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What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
What paper work do you do when a person wants to have another person take over payments on her house and transfer the title until its paid for?
You will need to make contact with the mortgage holder (people that loaned money to buy the house) and get their approval. Until the loan is paid off, the mortgage agreement is between the homeowner and the mortgage holder. That agreement cannot be changed without their approval, or a court order (such as bankruptcy) or the death of the borrower. In effect, you would transferring your mortgage to the other person- and that person might not be acceptable to the mortgage company.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
You are buying a home with your boyfriend but because your credit is good and his is not you will be the loan holder and he will be on the title how can you assure you are protected?
In order to perfect its interest in the mortgaged premises in case of foreclosure, the bank must have all the owners execute the mortgage. If your lender wants the mortgage to be only in your name then the title on the deed will also need to be only in your name. Your boyfriend's name will not be on the deed. The property will be in your name alone and you will be the person legally responsible for paying the loan.
Can you force a foreclosure to get your name off of a mortgage?
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
Is a mortgage considered part of the debt of an estate to be paid by the estate?
This is an issue that may vary from state to state. Many states passed laws that provide that a person who inherits mortgaged property is not entitled to have that mortgage paid for by other assets in the estate. The mortgaged property itself is primarily liable for payment of the mortgage, unless the will says specifically that the estate is to pay off the mortgage. A simple direction to an executor to pay all debts is not enought to require the estate to pay the mortgage. If a will gives John a mortgaged house and gives Mary all the cash, and if the estate had to pay the mortgage as if it were an estate debt, then John would receive the house free and clear and Mary would lose a lot of cash. But because of this type of statute, the mortgage technically is not an estate debt. It gets passed on to John and he will pay off the mortgage. It should be noted that the bank will have to be paid when the decedent dies or it will foreclose and take possession of the property.
Can you put a lien on someone's house if they don't carry enough auto insurance to pay for injury caused by car accidents?
You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.You need to sue the person and if you win the court will issue a judgment lien that can be recorded in the land records. Then, the property cannot be sold or mortgaged without paying off the lien.
Is there a way to remove a co signer from a mortgage without refinancing by using a quitclaim deed?
No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.
What happens when a mortgage holder dies and has no estate?
If by "mortgage holder" you mean the person who secured a loan with a mortgage, then it will be for a probate court to determine a fair settlement of the amount still owed by the estate to pay off the loan. If there is insufficient value left in the estate after settling taxes and other debts, the lender may have to accept the loss. It would seem a bit odd that the estate does not contain the property that was purchased with the loan.ClarificationIf a mortgage holder dies, they have an estate. The debt owed under the mortgage is part of their estate. You now owe the debt to their heirs unless there is some language in the note and mortgage that the debt will be forgiven upon the death of the mortgage holder. In that case, there must be recorded evidence of that language in order to remove the encumbrance from the property.
Is surviving spouse responsible for a mortgage that was solely taken out by the deceased spouse?
If the person wishes to keep the residence then he or she will need to reaffirm or assume the loan with the mortgage holder. Real property debts such as homes and vehicles are not treated the same as unsecured debts when it relates to the death of the account/property holder.
