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If a mortgagor who is not on the title or deed is in default can the bank foreclose on the property?
If the mortgagor owned the property when they granted a mortgage to the bank then the bank has an interest even if the mortgagor conveyed their interest by a quitclaim deed. In that case the grantee would take title subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property.
What else can I help you with?
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 your son holds the deed but you hold the mortgage do you have any rights in the house?
No. Not unless your son defaults on the mortgage. In the case of a default you must make certain the mortgage document contained the right to foreclose and if so then you must foreclose on the mortgage in order to get possession of the property. If you did foreclose your son's title to the property would be transferred to you and he would no longer own it.
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.
Does a mortgage property also have a deed?
Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.Yes. In order to be able to grant a mortgage the mortgagor must be the owner of the property. Ownership of real property is evidenced by a deed or a Certificate of Title.
If there is a mortgage on property and the mortgagor failed to pay the amount loaned at a given time what shall be do?
just as in any mortgage situation, the holder of the mortgage, once a default has ocurred, has the legal right to commence a foreclosure action in county court. an action to foreclose a mortgage generally begins with the filing of the summons/ complaint and the lis pendens. the lis pendens is a document that is filed so as to attach real property to the proceeding, and puts the world on notice that a foreclosure is ongoing and directly affects title to the property
In Massachusetts can a lender foreclose on the surviving spouses house if the home loan was made in the deceased's name only?
Generally: If the property was owned solely by the mortgagor at the time the mortgage was granted, the lender can foreclose on the mortgage if the mortgage isn't paid. The mortgage is a lien on the property. If the surviving spouse has inherited the property it is still subject to the mortgage lien. The foreclosure will be done against the mortgagor, however, the surviving spouse will lose the property if it isn't paid for. If the property was owned by both spouses and the surviving spouse didn't sign the mortgage then the lender has a problem. It can only foreclose on the mortgagor's interest in the property and not the interest of the surviving spouse. The situation is further complicated for the lender if the spouses held title as tenants by the entirety. Please advise if that is the case by using the discussion page. If possible, you should consult with an attorney who could review your situation and advise you of your options. You should be able to get the preliminary advice you need in a single visit. You should bring a copy of your deed and any correspondence you have received from the lender.
What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
What are the Legal documents required in order to change the name of the person who has taken laon from a bank by securing a property but the property is now in the name of another person?
The original mortgagor must discuss the situation with the lender. The original mortgagor applied for the loan and was approved by the lender. Most mortgage documents carry a provision that the balance of the loan will be due on any transfer of the property. If the original borrower transferred the title to the property that person is still responsible for paying the loan. The property is subject to the loan and if the loan isn't paid the lender will foreclose and take possession of the property. You may need to consult with an attorney.
You are on the title not the mortgage what are your rights?
If you own an interest in the property and didn't sign the mortgage then your interest isn't covered by the mortgage. Assuming only the co-owner signed a mortgage, in the case of a default the bank could only foreclose on their interest, not yours.
What does it mean to be a title theory state in Michigan?
In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.In a title theory state when a property owner grants a mortgage they actually convey the title to the lender or a trustee until the mortgage is paid off. The conveyance is conditional: If the mortgage is paid off the lender releases the property; if the mortgagor defaults the lender can take possession of the property by foreclosure and sell it.
Is Mississippi a title theory state?
"There are three theories used to define the respective legal interests of parties to a mortgage or deed of trust. They are denominated as "title," "lien," and "intermediate." Under the "title" theory, the mortgagee or the trustee is considered to hold actual title to the real property until the underlying debt is paid. Under the "lien" theory, the mortgagor or borrower retains title to the property subject to the lien of the mortgage or deed of trust, which must be executed upon or foreclosed after default. The "intermediate" theory is a hybrid of the two. It provides that a lien is created against the real property by the mortgage or deed of trust, and that title to the real property transfers to the mortgagee or trustee upon default. In effect, a state adhering to the "intermediate" theory is a "lien" theory state up until the time of default and is a "title" theory state once default occurs. Miss. Code Ann., §89-1-43, is the fundamental authority indicating that Mississippi is an "intermediate" theory state."See link below for further reading.
What is a reconveyance deed?
In some states a mortgagor conveys the property to a trustee to hold title while the mortgage is outstanding. Reconveyence is the process by which a title to a property is returned to the owner on her request upon the fulfillment of conditions for which such title was assigned to the trustee. The document used to convey the title back to the owner is a reconveyance deed.
