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Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Nothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNothing can be modified in the mortgage after a foreclosure since the right to entry and sale has been exercised and the mortgage is no longer active. The foreclosure is final, it has been reported to the credit bureaus and once completed it cannot be revisited.
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Can I refinance my mortgage taking my ex husband off while adding a different person who has better credit than me?
The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.The owners of the property must sign the mortgage so the lender can take possession by foreclosure in the case of a default. Any co-signer should be fully informed that they will be responsible for paying the mortgage if the primary borrower defaults.
How do you remove the co signer on the mortgage?
The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
Can a cosigner have their name taken off current mortgage to cosign another?
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
Can a co signer be relieved of responsibility on a home loan after a period of time?
Only with the OK of the lender.Once a mortgage has been signed it will remain in effect until it is paid. The bank required a co-signer in order to guarantee that mortgage would be paid if the primary borrower defaults on the payments. The co-signer remains responsible for the mortgage until it is paid off. In order to get your name off a mortgage you co-signed the mortgage would need to be paid off and refinanced in the sole name of the primary borrower.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
Can foreclosure of investment properties result in the selling of your own home?
In theory yes, but in practice I doubt it will happen. The bank will start the foreclosure procedure with your investment properties, ultimately these properties will be sold and the proceedings used to settle the mortgage loan. In most situations the proceedings will be enough to pay off the mortgage and you are entitled to the surplus. However if the proceedings are not enough to pay off the mortgage you can and will be forced to pay it off with other funds and eventually bankruptcy can follow and your home will be taken. And please do not forget that even a foreclosure on investment properties will have a negative impact on your credit score.
Can your name be taken off mortgage without a signature?
Your name cannot be taken off a mortgage because the mortgage is owned by the lender. You remain responsible for the mortgage until it is paid off or refinanced without you.
Can a co-borrower on a mortgage refinance without the land owner's consent?
Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.Of course not. The owner of the real estate must execute the mortgage. If the "co-borrower" is not also an owner then they are simply a "co-signer". In other words they have promised to pay off a loan for land they do not own. If the primary borrower defaults on their mortgage payments the co-signer will be held personally responsible for paying off the mortgage even though they don't own the land.
How long does it take for a foreclosure to go off your credit?
Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Is there any way of getting out of a mortgage as co-signer?
The only way to "get out of" a mortgage is to pay it off and refinance or obtain a release in writing from the bank.
How do you get a co signer off your loan if you have bad credit?
The options are limited. You must pay it off or refinance. You would have to get the bank to agree to a refinance with only you as the signer, if you qualify. Banks rarely remove a co-signer from obligations under a mortgage.
