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Are you responsible for the loan balance if you foreclose on your home?
Wiki User
∙ 16y ago
Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation.
If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.
Wiki User
∙ 16y ago
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Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
Can a home equity loan foreclose on your home?
yes
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
Can a home equity loan foreclose on your home?
yes
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
If you were asked to accept a quit claim deed by a dying friend and there is still a mortgage on the home but you are not on the mortgage are you responsible if it goes into foreclosure in Florida?
You are not responsible for the loan. You simply have a right to any equity that might be in the home. The bank will foreclose, sell the house, and if there is any money left, you would be entitled to it.
If you cosign on a home that is foreclosed what is your liability?
You probably co-signed on the MORTGAGE LOAN that was used to buy the home. As co-signer, you are also entirely responsible for payment of the loan....and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so. Thats what you co-signed for...saying you were responsible for the debt if the other borrowers didn't prove to be responsible.
Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
What happens to a co-signer if the signer of the loan files bankrupt?
The co-signor becomes responsible for the balance due on the loan.
Can you back out of buying a home if you lose your job?
No. Not after you sign on the dotted line when you get your loan. If you fail to pay, then the lending institution is within their rights to foreclose and take your home.
When you give a car back to the bank will you still be held responsible for the balance of the loan?
Yes.
Are you responsible for the balance of a loan after the collateral is voluntarily repossessed and auctioned?
YES, read your contract.
