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If there are two people on the deed and only one on the mortgage and the mortgage goes into foreclosure what happens?
If the mortgage goes into foreclosure, the lender can pursue the property for repayment, regardless of the deed's ownership. The person listed on the mortgage is legally responsible for the debt, so their credit will be affected. However, both individuals on the deed can lose their ownership rights to the property. Ultimately, the foreclosure process will result in the property being sold to satisfy the mortgage debt.
What else can I help you with?
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
How can you deed your home back to the mortgage company?
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
What happens to the first Deed of Trust when the second is in foreclosure?
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
Do you have ownership rights to the house if you are listed on the deed but not on the mortgage?
Yes, but if your name was added to a deed after the owner granted the mortgage your interest is subject to the mortgage. If the mortgage isn't paid the lender will take possession by foreclosure and your interest will be wiped out.If the mortgage is paid and the house is sold you will receive half of the proceeds at the time of sale.
What happens if your spouse dies you're not on the mortgage but have the deed in your name?
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
What happens if a piece of property you purchased by quit claim deed has a mortgage against it?
You must pay the mortgage or the lender will take possession of the property by foreclosure.
In simple terms what does it mean to receive a deed in lieu of foreclosure?
A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.
If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
Can a quitclaim deed stop foreclosure?
No. The deed would only complicate the foreclosure process and cause an increase in legal costs. The mortgage takes priority over the deed since it was granted first. The grantee in the quitclaim deed would take the property subject to the mortgage. The foreclosure would still be filed against the mortgagor.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
How can you deed your home back to the mortgage company?
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
Is there such a thing as a voluntary surrender of mortgaged property without foreclosure?
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
My husband purchased a home then added my name to the deed. Now we are in the process of foreclosing. What happens to my undivided half interest?
If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject to the mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.If your husband mortgaged his property prior to adding your name to the deed then you acquired your interest subject tothe mortgage and the bank can take possession of the property by foreclosure. Your "interest" was encumbered by the mortgage. If you want to keep it then you must pay the mortgage.
