Generally, we mortgage our house to pay home loans. Before opting for a home loan we need to register for a sale deed when we purchase a house. When you approach a lender for a home loan you need to mortgage your property at times. You need to keep your mortgage in case you fail to pay your home loan. The banks try to increase your tenure or they come up with other schemes even if you fail to pay your home loan. Their last resort is to sell the house. But mostly banks help the borrower in dire situations because most banks face a loss if they sell the property that has been mortgaged. Now let us understand if you have a mortgage who owns the house.
To simply this you are the owner of the house if you have purchased a property and issued the sale deed in your name. If you own the house, you will be paying property taxes which are issued under your name if you are a homeowner. You are to pay utility bills such as water bills, electricity bills that are issued in your name. But if you fail to pay your bills the HomeOwner Association (HOA) can foreclose on you. Therefore, pay your bills on time to avoid liens on your property. You will remain the legal owner of the house and after you pay off your home loan you need to obtain NOC from the bank and you should also obtain a nil-encumbrance certificate to prove that you are the legal owner of the sale.
I hope you understand
if you have a mortgage who owns the house now.
Get home loans with low interest rates and low tenure.
Read more:
Why Registered Mortgage Is Also Known As Deed Of Trust?
What Is Registered Mortgage?
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If you have a mortgage who owns the house?
Anasuya
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2021-12-31T15:58:14+00:00 2021-12-31T16:43:58+00:00Comment
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