mark
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They may not hold the deeds, but they do have you by the short and curlies!!!
You entered into a legally binging contract and failing to meet your responsibilities will probably result in repossession of your home - it doesn't matter who has the deeds.
Don't stop paying, or if you are having trouble paying talk to the bank now, before it's too late!! |
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mand
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Your mortgage provider does not need to hold the deed to your home to have a secured interest in your property.
In fact, your first mortgagor should not have held the deed. They should have had your mortgage and should have sent you the mortgage satisfaction piece.
Once you signed the mortgage, which has a decription of your property attached, and that mortgage is recorded, you are obligated to pay them or they have the right to foreclose. |
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Dixster
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You still owe for a bank loan.... |
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Serendipity
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If you borrowed money, you are responsible for repaying it. |
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mehboobahmad
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Nice try, but your lender will take you to court, get your deeds, and get you to pay for their legal costs.
Dont waste your time on stupid ideas. Banks have got legal teams bigger than your whole extended family (from both sides of your parents). The many pages of terms and conditons will cover this kind of thing. |
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momcat
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Maybe you should contact a financial advisor on this one. You should be responsible, though. |
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newmexicorealestateforms
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Lol, wouldn't that be nice.
When you borrow money from a lender you execute two instruments one is the promissory note which creates the agreement to the debt and two is the mortgage which is the borrower providing the lender with the right to take the borrower to court and take the property as the consideration for not paying the note (if enough money is not collected at the sale then a deficiency judgement can be seeked against the borrower) in other transactions a third uninterested party is appointed to sell the property at auction in the event of default. The seller provides the deed to the buyer upon payment received from the closing company who receives the funding from the lender the buyer then, depending on the type of loan instruments will retain the title, issue a mortgage, or deed to a trustee.
Buena Suerte |
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saorsie
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not sure |
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BoomChikkaBoom
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Lenders hold mortgages, not the Deed. The owner holds the Deed. When you buy a home, all documents are sent to the County for recording. The mortgages are returned to the lender and the Deed is returned to you.
Your prior lender did not send you the "original deeds", they sent you the cancelled mortgage.
If you do not pay your mortgage, the lender will foreclose and then they will get the Deed to your property. |
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MLaw
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Your original deed was recorded in the public records & is now just a piece of paper. Your mortgage lender loaned you the money; you signed a note for it & they recorded your new mortgage. If you don't pay, they'll foreclose. |
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Earl D
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No, it depends on the contract you signed with the new lender. If that language indentures the property to them then you are stuck.
Under the new bankruptcy laws you're generally stuck anyway! |
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SCARFACE
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Are you thick PAY UP |
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sclay95843
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You will still have to pay...sorry. |
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?Master
|
You are at risk if you don't keep up with the payments and the acceptance you signed for the mortgage makes you liable to repay under the terms of your loan, the deeds are a secondary issue some societies give you the deeds as their policy.
Rest assured that you will lose your property if you try avoid payment of the loan, they will foreclose. |
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Lick_My_Toad
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You don't HAVE to pay, but the motgage company will reposess if you default. |
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oadbywonder
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Never mind the page, are you on the right planet |
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aloneinga
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It means that you have to pay your new provider. More than likely your old provider sent your new provider the paperwork. Be honest, because overtime the govt. has ways of knowing who has paid what, and you don't want to be evicted later on because of not paying now would you? |
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LeeLynn
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Call them better safe then sorry! |
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sharky
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TALK TO A LAWYER i DONT THINK HOLDING THE DEEDS NECESSARILY MEANS ANYTHING LIKE HOLDING THE CAR OWNERSHIP PAPERS DOSN'T MAKE YOU THE LEGAL OWNER, IT NEEDS CLARIFICATION. tHEY HAVE PROBABLY BEEN SENT TO YOU IN ERROR BUT THAT DOSN'T ABSOLVE YOU FROM PAYING THE MORTGAGE IF MONEY IS OWED ON THE PROPERTY |
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tmitchell2
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They probably hold a legitimate lien on the house. Somewhere in the documents that you signed during the closing of the re-finance, the house was the collateral for the loan. The mortgage company can take that asset (your house) for non-payment. Depending on your state laws, your holding a deed may make it harder for them, but they would have the money and lawyers to foreclose.
If the load was an unsecured loan (not likely for a mortgage), the lender maybe able to garnish you wages for non-payment or otherwise make you life miserable until payed. |
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skin&bone
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Good thinking but wish full thinking too.
You will have to pay it back else you will find your *** on the street. |
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Joey K
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Dear Lord. Yea, don't pay your new mortgage and see what happens. |
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Mark G
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Doesn't matter who has the deeds you have a loan secured on you house. You can choose not to pay but they get your home and you go bankrupt!. Your choice. |
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Catwhiskers
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If you dont pay your new provider (or any other loan) then they will repossess your house and anything else you own to make up the value of the loan. |
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candyfloss
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any loan secured on your house has to be payed ,i once secured a loan on mine and i then went on to sell my house but the solicitor dealing with the documents for the sale done a search to see what secured debts i had and theses where payed before i got my hands on the cash,the only way is to pay up unfortunatley. |
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cnderellah
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thats a toughie
do u care about your credie? ok so you have the deeds to your home but you have a loan out there and it seems that you would be "getting over on the big guy" but in reality you will ruin your credit and the loan holder can put a lein on your home and take it from you, then you wont be able to ever purchase a home again. so i guess the answer is no you dont "have" to pay your loan |
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