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In a mortgage who is the mortgagee?
The lender is the mortgagee. The person who borrows the money is the mortgagor.
Can second mortgagee pay off first mortgage and take the property by foreclosure?
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
Who pays for satisfaction of mortgage?
If the mortgagee (lender) fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute. A Satisfaction of Mortgage is a document signed by a mortgagee acknowledging that a mortgage has been fully paid by the mortgagor and that the mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds.
Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
What is A borrower in a mortgage transaction called?
In a mortgage transaction, a borrower is commonly referred to as the "mortgagor." This individual or entity takes out a loan to purchase property and pledges the property as collateral for the loan. The lender, in this case, is known as the "mortgagee." The mortgagor is responsible for repaying the loan according to the agreed-upon terms.
What is a mortgagee on home insurance policy?
Your mortgage company. They are your mortgagee and you are a mortgagor.
In a mortgage who is the mortgagee?
The lender is the mortgagee. The person who borrows the money is the mortgagor.
In Texas if a mortgagee Buyer leaves the home and the mortgagor Lender has no way of contacting the mortgagee can the mortgagor take house because of abandonment?
The borrower is the mortgagor. The lender is the mortgagee. Generally, if the mortgagor doesn't pay the mortgage the lender can foreclose as long as they reserved the right to do so in the mortgage document. Generally, legal title to real estate does not pass through abandonment.
Can second mortgagee pay off first mortgage and take the property by foreclosure?
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
What if the Mortgagee and ownership are not the same?
I thought the mortgagee was the bank, and that the owner would be you. So if this is true, the mortgagee and the ownership are almost never the same. Maybe do you mean to ask "what if the mortgagor (the borrower) and ownership are not the same"
Does a new mortgage company have to honor a loss mitigation contract from the previous mortgage company that was current with payments?
Only if the Mortgagor (borrower) had a signed agreement with the previous mortgage servicer working for the Mortgagee (lender). And then only if the Mortgagor was able to obtain a written agreement from the Mortgagee. Otherwise the Mortgagor is in no position outside a lawsuit to force performance. In most situations, the Mortgagor cannot afford to sue the Mortgagee for enforcement. In many cases the Mortgagor cannot get a written agreement to modify the Trust Deed or Promissory Note. This is my experience as of 12/05/08. Caveat Emptor is still the rule.
What are the amount of fees associated with handling 100 mortgages?
It depends on the value of the homes and properties which the mortgagee and mortgagor are contracting for.
Who pays for satisfaction of mortgage?
If the mortgagee (lender) fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute. A Satisfaction of Mortgage is a document signed by a mortgagee acknowledging that a mortgage has been fully paid by the mortgagor and that the mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds.
Is there an equity of redemption for a second mortgage holder in Connecticut?
Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
What are implied contracts by mortgagor?
The parties are free to enter into any terms they like. Where, however, the contract does not contain all the terms, Section 65 provides for implied terms as follows: In the absence of a contract to the contrary, the mortgagor shall be deemed to have contracted with the mortgagee that the : · mortgagor is entitled to transfer the interest (covenant for title); · mortgagor will assist the mortgagee to enjoy quiet possession; · mortgagor will pay public charges in respect of the mortgaged property; · mortgagor covenants as to payment of the rent due on lease where, the mortgaged property is leased; · mortgagor covenants as to payments of interest and principal on prior encumbrances, where the mortgage is a second or subsequent encumbrance on the property.
When you buy a house and have a private mortgage can the seller sell the mortgage and change it?
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
