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Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
The are several legal steps a bank must follow before your house can be sold, assuming you are actually the owner but the bank holds a mortgage on the house. 0. The bank must notify you that you have missed a payment 1. The bank must issue a demand for payment in writing to you. 2. The bank must deliver to you or have delivered to you by the sheriff a legal notice of intent to foreclose. The notice must be published. 3. The bank must go to court and get a court order to foreclose. 4. legal notice of actual foreclosure must be published. 5. House is sold at auction to the highest bidder. If you have any questions talk to the bank and/or consult a lawyer.
If one cannot pay on their house, a bank will often foreclose on them. If one wishes to purchase a "bank owned home," one would best begin looking at their bank of choice's foreclosures page on their website.
yes
The bank that the mortgage Is through
No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
no, not if it is a 1st mortgage. because of the mortgage tax relief act of 2007
Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.
The bank will only take the home they foreclose.
Maybe. But for sure you will lose the house because the bank will foreclose and you will be evicted. They will then put the house up for auction so they can get their money out of the house.
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
it depends if you used the other house in any way to secure the loan for the second house. Please be more specific in your question so I can help you.
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.