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westlake village ca - In cooperative ownership, title to the multiunit building usually is vested in a corporation. The purchaser of an apartment or a unit actually buys stock of the corporation; in addition to a stock certificate, a cooperative member receives a lease to the apartment, in which he or she is named lessee. As a holder of stock, each cooperative member has an ownership interest in the corporation, which in turn owns all the units and common areas. Each tenant pays to the corporation a fixed rent, which is applied to the payment of a single blanket mortgage and Re_al_Est_ate taxes covering the entire building, and to the payment of insurance premiums and maintenance costs for the upkeep of the common areas and facilities, which each tenant uses in common with all other unit owners. In the sale of a cooperative unit, the seller surrenders his or her stock and lease to the corporation, which in turn issues a new stock certificate and lease to the purchaser. The form and structure of cooperatives vary, and in some states are regulated by law. Apart from actual ownership, an interest in Re_al_Est_ate may consist of a lease, a mortgage, a lien, or other encumbrance on the property. In common law a mortgage was a conditional sale; i. e. , the mortgagor (debtor) sold re_alty
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(re_al property mortgage) or personal property (chattel mortgage), but if the debtor paid the debt by a certain time the sale was voided. The mortgagee (creditor) held legal title, the mortgagor equitable title; both estates were salable. Today Great Britain and a majority of states in the United States view mortgages as liens on property. The practical result under the two systems is the same. If the mortgagor does not pay the debt, the creditor seeks a court-ordered sale of the property (foreclosure), and the debt is paid out of the proceeds. During economic depressions many jurisdictions enact temporary mortgage moratorium statutes that give courts the discretionary power to refuse to foreclose mortgages. In a reverse mortgage, a homeowner borrows against the value of a house to receive a line of credit or monthly payments. Reverse mortgages are used by elderly homeowners as a way of obtaining cash, and normally the loan is paid off when the homeowner dies (or sells the property). Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years. Get it Done
If you don't pay the debt, the lender has the right to take back the property and sell it to cover the debt.
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