answersLogoWhite

0


Best Answer

If everything has been done properly and according to all laws, there is a time when the company can change locks. They are the owners of the property by that point; the former owners have been given all the proper notices and have been evicted.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Can the mortgage company change the locks on a foreclosed property?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

Can you change the names on a mortgage loan?

Not without refinancing the existing loan and changing the names on the title to the property..


Would a mortgage company change your homeowners insurance to their name if they were not going to approve your loan?

No.


What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?

First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.


What does amended the mortgagee clause mean?

It means your mortgage company/loan ownership has changed. Your loan may have been sold and now the entity holding the lien on your property's "legal name" has changed. Or, your original mortgage company may have merged or been bought out -hence the entity's legal name change.


How do you change your mortgage provider?

You can change mortgage providers by applying for the loan. You should research which company will give you the best rates prior to applying. You local banks can help you or corporations like Chase can also provide the loan.

Related questions

Do you have claim to a house if your name is on deed but you are not married?

You have asked a complicated question. Many people execute a quitclaim deed to a partner or spouse after they have purchased and mortgaged their property. If that is the case, the original owner should notify the bank of the change in ownership and the bank may require the new co-owner to sign a consent to the mortgage. If the bank isn't notified, you acquired an interest in the property subject to the mortgage and the mortgagor has breached their mortgage agreement with the bank. The bank can demand immediate payment of the balance due on the mortgage and can take possession of the property if the mortgage isn't paid. Another possibility is that if the mortgage is paid on time and the bank does find out about the transfer to you and notify the mortgagor that they have breached the agreement then you own a half interest in the property. On the other hand, if two people own property by deed and only one granted a mortgage, the bank has only a half interest in the property. If the mortgage is foreclosed the bank will acquire only a half interest in the property.


Can you change a mortgage to your mother's name?

Consult a lawyer on this. You can sell a property to your mother.


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.


Can you change the names on a mortgage loan?

Not without refinancing the existing loan and changing the names on the title to the property..


What is the cost to add a spouse to your mortgage?

A spouse is not added to a mortgage; if the spouse already owns an interest in the property through deed or community property, then the spouse is subject to the mortgage, regardless of whether or not he or she signed it. Note, however, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause.


Would a mortgage company change your homeowners insurance to their name if they were not going to approve your loan?

No.


What type of letter should be sent to a mortgage company when your partner agrees on you coming off the mortgage?

First you need to understand that a mortgage company will not normally let one party to a joint mortgage contract off the mortgage. You and your partner can not agree to change the mortgage between you, your contract is with the Mortgage company, NOT YOUR PARTNER.It is not in the Mortgage companies interest to allow a change to an existing mortgage as you are BOTH liable for the payments - if one of you stops paying they will go after the other for all the money.To get out of the situation you have to repay all the money you borrowed and get a new mortgage in just one of your names. This usually means one or other partner has to buy the other out.


What does amended the mortgagee clause mean?

It means your mortgage company/loan ownership has changed. Your loan may have been sold and now the entity holding the lien on your property's "legal name" has changed. Or, your original mortgage company may have merged or been bought out -hence the entity's legal name change.


Does the terms or the percentages change when canceling Freddie Mac private mortgage insurance on a single family home or a non owner occupied investment property?

NO.. It will not affect your mortgage interest rate.


Can I transfer my house to a trust if I'm still paying it off?

You can convey your property to a trust but the property will still be subject to the mortgage. You must check with your bank before making that change in title. Most banks require an immediate payment of the mortgage when there is a change in ownership. The bank may require that you refinance in the name of the trust.


Does mortgage company know the change of the homeowner insurance to landlord insurance?

Your Insurance Company is required by law to provide a copy of insurance policy at renewal time to your mortgage company and to notify them of any endorsements or changes in coverage. They may Notice it if they review your policy.


How do you change your mortgage provider?

You can change mortgage providers by applying for the loan. You should research which company will give you the best rates prior to applying. You local banks can help you or corporations like Chase can also provide the loan.