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Can the lender add 10000 to the balance of a delinquent loan if the borrower wants to sell the property and pay off the loan?
That size of an amount added to the balance, would tell me that there was a pre-payment penalty,or that it was a special state loan with a rate re-caption clause --(the interest rate was lower than street rate at the time it was closed and the difference was due when the house was sold.)
Any which way-- it was due and had to be paid.
Bank LoanIt depends entirely what your contract with the bank states. If there's a clause allowing ofr a penalty or an increase in the debt under certain conditions, then they can do it. Read your contract carefully. Statute of limitations for debt collectionYES. When you became delinquent, you broke the terms of the contract.Just because they added the extra money doesn't mean they have a legal right to make you pay.
In all likelihood the lender is within their legal rights to charge whatever amount balances out the amount owed and applicable costs.
The property apparently is secured by the bank loan. The bank therefore has to approve any sale of the property, clear the title, and other such actions, all of which is considered aditional expenses and is passed on to the borrower.
What else can I help you with?
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Who holds the title to the property in a lien theory state?
In a lien theory state, the borrower holds the title to the property while the lender has a lien against it as security for the loan. This means that the borrower retains ownership and the right to occupy and use the property, but the lender has a claim on it in case of default. If the borrower fails to repay the loan, the lender can initiate foreclosure to recover the owed amount.
What is a legal mortgage?
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
Who owns a mortgaged property?
A mortgaged property is owned by the borrower, who holds the title to the property. However, the mortgage lender has a secured interest in the property until the loan is fully paid off, meaning they can foreclose on it if the borrower defaults on the mortgage payments. Essentially, the borrower retains ownership rights, but those rights are encumbered by the lender's financial interest.
What is a mortgage title?
In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.
What is a mortgage title guarantee?
In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.In order for a lender to loan funds to a borrower with real property as the security, the borrower's title to the property must be guaranteed so that in the event of a foreclosure the lender will acquire good title to the premises. Title is guaranteed via a title examination, an attorney's certification that they have examined the title and all outstanding encumbrances have been reported and title is in the name of the borrower, and a title insurance policy that covers the lender's interest.
How to release the co borrower from responsibility from the loan?
The lender is the only one that can release a borrower. If a lender is going to release 1 borrower from the loan they will need to have a good reason. There is little incentive for the lender to do so. A practical alternative for most people is to refinance the property in the name of the person who is going to remain the owner and the borrower.
What is ordinary time in simple interest?
Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.
If you have a secured loan such as an auto loan can the finance company attach any other property?
If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.
Is potassium a lender or borrower?
lender
What is the purpose of escrow mortgage insurance and how does it protect both the lender and the borrower in a real estate transaction?
Escrow mortgage insurance protects both the lender and the borrower in a real estate transaction by ensuring that property taxes and homeowners insurance are paid on time. This reduces the risk for the lender of the property being uninsured or facing tax liens, and also helps the borrower by spreading out these costs over the year.
Can a co-owner refinance a property without telling the other co-owner?
No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.
