0
What else can I help you with?
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
What rights does a second mortgage holder have if owner defaults on his loan?
The second mortgagee can foreclose and take possession of the property. However, it would take possession subject to the first mortgage.
Does a deed of trust grant ownership rights?
A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
Can the second mortgage holder force the sell of your home?
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.
When mortgage holders die what are mine and the mortgage company rights?
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
How do you get a 2nd mortgage discharged and keep your house?
You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan
What does it mean to be on the deed but not the mortgage, and how does this impact ownership and financial responsibility for a property?
Being on the deed but not the mortgage means you have ownership rights to the property but are not responsible for the mortgage payments. This arrangement can impact ownership by giving you legal rights to the property, but you are not financially responsible for the loan. However, if the mortgage is not paid, the lender can still foreclose on the property, affecting your ownership interest.
What rights and responsibilities do I have as someone who is on the deed but not the mortgage of a property?
As a person on the deed but not the mortgage of a property, you have the right to ownership of the property and the responsibility to maintain it. However, you are not responsible for the mortgage payments unless specified in a separate agreement.
Does a homeowner have to agree to a bank selling their mortgage to another bank?
No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.No. The bank owns the mortgage and can assign its interest in and rights under the mortgage to another entity. However, the assignee cannot change the terms of the mortgage and the assignment must be recorded in the land records so the holder by assignment can be identified.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
