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Does a security deed convey legal title to the property under Georgia law?
Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.Yes. Georgia is a title theory state. That means the title remains in the lender until the debt is paid. However, the conveyance is a conditional conveyance. The lender cannot keep the property unless there is a default in the mortgage. If the mortgage is paid off the lenders interest is extinguished and it must provide a release of the mortgage that should be recorded in the land records.
What is an example of personal property?
a personal property is something you bought or got ,and you keep it personal
How can you sell your motorcycle if you still owe on it?
Sure. To transfer title, pay the lender and the lender will sign off, then whatever is left from the sale, you get to keep.
If loan is not reaffirmed on a mortgage is the property still mine payments are made on time?
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
Can the lender keep personal belongings in a repossessed car such as CDs?
No that's called stealing.....
Can a tow company keep your personal property?
if it is impounded
How does a reverse mortgage work when you die?
The lender gets the property when you die. If your heirs want to keep the property then they must pay off the reverse mortgage within a certain time period after your death. However, the costs are often very high. The lender should be notified of the death of the owner. If the heirs cannot pay the lender will take possession of the property.
Can a lender prevent you from retrieving your personal property after they repossess your car?
Not Legally, to do so would be called "CONVERSION". In some states, the repo company can charge you a FEE for inventory and stoarge of your PP, but they cannot keep it it you pay the fee. i am in Florida and they said it will cost 200.00 to get my personal belongings,is there a cap?
How do you get short term title insurance?
Owner's Title Policy is good for as long as you own the property. Lender Title Policy is good for the life of the loan. Construction Title Policy is good during the construction period of the property through completion and typically only issued to the Builder during construction time. Therefore, if you bought a property, held it for 30 days and sold it, the Owner's Policy would insure you during that period and if there was a loan, the Loan Policy would insure the lender during that period. Since the life of the policy is good until the property is re-conveyed (new deed) or refinanced (new lender), YOU determine the length of term when changing one of the 2 conditions. If you are asking is there a discounted rate on title for holding a property for a short amount of time or flipping the property? The answer is "possibly". If the Seller has an Owner's Policy issued within the last 10 years from time of new sale, most states offer a re-issue rate vs basic rate ONLY if that Owner's Policy is provided to the title agency at the time the new title insurance is requested. NOTE: The reissue rate is availabe regardless of how long you keep the property, long or short term, as long as the prior Owner Policy is provided.
If a rental property in a lien theory state goes to short sale can it affect a primary residence in a title theory state?
If you are doing the short sale and the lender for the rental property is demanding that you pay the difference between the short sale price and the current principal balance (let's say the current loan balance on the rental property is $100,000, but you short sale the property for $80,000), then yes it is possible they may put a lien or get a judgment in the amount of that $20,000 difference which could be applied to your primary residence as a lien or judgment. Here's some more information: When financing is involved in a real estate purchase, it is important to understand if you will be subject to the title or lien theory of mortgages. The way in which a state will interpret how mortgage law is followed will be determined by which type of theory is practiced in your state. Each type of theory has special considerations on who will hold title and how foreclosure proceedings would take place if they were to become necessary. In title theory states, the borrower does not actually keep title to the property during the loan term. The seller gives the buyer/borrower a deed to the property but when the borrower signs the mortgage for the loan the borrower gives the title back to the mortgage holder. The lender then holds title to the property, as security only, until all loan payments have been made. During that time the borrower has the right to possession of the property, and the lender delivers the deed back to the borrower only after the loan obligation has been satisfied. In a lien theory state, the buyer holds the deed to the property during the mortgage term The buyer promises to make all payments to the lender and the mortgage becomes a lien on the property, but title remains with the buyer. The lender's lien is removed once the payment of all loan payments have been completed. Foreclosure proceedings in a lien theory state may be more difficult for the lender than in a title theory state, due to the fact that the buyer is holding title to the land and not the lender. Sources: http://www.escrowhelp.com/articles/20000317.HTML Free homeowner assistance with these types of questions: cmcsoa (Consumer Mortgage Counseling Services) www.cmcsoa.org
What can you do if the repossession company will not respond to your calls to arrange a time to get your personal property?
Scott, CALL the lender ASAP. lender is ultimately responsible(legally) for returning personal property. Repo cos. are just their agents. Lender can tell repoman to give up the PP or lose business. Did that, called the lender and they called the repo guy. The lender told me it was up to me to keep calling the repo guy and set up an appointment. Repo guy said he would call me back, still has not done that. The lender is saying it is up to me to chase him down, he will not return a call. Said it was my property and if I really wanted it I would keep calling him until he set up an appointment for me. Scott, sorri I didnt check for a response from you. Most folks dont respond. This lender is not acting "normal". Have an attorney call them. That should stir the pot a bit. Email me if that doesnt get results. Do you know the name of the "alleged" repo company? Scott, Stop wasting your time with calls.Stop dealing with the repo moron most of these guys are scumbags and thieves(i think it is a prerequisite to be in the business). Send a letter to the lender and demand that THEY return your property!They are the ones who have stolen it.The repo chimp is an agent for the lender so in legal terms the lender has stolen your property.In your letter list the items and their value and inform the lender you are not paying any fees or signing any waviers to get your property back.Also inform them that they will be responsible for any costs you incur to recover your stolen property(legal fees,court fees,your time etc.)Do not wait for a response from the lender; go and sue the lender in small claims court.If the amount exceeds your state's small claim limit file anyway and then look for an attorney with some guts.Good Luck!!
