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Property Mortgage Questions

Property mortgage is funds that are paid by an owner that has the rights to a particular area that they may own. Sometimes, when things go wrong after a person mortgages a property, there could be a number of legal questions that arise. Asking an Expert under such circumstances is the best way to safeguard your rights. Below are a few of the commonly asked questions about property mortgage that have been answered by Experts.

Who is responsible for a property mortgage that has been in the foreclosure process for a long time: the bank or the property owner who is now deceased? The property has been in the foreclosure "process" for over 3 years and the bank has been slow in "completing" the foreclosure. The property is in the state of RI. How can his estate be sure that it is not responsible for the property/mortgage anymore?

Until the title is properly transferred to the lender, the property owner’s estate, remain responsible for the property and the mortgage. The mortgage payments, maintenance of the property, taxes on the property, and any HOA fees and assessments if the property is a member of an Association of some kind are all included to be handled by the property owner. The only way the estate can be sure is to pull the title; if title still shows as owned by the deceased, they remain responsible for the costs, since the lender is not required to complete foreclosure.

If I have a property with a mortgage that is in our personal name (we could not get one in the LLC name that we have set up for it) can we quit claim in the property into our LLC name? We're listed as owners of the LLC and will obviously still be making the mortgage payments.

Yes, the property can be quit claim into the LLC name after purchase and mortgage funding. Typically such a transfer would not affect the mortgage in any way. The company would continue to be personally liable on the mortgage and the transfer typically would not be considered a default.

We are attempting to buy a short sale property where the mortgage is held by the same bank for which a co-signer on our side (the buying side) works. We do not know the sellers or have no business interest with the sellers. Does the Arm's Length Transaction Affidavit preclude us from buying the home because of our employment with the seller's mortgagor?

The affidavit applies to family members or business associates. The cosigner is just an employee, i.e., they have no shared business interest with the seller or bank. There is no problem with the proposed course of action.

if I inherit my father’s property with a mortgage, do I have the opportunity to assume the mortgage or will the property be sold for the money owed.

The person that inherits the property just continues to make the payments on the old mortgage; the power of attorney or something similar. And also the person is always free to refinance and pay off the old mortgage. Credit will not affect anything but the interest rate may rise.

I would like a lawyer's advice about the NC Mortgage Strategic Default. Property mortgage $150k, property value less than $25k.

North Carolina is a deficiency state which means the lender can pursue a person for the deficiency which is the amount owed over the amount of the foreclosure sale. Whether or not they will depends upon their assessment of the collectability of a deficiency judgment. So, if the person can convince them that the person has nothing for them to get, and that if they were to pursue a judgment, the person would simply file for bankruptcy protection and get the judgment discharged.

Having the right information about property mortgage can help individuals deal with difficult situations and make the right decisions. Ask Experts about property mortgage and other related topics.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
5 Real Estate Lawyers are Online Now

How JustAnswer Works:

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    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
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    Ask follow up questions if you need to.
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Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Mortgage Questions

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  • Hi- I own a home in Maine Joint tenants by the entirity with

    Hi- I own a home in Maine Joint tenants by the entirity with my former boyfriend. I want to buy his portion of the value and take him off the deed. He is moprtgage only as signatory with interest in property he is not the responsible party to pay the mortgage unless I stopped paying it. Do I file the same partition of real estate and ask the court to order him to take my buy out?
  • Hi, I am getting divorced and bought a house before marriage

    Hi, I am getting divorced and bought a house before marriage but put my wife on the title after marriage. I wonder if there is anyway to challenge that, maybe some common mistakes on the deed. Also, I am the only one on the mortgage. Thank You.
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