Real property can only be encumbered by a mortgage and not by a promissory note. A promissory note has no effect on real property it is only evidence of a loan. If the mortgagee acquires title to the mortgaged property the title merges and the mortgage is extinguished.
if something ever happens to the person witht he credit then the creditor takes care of it.
If you cannot pay the creditor and have not made any arrangements with the creditor to remain on the property then you should be prepared to vacate the premises immediately. As soon as the sale takes place there is a new owner and the property is no longer yours. There can be problems with liability and insurance coverage from that moment on and it is not in the buyer's interest that you remain on their property, uninsured.
Certainly. The bank has a lien on the property, and in most cases that lien takes precedent. In some situations, however, say in situations of unpaid taxes, no other creditor takes precedent. The IRS will be paid.
After a default by the borrower the bank takes possession of the property and sells it.
He no longer owns any interest in the property.
When a property is condemned, the state takes it over. All people living there are required to vacate and find someplace else to live.
What happens if your dog takes nexium?
Liens, in just about every state are for the protection of the creditor, not the debtor. You state laws will define what is expected for all liens that are filed. If you want to check if there are existing liens consult the county's public records.
No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during this foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.
In a foreclosure, the lender takes possession of a property due to the borrower's failure to make mortgage payments. The borrower may lose the property, but the extent of what is lost depends on the specific circumstances and laws in place.
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.