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Reverse Mortgages

Topic: Mortgage

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hayallerim
Yes if the two borrowers had feormd a legal partnership of some sort (like an LLC or corporation). You could have different names on the different promissory note but both be named in the mortgages and share interest on title assigning it to the partnership name.
read more... 05/04/2012

Toan
part of the settlement costs you buy gives the Financial Institution title incsuanre for mistakes (by the way, normally if you the Buyer want optional title incsuanre, then they want extra $ $ . This is why I believe it is not possible to have 2 half-half mortgages on same property, or two separate and unknown parties buying the same property bec Financial Institution and maybe local government would require a single deed with 2 names that could be tied to same property, and mortgage loan would also be one. Problem or rather extra expenses might come down the road when 2 parties for some reason split go separate ways or if one buys out the other, it takes a legal contract to change and record new ownership deed. There are cases where owners can be replace via ASSUMPTION OF MORTGAGES but I would advise doing everything they correct way bec say one owner buys out the other owner and then tries to sell eventually down the road and the TITLE DEED is a mess bec legal documents are missing or say they can't find other owner and written contract wasn't notarized or prepared by attorney/lawyer where it's one party's word vs another. Such a situation go literally STOP one from selling DEAD IN ITS TRACKS trying to take a short cut and maybe costs more in the long run to untangle compared to both parties in the beginning applying for a mortgage as joint owners.I'm not an attorney and only participated in several (5-10) real estate transactions and hope I understood your question correctly and that my explanation was sufficient
read more... 05/01/2012

Melly
Heckuva good job. I sure appriectae it.
read more... 08/10/2011

Read all comments: 3

 

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