imirza
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- Jul 29, 2007
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Here is an interesting scenario.
Owner of the home Mr. X grant deeds his property over to Mr. Y.
Mortgage on property is still in Mr. Xs name. Mr. X stops making payments and leaves town. Mr. Y has his name on title of property. Bank comes along and forecloses on property.
Questions
1. Since Mr. Y is legally the 'owner' of the property can he contest this foreclosure action by the bank since the mortgage is not in his name ?
2. Can Mr. Y renegotiate the mortgage with the bank since he is living in and has title to the property ?
3. Is it even possible for Mr. X to grant deed property over to Mr. Y since the mortgage is still in Mr. Xs name ?
Owner of the home Mr. X grant deeds his property over to Mr. Y.
Mortgage on property is still in Mr. Xs name. Mr. X stops making payments and leaves town. Mr. Y has his name on title of property. Bank comes along and forecloses on property.
Questions
1. Since Mr. Y is legally the 'owner' of the property can he contest this foreclosure action by the bank since the mortgage is not in his name ?
2. Can Mr. Y renegotiate the mortgage with the bank since he is living in and has title to the property ?
3. Is it even possible for Mr. X to grant deed property over to Mr. Y since the mortgage is still in Mr. Xs name ?
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