is there some help to get a loan on are house value of 190,000.00 owe 120,000.00 and lost my job and this is where I grew up bought it from my father when he passed. I dont want to loose my house.
Thank you
Robert
After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.
nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage
Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt.
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
Debt counselling, if done right, has the ability to condense your debt and reduce your monthly payments. This makes it easier to pay your monthly mortgage.
Absolutely. Mortgage defaults are not the only trigger for a foreclosure. Even though the outstanding debt or mortgage has been paid off, taxes are levied against the property yearly. Delinquent property taxes may trigger the tax title foreclosure process. In addition, Homeowners Associations can initiate foreclosure in the attempt to collect overdue fees. The federal government may also initiate the foreclosure process to collect taxes owed to Uncle Sam. There may be other instances, but for the most part, these are the most common.
The government isn't involved in this. The security for a mortgage is title to the property. It is given up in foreclosure. Doing so without the problems and expense of forcing the lender to go to court, is called a friendly foreclosure. The agreement allowing any of this was between the lender and the borrower, when the loan was made. The court or government may be involved in enforcing the agreement, like any other contract. Not paying a debt used to be a criminal thing, and still is in many countries.
Yes, but whomever buys at the second foreclosure will own the property subject to the first lienholder's debt. The first lienholder can still foreclose and wipe out the second.
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
30 days generally will not cause a foreclosure. If the debt continues to be 30 days in arrears over months are foreclosure will happen at some point.