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Can a mortgage foreclosed if owner dies and the deed is not in the co signer name?
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?
Some FHA mortgage requirements are being employed and having a decent credit score. Your credit doesn't affect the amount you can be loaned as much as how much money you make.
How are commercial property mortgage rates calculated in general?
Commercial property mortgage rates are calculated primarily on the total value of the property being purchased. Other factors, such as down payment and interest rates will also affect the mortgage rate.
What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?
If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score
How does having bad credit affect my mortgage payments?
If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
Does a cosigner on a mtg loan have to be listed on the deed?
A co-signer to a mortgage accepts full responsibility for the payment of the mortgage. Although it is not required for mortgage purposes that the co-signer have an interest in the property, that concept triggers another question.Why would a person who does not own real property accept the responsibility for paying for it? The bank wants a co-signer so that if the primary borrower defaults it can go after the co-signer for payment of the debt.If after being fully informed of your obligations, risks and possible consequences of co-signing you decide to co-sign a mortgage you should make certain your name is added to the title.
Can a mortgage foreclosed if owner dies and the deed is not in the co signer name?
The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.The lender can and will foreclose if the mortgage is not paid. The co-signer will be held responsible for paying the mortgage or their credit will be ruined if there is a foreclosure.The co-signer's name not being on the deed is another legal matter. They are paying for property they do not own. The decedent's estate must be probated in order for title to the real estate to pass according to their will or according the the state laws of intestacy if there is no will. You can check the laws in your state at the related link.
Is the applicant and co signer the same thing on a bank loan?
No, they are not the same. The Applicant is the person applying for the loan. In the case of a Business Partner or being married in Community-Of-Property, the other person involved will be the co-signer
If I own a home with a co signer and file a chapter 7 will their credit be affected?
If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.
How will your mortgage affect your cosigners chance of refinancing his own mortgage?
Depends on how the mortgage is being paid. If you are paying the mortgage on time it is having a positive impact if you are paying it late it is having a negative impact on their credit and could cause them to be denied for future credit. When you or someone else co-signs all parties are equally responsible and liable for the debt.It will appear as a debt since they have guaranteed yourloan. Any lender will factor in its chances of being repaid if you default on your loan and your co-signer has to pay. The question will be: Can they afford paying another loan.
When property is sold is the cosigner entitled to any profit from the sale?
The co-signer should be entitled to any monies they contributed to the original sale, plus appreciation. co-signer on what the mortgage note,or on the title to the property?A co-signer on a mortgage note means nothing if it's recorded in just one persons name or you quit claimed your interest to the other person.If both people are on title when the house is being sold you would each get 50 percent of the proceedings unless it stated different in the documents or contract that was signed.
In real estate what is the difference between a name being on a deed versus a name being on a mortgage?
The name on the deed is the owner of the property. The name on the mortgage is the person who must pay the debt underlying the mortgage. Prior to the recent lowering of mortgage standards across the country (leading to the sub-prime crisis), the lender would always confirm that ALL the owners on the deed also executed the mortgage. If the mortgage is subsequently foreclosed that enables the lender to take title to the property. If only one co-owner signed the mortgage the lender would only get that proportionate interest in a foreclosure. If you don't own the property and you sign the mortgage you are placing yourself in a position of debt for property you don't own. Many lenders are asking non-fee-owners to co-sign notes. That way if the owner goes into default the lender can go after the co-signer for payment. It is a very bad practice with no benefit to the non-owning co-signer.
What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?
Some FHA mortgage requirements are being employed and having a decent credit score. Your credit doesn't affect the amount you can be loaned as much as how much money you make.
How are commercial property mortgage rates calculated in general?
Commercial property mortgage rates are calculated primarily on the total value of the property being purchased. Other factors, such as down payment and interest rates will also affect the mortgage rate.
What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?
If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score
Will you be able to get approved for a loan for 40000 with a co signer?
That depends on the strength of your co-signer. If you cant but the co-signer can qualify for a loan of that amount on their own....your being there too is only a slight detriment.
Can you protect yourself from being liable if you are a co signer?
No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.
