Posted on: 02nd Jan, 2011 10:30 am
the deed is no longer in the original borrowers name due to death. Can mortgage file default against the new owner?
Welcome caprii,
If the new owner is not mentioned on the mortgage docs, then he or she is not liable for the loan. In such a case, the lender will not be able to file a notice of default against the new owner. However, due to the non-payment of the dues, the lender can foreclose the property in order to recover his dues.
If the new owner is not mentioned on the mortgage docs, then he or she is not liable for the loan. In such a case, the lender will not be able to file a notice of default against the new owner. However, due to the non-payment of the dues, the lender can foreclose the property in order to recover his dues.