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Can you apply for bank overdraft if your property is still under mortgage loan?
Wiki User
∙ 14y ago
Yes. Overdraft protection is usually tied to your checking account and doesn't relate to a mortgage loan or even require that you own a home. In most cases you apply for overdraft protection and if you qualify, the bank will approve you for a preset line of credit. When a check is presented on your checking account and you do not have enough to cover it, the bank will advance a sum of money to pay the check. The bank usually begins to charge an agreed upon interest rate to you on the sum of money they advanced until you pay for the amount of the advance and the accrued interest.
Wiki User
∙ 14y ago
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Is a mortgage same as overdraft?
No. Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return the money to the bank but still he can take cash for his requirements anytime he wants. Mortgage is a facility wherein a customer borrows money from a bank to purchase a home. The only similarity between overdraft and mortgage is the fact that you will be paying an interest to the bank in return for the cash you borrowed from them.
How could one apply for a 2nd bad credit mortgage in the UK?
Someone can apply for a second bad credit mortgage in the United Kingdom online. A person what has bad credit, they can still apply for a mortgage in the UK by filling out the application they can print online or get from a bank.
With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
How do you calculate equity in the property?
Equity is calculated by subtracting the amount still owed on the mortgage loans from the fair market value of the property.
What is an unreleased mortgage?
An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.
Is a mortgage same as overdraft?
No. Overdraft is a facility wherein a customer can withdraw money from his account even if he does not have sufficient balance to cover for it. He would have to eventually return the money to the bank but still he can take cash for his requirements anytime he wants. Mortgage is a facility wherein a customer borrows money from a bank to purchase a home. The only similarity between overdraft and mortgage is the fact that you will be paying an interest to the bank in return for the cash you borrowed from them.
Can 1 person sell a home if 2 people are on mortgage but 1 signed over the deed?
The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.
What do you do when a person dies owing a mortgage and he conveyed the property before he died to someone who is not on the mortgage?
The property is still subject to the mortgage. The grantee should make arrangements with the bank to assume the mortgage. Some mortgage documents contain language that a transfer of the property will trigger a demand that the mortgage be paid in full. You should speak to the bank ASAP. Or, the grantee could just keep paying the mortgage.
How could one apply for a 2nd bad credit mortgage in the UK?
Someone can apply for a second bad credit mortgage in the United Kingdom online. A person what has bad credit, they can still apply for a mortgage in the UK by filling out the application they can print online or get from a bank.
After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
If the bank owns your home due to foreclosure do you still have to mow grass?
No the bank pays the property tax and maintains the property. You are still responsible for the mortgage
Does a quit deed relieve you of financial responsibility on a mortgage?
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
Can the mortgage company keep homeowner claim money that is left over?
Yes, If money is still owed on the property. The mortgage company is a co-owner and a co-insured until the mortgage note is paid off. Of course, these funds would have to be credited to any amounts you still owe on the property.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
Does mortgage responsibilty fall on the daughters of their deceased dad if he gave them the house with a quit claim deed?
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
