Can bank reposses the house even if name on mortgage is different from the name on a deed? - name on deed not on mortgage
I Transffered a fact, my friend. But the mortgage is still in my name. Friends payments on my loan. What if you stop the payments. Eastern Bank is entitled to recover, a house, even if I do not?
Saturday, January 30, 2010
Name On Deed Not On Mortgage Can Bank Reposses The House Even If Name On Mortgage Is Different From The Name On A Deed?
5 comments:
Absolutely. If the mortgage is not paid if you can transfer the property to his friend, his friend as collateral for the mortgage and the lender does not necessarily exclude cases of default. In fact, most mortgages have a "due on sale" clause that people from the assumption of their loans, so we call it could pay your mortgage and / or to exclude or not your friend's payments.
To be done from the perspective of a borrower and not a good idea what he was doing. Your credit may be tarnished by late payments on your friend because you are responsible for the mortgage!
Absolutely. If the mortgage is not paid if you can transfer the property to his friend, his friend as collateral for the mortgage and the lender does not necessarily exclude cases of default. In fact, most mortgages have a "due on sale" clause that people from the assumption of their loans, so we call it could pay your mortgage and / or to exclude or not your friend's payments.
To be done from the perspective of a borrower and not a good idea what he was doing. Your credit may be tarnished by late payments on your friend because you are responsible for the mortgage!
As the deed to transfer your name, it should have, if you owe money on it. I hoped you a lawyer to do this and not just do themselves.
I would say yes. And the credit will be ruined if he / she ceases to make payments. This is very bad for everybody.
The friend was "subject to" the mortgage, because it was generally known.
You can exclude not only when you miss payments, the mortgage is likely to have a "through the sale" clause, so if you do not need to learn, it can speed up the scales with regard to very short.
Or is it ruin your credit, not yours.
Wrong.
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