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Can a bank foreclose on a mortgage when the person on the loan dies leaving the home to the living trust where trustees are keeping the payments current?
Wiki User
∙ 15y ago
You need a lawyer. As far as I can remember, as long as the loan payments are kept up to date that bank has no foreclosure recourse. What should happen is that the bank should transfer responsibility for the loan payments to the daughters after probate/reading of the will. If the daughters collectively do not meet the banks requirements for a loan in the amount remaining due it becomes a whole other can of worms. Do yourself a favor and get a lawyer.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoNo. The bank cannot foreclose. However, if there has been a change in ownership the bank may call in the loan and require that the balance be paid off. You should seek the advice of an attorney.
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Can a lender foreclose on a property even if the mortgage payments have been kept current?
No but if a home owner is behind on payments and needs a loan mod or short sale approval, proof is available at RestReport.com
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
Can a mortgage holder foreclose because you quit your job if you are current on the payments?
Not likely. Think of it this way: If you pay your bills every month, does it matter where the money comes from? They can't do anything until you stop paying.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
Is it possible to have your mortgage loan modified if one is current on mortgage payments?
Yes, although mortgage companies are more likely to modify a loan in default.
Will a mortgage calculator let me know how much house I can afford to buy?
Yes, a mortgage calculator will help you in your decision to purchase a home. The mortgage calculator will also ask you for various inputs such as pre-tax income, current debt and debt payments, points on the mortgage loan, current rent payments and others to help make the decision.
If mortgage was listed by pro se Chapter 7 debtor as secured debt with intent to reaffirm but the bank never presented reaffirmation agreement can the bank foreclose once the bankruptcy is discharged?
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
What are the current mortgage rates for a 30 year fixed in Dallas?
Current mortgage rates for a 30 year fixed in Dallas would be about $ 600.00 a month. If you are in good standing and have credit payments may be less.
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