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Short answer, it depends on the circumstance. Foreclosure just means that they took back their property according to the terms of the loan. You are still responsible for the entire amount of the note that was not satisfied when the property was sold at auction. Since you probably still owe money to the lending institution, they can still report that you are not making payments on the outstanding amount of the debt. At this point, your only option is to either pay off the remaining part of the debt or file bankruptcy.

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โˆ™ 2006-04-26 14:17:41
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Q: After foreclosure can the company continue to report you late on payments destroying your credit even more?
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Related questions

How can a Delinquent timeshare be reported as a foreclosure?

A timeshare is a similar contract to a house and requires regular payments. This can be reported as a foreclosure if you have abandoned payments and the company is taking back their property.


How many payments have to be missed before foreclosure by the mortgage company.?

This will vary by mortgage company, state, and circumstances. You will be notified by mail before any foreclosure action can be taken.


My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?

No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.


How do you protect your home from foreclosure?

The easiest way would be to make all the payments on time to the mortgage company or bank.


Can a mortgage company continue to report your debt as late after the bankruptcy is confirmed and you have continued to make monthly payments on time?

Payments in the last 12 months are reported on your credit report. The BK 7 and the previously late payments will continue to show on your credit report, but eventually your ontime payments will be the ones showing. You may be able to get a statement that the house was redeemed in the bankrupcy, but all late notices for the past 12 months and/or a notice of foreclosure will remain.


What are the causes of foreclosure?

non-payment of mortgage payments exceeding 2 to 3 months. If the mortgage company does not receive timely payments, they can decide to foreclose. Once they have made that decision it is very hard to correct. If you cannot make your payment call the mortgage company. Communication can go a long way to prevent foreclosure.


Can you close your credit card account and continue to make payments?

No, what usaully takes place is that the credit card company freeze your credit card account and you continue to make payments


How does a foreclosure work if it is due to an agreed order with the mortgage company while in Chapter 13?

The foreclosure will simply continue as it normally would have if the bankruptcy had not been filed, except for any special provision made in the order allowing the foreclosure to cotinue.


Do you need to inform your car loan company of your intent to store your vehicle as long as you continue to make payments as normal?

no


How many payments have to be missed before foreclosure by the mortgage company?

Technically you are eligible for foreclosure the day you miss a payment, but in practice this is never the case. Most lenders will begin the foreclosure process after 3 payments are missed, but that does not mean the home will be foreclosed. Many lenders are required by law to work with the borrower to modify the loan, or otherwise demonstrate significant effort to avoid the foreclosure. Many foreclosures take 6 months to a year to complete. This varies greatly by state, loan type, and investor/owner of the loan.


Can a mortgage company foreclose if you are a little behind in payments but you are still paying on your mortgage?

The problem is that you haven't really defined your terms. It makes a difference whether "a little behind" means "the next day" or "two months late." It also depends on the precise terms of your loan contract.In general, the contracts are written so that technically the mortgage company can begin foreclosure proceedings if you're late at all. However, foreclosure is enough of a hassle that most do not until you've missed at least two payments, and even then, making up those payments (along with late fees) is usually sufficient to stop the foreclosure.


If a mortgage payment is forty five days late will they foreclose?

State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.


Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?

Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.


What happens in Dallas TX if you stop making your mortgage payments?

The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.


Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?

Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.


Will bankruptcy protect me from foreclosure by my mortgage company?

Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy


When your private mortgage holder dies how do you make payments?

You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.


On a foreclosure who pays the difference in principle?

There are several possibilities. 1) The lender may continue to pursue the borrower for the money after foreclosure. 2) The lender may just write off the loss. 3) depending on the mortgage insurance situation, the insurance company may contribute.


Is a foreclosure the same as bankruptcy?

No. People file banktruptcy when they have debts they can not pay back. It is a way for the courts to determine what assets an individual has, the order in which creditors get paid off, etc. A foreclosure is an action that a bank or mortgage company files when a borrower is delinquent on payments. It's a way to bring to the courts proof that a borrower is behind on payments, and giving the bank the right to auction off the house to pay off the loan. Often, though, people file banktruptcy as a way to hold off a foreclosure. However, you still have to make your mortgage payments (or new schedule of payments set up by the bankruptcy court) once the banktruptcy is over, or you risk being foreclosed on.


How do you know if your foreclosure will be pursued by the mortgage company?

go ask the mortgage company.


If a loan is not reaffirmed in bankruptcy but you continue to voluntarily make payments can the loan company report you to the credit bureau if you're late with these payments?

According to my mortgage company, "no." However, the bad part is that you continue to accrue late charges and in the event you accidentally missed a payment, they don't make the standard courtesy calls. They cannot pursue the money once the BK is complete.


Can a mortgage company freeze a bank account after foreclosure?

No


How can you get back your car from repo?

pay off the debt you owe on the car, and if they trust you enough the company you are making the payments to for the car will continue to give you the car


Can a mortgage company report a foreclosure?

Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.


How do you know when your house is in foreclosure?

You will be informed by the mortgage company or bank.