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Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.
Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.
Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.
Yes. There may be liens.That is the reason any buyer must have the title to the property examined by a professional so that any and all liens and other interests will be exposed. Many buyers at foreclosure sales lose their deposit when they discover later that there are liens on the property that make the purchase a very bad investment.
What else can I help you with?
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
In a preforeclosure does the end buyer have to pay off the unpaid balance of the mortgage?
The buyer at a foreclosure sale pays to the bank the amount they bid at the sale. The foreclosure process nullifies the outstanding (or foreclosed) mortgage as it affects the property. However, a buyer at a foreclosure sale should have the title examined by a professional in order to disclose any other liens and encumbrances that affected the property prior to the recording of the mortgage that was foreclosed. A person who plans to bid at a foreclosure sale should always work closely with an attorney.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
What is the purpose of a good faith deposit in a mortgage transaction?
A good faith deposit in a mortgage transaction is meant to show the seller that the buyer is serious about purchasing the property. It demonstrates the buyer's commitment and helps secure the deal.
What are the dangers in buying foreclosed homes?
Investing in foreclosure properties is more risky than a typical real estate transaction since the buyer is purchasing the home "as is" and will be held responsible for any issues discovered during a home inspection.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
In a preforeclosure does the end buyer have to pay off the unpaid balance of the mortgage?
The buyer at a foreclosure sale pays to the bank the amount they bid at the sale. The foreclosure process nullifies the outstanding (or foreclosed) mortgage as it affects the property. However, a buyer at a foreclosure sale should have the title examined by a professional in order to disclose any other liens and encumbrances that affected the property prior to the recording of the mortgage that was foreclosed. A person who plans to bid at a foreclosure sale should always work closely with an attorney.
Your name is on the mortgage and deed your son lives in the house it is going to foreclosure and he is going to sell what are your rights?
Your son can only sell his own interest in the property if you are a co-owner. However, he will have trouble finding a buyer for his interest because the bank is taking possession of the property by foreclosure. His selling of his interest would not stop the foreclosure unless his buyer paid all the outstanding debt on the mortgage. If he did find a buyer the buyer would become a co-owner with you. He cannot sell your interest. The foreclosure will affect your credit record as well as his.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
What is the purpose of a good faith deposit in a mortgage transaction?
A good faith deposit in a mortgage transaction is meant to show the seller that the buyer is serious about purchasing the property. It demonstrates the buyer's commitment and helps secure the deal.
What are the dangers in buying foreclosed homes?
Investing in foreclosure properties is more risky than a typical real estate transaction since the buyer is purchasing the home "as is" and will be held responsible for any issues discovered during a home inspection.
What is the difference between a buyer and a co-buyer when purchasing a car?
A buyer is the primary person responsible for purchasing a car and is legally obligated to make payments. A co-buyer is someone who shares the responsibility for the car loan and is equally liable for payments if the buyer fails to pay.
What are the consequences of friendly foreclosure of an investment property?
Foreclosure results in the buyer losing the property.
Is a mortgage enforceable if not deeded to buyer?
Answer: A mortgage runs with the land until it is paid. The buyer would acquire the property subject to the mortgage.
What is a wraparound mortgage?
A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.A wraparound mortgage arrangement is being used in certain areas to make selling a home easier. The seller doesn't pay off their mortgage as part of the transaction. They keep paying it. The buyer takes the property subject to the mortgage. The seller takes back a mortgage from the buyer based on the difference between the selling price and the balance owed on the first mortgage. That type of transaction is not legal in every state and most mortgages have a "due on transfer" clause by which the lender can demand full payment in the case of any transfer of title.There is also serious risk for the buyer because if the former owner doesn't pay the mortgage the lender will take possession of the property by foreclosure and the buyer will lose their interest in the property including any downpayment or cost of improvements, if any.
What happens during the process of a mortgage closing?
The mortgage closing is the last step in purchasing a home. It is the point that one goes from house buyer to home owner. The mortgage closing is when your mortgage becomes official and the seller receives their money. Once the mortgage closing has been completed, you will then receive the keys to your new home.
What is the most important factor to consider when purchasing a home as a first-time buyer?
The most important factor to consider when purchasing a home as a first-time buyer is affordability. It is crucial to ensure that you can comfortably afford the mortgage payments, property taxes, insurance, and maintenance costs associated with owning a home.
