Mortgage and Housing

Can A Mortgage Be Revoked After Closing?

What is the answer to the question “Can a mortgage be revoked after closing?” In general, there are some things that cannot. For instance, a deed of trust does not make you liable for anything after closing unless you entered into a stipulation or assignment of trust deeds. Similarly, a mortgage note does not give you the right to sell the property at a foreclosure unless you have sold the property in the county where the note was granted.

A constructive trust, however, does give you the power to sell the property and yet gain constructive trust in the eyes of the lending parties.

Some people wonder if they can get their mortgages revoked after closing

The truth is that there are circumstances where it is possible to have your mortgage be revoked after closing. For instance, when you enter into a promissory note, you are entering into a binding contract. A promissory note is considered legally binding once both you and the lender have signed on its terms. In this case, you do not necessarily need to worry about whether or not you can have your mortgage be revoked.

On the other hand, there may be certain circumstances that make it easier for you to lose your home to foreclosure. If, for instance, you had missed two mortgage payments and received notification from your lender that you are one month behind on your mortgage, chances are good that your lender will accelerate your loan. This means that your mortgage will be further delayed until you have caught up with your missed payments. At this point, you may have to submit a formal request to the lender to reinstate your mortgage and begin foreclosure proceedings.

Similarly, even if your lender did not grant you a certificate of foreclosure, it may be possible for you to register a notice of default with your local courthouse. Once this notice of default has been filed in county court, your mortgage may be immediately suspended. Depending on the state laws, you may be able to reinstate your mortgage as soon as the foreclosure proceedings are over or within a few weeks, whichever is sooner.

Keep in mind that it may take months before the foreclosure process is complete

During this time period, your lender may be open to the possibility of foreclosure sales. The threat of losing your home to foreclosure can be an extremely stressful situation. If at this point, you are still interested in selling your home, you may want to consider consulting a foreclosure expert in order to ensure that you get maximum exposure to the best market conditions.

During the foreclosure process, your lender is also likely to be looking into whether or not you have made any payments on your mortgage. Although you may not yet owe money on the property, you could be facing foreclosure because you have fallen behind in your monthly mortgage payments. Your lender is required by law to provide you with documentation showing that you are current on your mortgage payments. If this is the case, you will need to discuss your options with your lender, including the possibility of taking out a title loan in order to pay off your mortgage completely.

Some homeowners wonder if they can have their mortgage revoked after the transaction closes

The truth is, there are several different scenarios in which your mortgage can be revoked after closing. If your lender does end up revoking your mortgage after the transaction, you will first need to contact them and inform them of your intent to revoke the mortgage. A deed in lieu of foreclosure is often authorized for this purpose. If the lender agrees, you will officially lose your right to redeem your home through property taxes and other means.

If the lender does not agree with you and refuses to give you permission to redeem the property, you will need to contact a title company. A title company can assist you in getting a certificate of title from the mortgage company. The certificate of title will give you the legal title to your home until the property is sold. Once the property has been sold, you will regain all of the rights to your mortgage loan. If you need more assistance with foreclosure, a real estate agent or your lawyer can provide additional information on obtaining a property certificate of title.

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Also see: Can You Subdivide Property With A Mortgage?

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