the home had a lien and the owner died ,a balance of 12 thousand still exist.but there is a chance the owner had purchased /or the loan officer had slid in a mortgage insurance policy to cover loan.no copy of the original paperwork was found at home.i have since been told to request it from the company(beneficial inc)and i need to send in a death certificate to get original loan paperwork.
2007-06-06 06:52:08 · 5 answers · asked by glr 1 in Business & Finance ➔ Renting & Real Estate
No, that is NOT a safe assumption. It would be unusual for a lender to not foreclose upon a property, but time lapsed does not invalidate a lien.
In most cases, liens are valid until removed by the person or firm who obtained the lien in the first place.
Your County Register of Deeds (or similar agency) will have records relating to the filing of any liens against the property. If they are not legally removed, consider them valid, and start checking to see how they can be removed.
2007-06-06 06:57:43 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
It is not a safe assumption. Mortgage Liens are usually valid for many years (in Michigan it is 15 years from the date of the last payment).
Are you the personal representative or heir to the deceased estate? If so I would reccommend that you send in the death certificate to check it .,..
2007-06-06 07:07:01 · answer #2 · answered by Attorney 5 · 0⤊ 0⤋
You will have to get all the documents to ensure title can be cleared by the lien holder. It will be cheaper than purchasing and then trying to remove the lien or the lien holder not removing the debt. Although in our province the lien would be paid out with your funds and the balance advanced to title holder
2007-06-06 06:58:02 · answer #3 · answered by Hootie J 5 · 0⤊ 0⤋
he will could refinance to eliminate you from the loan. you could not refinance a property if the loan to cost ratio is off. you're arranged to tension him to objective via going to court, or to sell the homestead. call a legal expert and furnish him with the completed information of the area. it incredibly is one super reason to not purchase property with somebody different than an substantial different. A divorce decree could have addressed this project.
2016-12-18 15:52:35 · answer #4 · answered by parenti 4 · 0⤊ 0⤋
no
2007-06-06 07:00:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋