0
What else can I help you with?
Can a mortgage be omitted from probate if the property was deeded to someone else before death?
No, the mortgage is a debt of the estate. That mortgage must be resolved before the property can be transferred.
If your name is on the deed but not the mortgage who is responsible for the mortgage when the house is sold?
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
Who holds the deed the seller holding mortgage or buyer?
the seller holding mortgage
Can you get a mortgage for a house that you are already deeded to but not on the mortgage?
All the owners of real estate must sign a mortgage that will affect the property. The bank will take into consideration the amount that is already owed on the property for the first mortgage and the ability of the owners to take on more debt.
What describes assumable mortgage?
It can be transferred from a seller to a buyer.
Which of these describes an assumable mortgage?
It can be transferred from seller to a buyer
If buyer requests a release from contract can seller choose to enforce the contract?
A contract, if properly drafted, is enforceable. If the buyer requests a release the seller can negotiate or keep the deposit.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
How much deposit does a first-time buyer need for a mortgage?
A first-time buyer typically needs a deposit of around 5-20 of the property's purchase price to secure a mortgage.
Who are some companies that are buyers of mortgage notes?
A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
Can you get a mortgage to buy two houses that are on one deed?
Depending on the bank lender used to secure a mortgage, it is possible to buy two houses that are on one deed. It can depend on whether each house is deeded separately.
