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Are you responsible for the difference of equity on an upside down mortgage?
Wiki User
∙ 11y ago
Yes, you are responsible for the loan amount (you signed the papers for the loan)
Wiki User
∙ 11y ago
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GRANT FROM OBAMA FOR MORTGAGE'S UPSIDE DOWN AND HOMESTEAD SENIOR CITIZEN ?
GRANT FROM OBAMA FOR MORTGAGE UPSIDE DOWN AND HOMESTEADED SENIOR CITIZEN
What should you do if your mortgage is upside down?
There is a program that can help you and the others. The company is Freedom USA Investing and they help people with underwater mortgages. They are able to put equity back in the property. The website is "Refinance under water mortgage help" and you can find it through the related link. The program is able help 99.9% of the people who are underwater and can put the equity back into their property. It is nothing like the government programs which make you jump through a bunch of hoops only to tell you, you don't qualify.
Can you refinance your home use some equity as a down payment for a second home and take out a mortgage loan for the second home for the remaining balance?
Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.
What is the possibility for you to purchase a new home when you are upside down on your current mortgage?
Nothing prevents you, but you will have a hard time finding a home with the foundation where you will be expecting it.
Can a bank refinance your car if you are upside down on the payments?
YES! You don't make your payments and they will repo. They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
Will lender approve loan if 1st mortgage is upside down?
No; there needs to be equity in your property before you can borrow additional money.
What is in a mortgage contract that releases the mortgagee from the contract if the property value decreases to negative equity?
There is no such clause in the usual mortgage. In fact, negative equity is a huge problem worldwide at the moment. Millions of homeowners are "upside down" on their mortgages, many are facing foreclosure and many are simply walking away from their homes.There is no such clause in the usual mortgage. In fact, negative equity is a huge problem worldwide at the moment. Millions of homeowners are "upside down" on their mortgages, many are facing foreclosure and many are simply walking away from their homes.There is no such clause in the usual mortgage. In fact, negative equity is a huge problem worldwide at the moment. Millions of homeowners are "upside down" on their mortgages, many are facing foreclosure and many are simply walking away from their homes.There is no such clause in the usual mortgage. In fact, negative equity is a huge problem worldwide at the moment. Millions of homeowners are "upside down" on their mortgages, many are facing foreclosure and many are simply walking away from their homes.
GRANT FROM OBAMA FOR MORTGAGE'S UPSIDE DOWN AND HOMESTEAD SENIOR CITIZEN ?
GRANT FROM OBAMA FOR MORTGAGE UPSIDE DOWN AND HOMESTEADED SENIOR CITIZEN
What should you do if your mortgage is upside down?
There is a program that can help you and the others. The company is Freedom USA Investing and they help people with underwater mortgages. They are able to put equity back in the property. The website is "Refinance under water mortgage help" and you can find it through the related link. The program is able help 99.9% of the people who are underwater and can put the equity back into their property. It is nothing like the government programs which make you jump through a bunch of hoops only to tell you, you don't qualify.
What is house under water in real estate terms?
That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.
Can you trade if you are upside down?
An upside-down vehicle is one that has a payoff that exceeds its trade-in value.If you are upside down and want to trade in your old car for a new one, your negative equity doesn’t magically disappear-it follows you to your next vehicle.
Who is responsible for your debt after your death if you own property that is upside down?
The estate will be responsible for the debt. If there are not enough assets in the estate to cover the difference, someone will not get paid. The executor will have to figure out how to satisfy as many of the creditors as possible and get the approval of the court. The bank may lose out.
What are the options when you can no longer afford to make the 2nd trust deed payments and the 1st trust deed payment is current and the home is upside down in equity just from the 1st trust deed loan?
Generally: If you default on the second mortgage the mortgagee can foreclose and take possession of your interest in the real estate subject to the first mortgage. The second mortgagee can take advantage of your equity in the property to satisfy the debt you owe. You should consult with an attorney who can review your situation under your state laws and determine what your options might be. Perhaps a settlement can be negotiated with the second mortgagee.
Does planting a seed upside down make a difference?
No.
Can I get my mortgage principal adjusted to the market value of the property seeing that my loan amount exceeds the value of the property?
Nope. You've got an "upside down mortgage". That's what all the trouble is about.
Do you need to go to probate when upside down in mortgage and no assets?
No. Probate is the court that has jurisdiction over the estates of persons who have died.
Can you refinance your home use some equity as a down payment for a second home and take out a mortgage loan for the second home for the remaining balance?
Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.Yes. Of course it depends on several factors:Do you have any equity in your home- enough for bank to hand cash over to you in these times of diminishing equity, reduced home values and upside down mortgages.Are you a good credit risk- is your income high enough and stable enough to guarantee payment of both mortgages.You should speak with several local banks.
