Anyone over the age of 17 who occupies a property as his or her main residence, but without having ownership of the property either in whole or in part, creates for himself or herself a right of occupation which will rank in priority to any interest of others such as the actual owner or, in particular, any mortgagee
The defense to be raised by the mortgagor, if the mortgagee
refuses to accept a deed in reduction and initiates a foreclosure action, is that the mortgagee
in such foreclosure action has the duty to act equitably.
Unless there is some type of specific contractual duty obligating mortgagees
and other non-mortgagor junior interests to pay taxes, why is it inequitable for one of them to choose to purchase at a tax sale rather than to pay the taxes directly?
can hold up loan modifications and short sales after Chs.
The purchaser of a real estate right may also mortgage his contractual right on the real estate unit, sold off plan, in order to pay the price of the real estate unit, provided that the real estate unit is registered in the Initial Real Estate Register and that the mortgagee
shall pay the loan amount directly to the escrow account.
Letter 2015-01 implemented the reduction of FHA Annual Mortgage Insurance Premium (MIP) rates by 50 basis points (0.
Consequently, a ground lease must include certain cure rights and other key terms in favor of the leasehold mortgagee
to protect it from such a catastrophic loss.
Or, are the mortgages invalid because the mortgagees
dealt with a rogue who, under the common law doctrine of nemo datquodnon habet, had nothing to give ?
A subsequent lender who wishes to curtail the first lender's ability to "tack" further advances will want to ensure that the prior mortgagee
has received written notice of the subsequent mortgage.
However, the Illinois Mortgage Foreclosure Law does not specify which procedure a mortgagee
must follow or who must be named when the mortgagor is deceased.
As stated in 2010-16, this new mortgagee
compliance structure will improve "communication between FHA and its mortgagees
and the dissemination of information between parties.
As a business matter, mortgagees
will want to be convinced of tangible hope for payment by the mortgagor under a new realistic repayment plan.