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The one liable for the loan is the one who signed the loan note. Anyone else just looses rights to the home without regard to the loan.
Some states, such as California, are "non recourse" states and a lender cannot pursue you for losses if then home is foreclosed and sold for less than was owed. This does NOT apply to non-purchase second mortgages. Other states allow lenders to pursue borrowers for a deficiency balance, or amounts owed above what the home sold for to match what was owed.
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When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
How does someone get a home improvement loan?
A homeowner can get a home improvement loan from a financial institution such as a local or national bank. As in a home loan, similar documentation needs to be submitted along with ensuring good credit.
Where can one get a secured homeowner loan?
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
Where can one get credit as a homeowner?
It is not clear if one is looking to become a homeowner and is looking for credit or if one is a homeowner and is looking for credit. If one is a homeowner and requires credit one can apply for a home equity loan where money is lent based on the equity in one's home. If one is looking to purchase a home and requires a home buyer loan these are available from local lenders such as Royal Bank, Scotiabank or TD Canada Trust.
In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
Are you liable if your spouse has a foreclosure but your name is not on the loan or the final deed when it was signed back to the bank?
The liability in foreclosure comes from the responsibility for the mortgage debt. Regardless of your legal ownership or interest in the home, you do not have liability for the mortgage debt if you are not a party to the loan (did not sign). The home is the collateral for the loan and can be foreclosed and sold as recourse when the loan goes into default. While everyone who has an interest in the home loses their rights to the home when it is foreclosed, the liability for the loan and any negative actions associated with that (collections, lawsuits, negative credit reporting) belong solely to the signers on the loan.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Will your husband be liable if the Home goes into default and the home is in the wife's name?
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
Can you get a business loan for your incorporated LLC business if you have had a home foreclosed--is it best to get a silent partner?
If the home foreclosed on happened more then two years ago you should be in the clear. A silent partner is probably the way to go.
How does someone get a home improvement loan?
A homeowner can get a home improvement loan from a financial institution such as a local or national bank. As in a home loan, similar documentation needs to be submitted along with ensuring good credit.
Where can one get a secured homeowner loan?
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
Where can one get credit as a homeowner?
It is not clear if one is looking to become a homeowner and is looking for credit or if one is a homeowner and is looking for credit. If one is a homeowner and requires credit one can apply for a home equity loan where money is lent based on the equity in one's home. If one is looking to purchase a home and requires a home buyer loan these are available from local lenders such as Royal Bank, Scotiabank or TD Canada Trust.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
Your recently deceased husband cosigned a home equity loan for your son Are you liable for the loan?
No just return the moneies
How would one qualify for refinancing on a home loan?
In order to qualify to refinance a home loan, the homeowner must not be in default. The homeowner must make a certain amount of income in a year and their monthly expenses cannot be more than 31 percent of their income.
