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.
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.
This will vary by mortgage company, state, and circumstances. You will be notified by mail before any foreclosure action can be taken.
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.
The easiest way would be to make all the payments on time to the mortgage company or bank.
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.
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.
No, what usaully takes place is that the credit card company freeze your credit card account and you continue to make payments
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.
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.
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.
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.
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.
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.
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.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
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.
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.
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.
go ask the mortgage company.
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.
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
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.
You will be informed by the mortgage company or bank.