Posted on: 31st Aug, 2010 03:51 pm
i've got a mortgage contract, the mortgagor is unable to pay the interest and the loan is already due,however when the contract was made the said land title that was being mortgage as a collateral was not under her name. what would be the remedy to complel her to pay her loan? could i forclose the said land title or selll it?
Welcome exquiste,
If the said person's name is on the mortgage contract and if the person is not paying the monthly dues, then you, the lender, has the rights to foreclose the property.
If the said person's name is on the mortgage contract and if the person is not paying the monthly dues, then you, the lender, has the rights to foreclose the property.