0
What else can I help you with?
If your friend and you want to have one of your names removed from a mortgage is a quit claim what you need?
No. A quit claim is simply declaring that person has no interest (economic or otherwise) in the property. They are being removed from the title. A quit claim has no impact on the loan that is secured on the property. Only the lender who owns the loan can release a party from the loan. For the most part a lender has no incentive to remove one person from the loan as that increased the risk to the lender for no benefit. The traditional way to remove a borrower is to pay off the loan. The party that wants to continue to own the property refinances with the old loan being paid off. Being on the property's title and being on the loan are two different things. A quit claim only impacts the title (ownership) and not the debt (the loan).
Can we claim a home loan in the USA for a property in India?
No, you cannot claim a home loan in the USA for a property in India. Home loans are typically only available for properties within the country where the loan is being obtained.
How can a contract be changed in a housing loan?
You will have to negotiate that with the lender. It may require a new loan on the property.
Can you get an income tax exemption on a housing loan taken on your mother's property?
No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.
Is a loan considered a lien?
Yes, a loan can be considered a lien if the lender has a legal claim on the borrower's property as collateral for the loan.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
What is the difference between a lien and a mortgage?
A lien is a legal claim on a property to secure a debt, while a mortgage is a type of loan used to purchase a property, with the property itself serving as collateral for the loan.
Can you quit claim property if you still have a loan on the property?
Yes, you can quit claim property even if you still have a loan on it. However, doing so does not release you from the mortgage obligation; you remain responsible for the loan. The lender may have the right to pursue you for the debt if the new owner defaults. It's advisable to consult with a legal or real estate professional before proceeding.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
What is a house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
Can you purchase a home in its current condition with an FHA loan?
Yes, you can purchase a home in its current condition with an FHA loan, but the property must meet certain minimum property standards set by the Federal Housing Administration.
What are the requirements for obtaining a housing loan tax exemption?
To obtain a housing loan tax exemption, you typically need to meet certain criteria such as using the loan for purchasing or constructing a residential property, ensuring the property is used for residential purposes, and meeting any income or loan amount limits set by the tax authorities. Additionally, you may need to provide documentation to prove your eligibility for the exemption.
