Posted on: 30th Nov, 2006 12:31 pm
If the legal-title to a home in Detroit (Michigan) The United States Of America in a black-neighbourhood which has been declared "unfit" for white-people has a "title in name" of a white-person who is not in residential-possession of the titled-property can a mortgage still be put upon the title when the person who is named in the title lives in Canada but is a proven-legal-dual-citizen of both Canada & The United States Of America?
[size=9:272e9d231a][color=red:272e9d231a][Post edited as per forum rules][/color:272e9d231a][/size:272e9d231a]
[size=9:272e9d231a][color=red:272e9d231a][Post edited as per forum rules][/color:272e9d231a][/size:272e9d231a]
Hi,
If the person has dual citizenship then he can get mortgage for the home.
The other factor is that will he be able to make regular payments on the mortgage. If he can, then getting the mortgage is quite possible.
If the person has dual citizenship then he can get mortgage for the home.
The other factor is that will he be able to make regular payments on the mortgage. If he can, then getting the mortgage is quite possible.
Hi Picbeer,
If the property-title is legally declared unfit, then I don't think any mortgage company will be willing to offer you a loan against such a property. If the title is not legally approved, then the company may not allow you to borrow from them.
Thanks,
Sara
If the property-title is legally declared unfit, then I don't think any mortgage company will be willing to offer you a loan against such a property. If the title is not legally approved, then the company may not allow you to borrow from them.
Thanks,
Sara
I agree with Sara. If the home is declared 'unfit' then a lender is not going to loan money on it, there is no value to something nobody can live in black or white.
Quite true Sharlee, no lender will offer loan for an unfit property and by the way, the homeowner himself will be going through loss if he has to repair the house again with another loan.
Caron
Caron