transferring a deed to another person not on a mortgage contract.
2007-07-14 05:56:55 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The property I failed to mentioned was refinanced with a different company in the state of NH.
2007-07-14 06:11:58 · update #1
Yes they can.
What you are saying is one person is on the mortgage, and that person is not on the title, but the person on title is someone else.
Not every bank requires the person signing the note to be on both the mortgage and the title...much to my surprise.
They can foreclose, but the problem is, they usually won't notify who is physically residing in the home...they will notify the person on the mortgage.
The bank, is ALWAYS listed as the first lienholder on the title work regardless of who is on the title. It does not reduce the bank's rights to foreclose.
2007-07-14 07:59:09 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
The Deed has nothing to do with the mortgage. The lender can absolutely foreclose.
2007-07-14 13:16:56 · answer #2 · answered by Sharingan 6 · 1⤊ 0⤋
Yes-deeded rights aren't relevant. The property can be foreclosed on by any lienholder for breach of contract-usually nonpayment.
2007-07-14 14:50:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the first mortgage holder can foreclose on anyone except the property tax collector [and a lien that was recorded prior to his mortgage].
oh
2007-07-14 13:04:05 · answer #4 · answered by Spock (rhp) 7 · 0⤊ 0⤋
person off mtge but an interested party may have recourse to state this with legal representation at hearing.forcloser may contend nexus between deed holder and other interested party.both may share liability,regardless whether deed was transferred to second party
2007-07-14 14:43:15 · answer #5 · answered by quackpotwatcher 5 · 0⤊ 1⤋
Try going to this site, they have lots of information about this sort of stuff.
2007-07-14 14:18:36 · answer #6 · answered by Frieda R 1 · 0⤊ 1⤋