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Depends on wether collection costs included in loan docs for recovery & agreed upon by you.
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∙ 13y ago
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If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Can one be held liable for unpaid interest fees and other costs of a leader as well as principal balance due on a recourse loan after a foreclosure on the securing rental property?
One word answer: Yes
What information is not collected from the servicer in a mortgage loan?
what information is not collected from the servicer in a foreclosure? loan balance, arrearages, interest rate property value or investor
If you are behind on your mortgage will they keep your insurance claim?
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
If loan was paid in full prior to foreclosure. how do i get it off of my credit report?
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
Do you add a loan to cash on balance sheet?
Cash is added as asset and amount of loan is recored as a liability.
Is the loan balance collected from the servicer in a foreclosure?
In a foreclosure the proceeds from the sale go to the servicer, who in turn remits those funds (minus any costs and fees owed to the servicer and its affiliates) to the investor on the loan (lender or agency). If there is a deficiency, the difference may be written off and a 1099c issued to the debtor, effectively ending the matter, or if legally allowable the lender may pursue the debtor through a collection agency or the courts.
What is a foreclosure property?
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
Can a lender charge you interest in Illinois on the remaining balance of a car repossessed?
The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.
Who do you contact when scammed on loan?
Personal loan for foreclosure
