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If an offer on a property that is not having the mortgage paid because the owner is going brankrupt how does the potential buyer stand legally?
If the owner has filed bankruptcy the property cannot be sold. It is in the legal possession of the trustee in bankruptcy who cannot sell any property without the permission of the court. You can contact the court for the name and contact information of the trustee and direct any questions you may have to the trustee.
What else can I help you with?
Why is rent typically higher than a mortgage payment?
Rent is typically higher than a mortgage payment because when you rent a property, you are paying for the use of the property without building equity or ownership in it. Landlords also factor in property taxes, maintenance costs, and potential profit when setting rent prices, which can make it higher than a mortgage payment.
Can a joint mortgage be renewed by one person?
A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.A mortgage must be signed by all the owners of the property. One co-owner cannot mortgage the property because the lender needs to have the right to take the property by foreclosure in case of a default. If all the owners didn't sign the mortgage the bank cannot take full possession of the property.
Why is rent typically higher than mortgage payments for the same property?
Rent is typically higher than mortgage payments for the same property because landlords factor in additional costs such as property taxes, insurance, maintenance, and potential profit when setting the rent price. Additionally, landlords take into account market demand and the potential for rental income to determine the rent amount.
A home mortgage is considered a secured loan because it is backed by what type of property?
A mortgage is backed by real estate owned by the mortgagor.
Is a land loan considered a mortgage?
Yes, a land loan is considered a type of mortgage because it is a loan that is secured by the property being purchased, similar to a traditional mortgage for a home.
Can a spouse take a home equity loan in one spouse's name?
A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.
Is a mortgage considered a consumer loan?
Yes, a mortgage is considered a consumer loan because it is a type of loan that individuals take out to purchase a home or real estate property.
Why didn't the mortgage company pay the insurance?
The mortgage company didn't pay the insurance because the homeowner is typically responsible for maintaining their own insurance coverage on the property.
Your parents died and left you property your name is on the deed but not on the mortgage is that a problem?
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Can a bank call the home loan because you rented the home?
Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.Possibly. You need to carefully read your mortgage documents to determine if there is a clause that the property must remain owner occupied.
I have a second mortgage on my property in my deceased husband's name the first mortgage is in mine can a bank with a second mortgage put a lien on my property if it is not paid?
You really ought to see an attorney because there are several things that don't quite make sense and states vary on borrower and lender rights (you don't even identify where you are). PS if there is a 2nd mortgage then that is already a lien on the property and there would seem to be no need for that lender to put yet another lien on it; all it may need to do is foreclose and that could jeopardize your first mortgage too!
