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First, it sounds as though the mother may be contemplating helping her son obtain funds from a bank through a fraudulent scheme. It won't work. Mortgages have a "due on transfer" feature meaning that if you make a title change after you grant a mortgage then the lender can call the note due and payable if they become aware of this change. If you read the note and mortgage that the son signed this will be clearly stated.
It should also be noted that the son is still obligated to pay the mortgage. The mortgage as a legally binding contract predates and supercedes anything dated after it was executed. If he is relying on mom to make the payments and she does not, his credit will be wrecked. Lending regulations are specifically structured to prevent just this kind of thing.
What else can I help you with?
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
Is a mortgage a security?
Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.
What is a Mortgage Backed Security?
Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity. The entity then issues securities that represent claims on the principal and interest payments made by borrowers on the loans in the pool, a process known as securitization.
What does mortgage mean?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
What mortgage means?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
What does mortgage?
A mortgage or mortgage loan uses real-estate or personal property as collateral to guarantee a repayment of a loan. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on the property." If the borrower stops paying the mortgage, the bank can foreclose.
How much is a mortgage registration fee?
The mortgage registration fee is a State Government charge for the registration of a home loan. Because the property acts as security for a home loan, the government requires a home loan to be registered so that all claims on a property can be checked by any future buyers of that property. This fee can vary from state to state, so check the website of
What is the name for claims against property?
The name for claims against property is liens.
What happens if you have judgments against you after you die?
Your creditors can make claims against your estate if you own any property at the time of your death.
What are the top rated American mortgage companies?
One company that claims to be the best American mortgage company is 'America's Best Mortgage Co.' The company is based in Canfield, Ohio and claims to be dedicated to providing the best customer service possible.
Which section is responsible for handling claims related to property?
The section responsible for handling claims related to property is typically the property claims department within an insurance company. This department evaluates, processes, and settles claims made by policyholders for damage or loss to their property. They assess the validity of claims, determine coverage based on policy terms, and work with adjusters to facilitate the claims process.
Do i need my lender to sign insurance claim check if they are my bank and mortgage company?
Yes, typically your lender will need to endorse the insurance claim check if they hold a mortgage on the property. This is because they have a financial interest in the property, and the funds may need to be used for repairs or rebuilding. It's best to check with your lender for their specific requirements and process regarding insurance claims.
