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Can someone place on a property lien if one person is on mortgage but two people on deed of trust?
Wiki User
∙ 16y ago
Yes.
Wiki User
∙ 16y ago
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Can a home be foreclosed on when the mortgage is in a different name from What is on the deed?
Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage.If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.
Can 1 person sell a home if 2 people are on mortgage but 1 signed over the deed?
The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.
What does it mean when you say that there is a lean on your property?
A lien is placed on property when the owner owes money to someone, and the someone wants to ensure that it will be paid back. Liens are only available to secure some kinds of debts. If a person takes out a mortgage, the bank will place a mortgage lien on the property. This means that when the person sells the property, the mortgage must get paid before the person can receive any proceeds from the sale. If the person pays off their mortgage while they still own the property, the lien will be removed. In other cases, liens are placed due to judgments and certain kinds of bad debts.
What do you do when a person dies owing a mortgage and he conveyed the property before he died to someone who is not on the mortgage?
The property is still subject to the mortgage. The grantee should make arrangements with the bank to assume the mortgage. Some mortgage documents contain language that a transfer of the property will trigger a demand that the mortgage be paid in full. You should speak to the bank ASAP. Or, the grantee could just keep paying the mortgage.
One person is on the deed and two people signed the note . Can the person on the deed sell the property without permission satisfy the mortgage and collect the proceeds?
Yes. A person who does not own the property but signs the note is simply a volunteer. They have volunteered to pay the mortgage if the primary borrower (the owner of the property) defaults. Signing a mortgage for property you don't own is a very bad decision.
If one person is on the deed and two people signed the note can the person on the deed sell the property without permission satisfy the mortgage and collect the proceeds?
Of course. A person who signs a note and is not on the deed is simply a volunteer. They have volunteered to pay a mortgage on property they don't own if the primary borrower defaults. The owner of the property can sell the property and pay off the mortgage from the proceeds at any time.
If 2 people are unmarried and deeds are in 1 name to avoid paying a huge amount of tax and they split where does the person who is not on the deeds stand with regards to paying mortgage or ownership?
First, the person who is the grantee on the deed owns the property. Period. Second, the person who signed the mortgage is obligated to pay the bank. If you signed a mortgage but didn't own the property the bank can come after you to pay if the property owner defaults on the mortgage. It will ruin your credit. Your answer: If you do not own the property and yet you signed the mortgage then you own nothing and you will be held responsible for paying the mortgage.
Does a person who has a mortgage on a house have legal title to the property?
No. If you are on the mortgage but not on the deed then you agreed to pay for someone else's property for some reason. Being only on the mortgage doesn't give you any interest in the real estate.
Can you add someone to morgagefrom the start?
The mortgage refers to the financing of the deed to a real property. A person cannot be on the mortgage unless they qualify for the financing. They can be on the title though and have no financial connection.
Does the person need to be on the deed in order to refinance the mortgage on the property?
The answer depends on the circumstances.The bank won't give a mortgage to someone who doesn't own the property. Therefore you can borrow money on a house if you're not on the deed.On the other hand. A person who is not on the deed should not sign the mortgage as a co-borrower with the owner. They have no interest in the property and shouldn't promise to pay for it. A co-borrower has the full responsibility to pay the mortgage if the owner defaults on the payments.
Does the Deed holder on a home have full ownership even if their name is not on the mortgage?
The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.
If one person has a first mortgage on one property can another person have a first mortgage on the same property?
no. whichever mortgage was filed first with the local county clerk is the first mortgage on the property. any other mortgage would be subordinate in priority, and the priority is established by the date on which the mortgages are filed in the county clerks office
