Adapt image in the Mortgage Deed

Aug 6th, 2022
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How to adapt image in the Mortgage Deed

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hey guys whats up its alyssa and today im going to be talking about mortgages versus deeds of trust aka trustees side note i just got my hair done today for the first time in about nine months and i know thats not why youre here but im really excited about it anyway weve all heard about mortgages but what actually is it and what the heck is a trusteed im going to give you a fairly quick overview on what they are the main differences and a few related vocabulary terms if you find this video helpful i would really appreciate it if you could like and subscribe so lets jump in so first were going to start off with a little bit of vocabulary a promissory note is the promise to pay or the iou to the lender so thats pretty easy to remember promissory note promised pay it also states the terms of the loan and is evidence of the debt hypothecation so to hypothecate is to pledge something as security without giving up possession so this allows the borrower to maintain ownership while

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In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouses interest in the property if they die.
Its possible for only one spouse or partners name to be on the note, even if both are listed on the homes deed and mortgage. This can occur for any number of reasons, including one of the buyers/borrowers having a lesser credit score or docHub debt.
Whos going to get the house? Well, its kind of a trick question because it doesnt matter. It doesnt matter whose name is on the deed or whose name is on the mortgage. Nine times out of 10 what matters is when the house was purchased and with what type of funds it was purchased.
Mortgage deeds are official documents that prove the terms of a loan between a borrower and lender. Mortgages guarantee that loans will be repaid and give the lender the legal power to repossess the mortgaged property if the borrower defaults.
If your name is on the mortgage, but not the deed, this means that you are not an owner of the home. Rather, you are simply a co-signer on the mortgage. Because your name is on the mortgage, you are obligated to pay the payments on the loan just as the individual who owns the home.
When there are multiple borrowers on a transaction, only one borrower needs to occupy and take title to the property, except as otherwise required for mortgages that have guarantors or co-signers. See B2-2-04, Guarantors, Co-Signers, or Non-Occupant Borrowers on the Subject Transaction for more information.
To be validly executed as a deed, each individual must sign the document in the physical presence of a witness. The witness must be an independent person such as a friend, neighbour or work colleague. They cannot be a relative, nor be another party to the deed.

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