgage yet you do not own the property.
If you are added to mortgage but not title can other person sell?
You should not be "added to the mortgage" if you're not an owner of the property. By signing a mortgage you agree to be liable for payment of the underlying debt for property that you don't own. If the mortgage goes into default the bank will go after you for payment and your credit will be ruined.
Do you have to go through probate if your wife is on the deed but not the loan and the husband dies?
If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.If the deed is a survivorship deed then the property will automatically be the sole property of the wife and bypass probate. However, it will be subject to the mortgage unless you buy some type of mortgage insurance.
