Asked in Personal FinanceLoansDebt CollectionMoney Management
Can a home be foreclosed on due to default on a business loan?
January 21, 2008 9:31AM
IF HOME IS PART OR UNDER BISINESS OR USED FOR . THARE FOR IS .PART OF AND CAN BE TAKEN. TO COVER LOAN FROM BANK. AND ALSO DEPENDS ON HOW IT WAS WRITTEN. AND OR HOW MUCH MONEY YOU HAVE FOR LAWYER. ALOHA AND GOOD LUCK GOD BLESS
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?
Asked in Personal Finance, Loans, Home Equity and Refinancing, Home Buying, Deeds and Ownership, Money Management
What happens to your home equity line of credit when you default on your home loan?
If you have an FHA loan and are in default can you ask FHA to take over your loan?
Will a collection agency come after me on a defaulted mobile home loan a written contract or a promissary note?
Asked in Home Equity and Refinancing, Foreclosure
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.
Asked in Law & Legal Issues, Repossession, Foreclosure
What is a Notice of Rescission of Declaration of Default and Demand for Sale and Notice of Default?
Asked in Mortgages
How do you prevent a home mortgage loan company from securitizing your loan?
Who is resposible for the assumable loan if it foreclosed on?
Will the bank sue you if you foreclose on your home loan?
Is it mandatory for home based businesses to have home business insurance?
Business insurance for a business based in a home is not a legal necessity. It is, however, highly recommended, as a business of any sort is a liability as well as an asset. You will be held responsible for your own business's needs. Insurance is an important fallback if you are robbed, sued, or default on a loan, etc.
Asked in Foreclosure
What Are Foreclosed Homes?
One thing that certainly has gotten a lot of media attention in the past few years is the controversy surrounding the practice of foreclosing homes. However, despite all this media attention, many people may still not be sure what the term foreclosed home actually means. A home foreclosure is a very specific event that is determined by finance agreements. It occurs when a house and surrounding property are used to secure a debt in the form of a loan. If the debt is paid off according to the terms of the loan, nothing happens to the home. The homeowners are allowed to continue living in it. However, in certain cases, the person that borrowed the money from the lender may default on that loan. This occurs when the borrower does not make payments on the loan within the timespan allotted by the loan agreement. When this occurs, the lender can take possession of the home that was used to secure that debt. It can then sell the home in order to compensate itself for the money lost on the loan. Usually, this relationship exists between the homeowner and the bank. In most cases, the loan made is a mortgage that is used to pay for the purchase of the home. If a person does not make their mortgage payments, this can result in the home being foreclosed upon. When foreclosed homes are put up for sale, they are usually offered for much less than they would be under normal market conditions. The reason for this is simple. Homes offered at lower prices tend to sell a lot quicker. The lender does so to make sure it makes back its money from the loan as quickly as possible. Sometimes this price reduction can be as high as 50 percent. Laws that determine how a foreclosure can take place vary from state to state. The laws that regulate the purchase of a foreclosed home are also often different from the laws that regulate the purchase of a home that was not foreclosed upon. For example, in certain circumstances such as an auction for a foreclosed home, a person may not be allowed to inspect the home beforehand.
Asked in Loans
does everyone have to wait 3 years in minnesota to get a home loan if they foreclosed in 2007 thanks?
Asked in Personal Finance, Loans, Mortgages, Home Equity and Refinancing, Foreclosure, Money Management
Are homeowner liable for loan if home is foreclosed?
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.
Asked in Repossession, Loans, Co-signing
Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default. If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default. If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default. If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
Asked in Home Equity and Refinancing
If i cosign a loan for refinancing a home for a family member and they default what can happen?
Asked in Small Business Loans
Can bank file criminal complaint for business loan default?
If it was a normal default, then they couldn't/wouldn't... but if there are criminal circumstances surrounding the loan, for instance if the bank finds out the loan was given based on lies by the person applying for the loan, or the money was used in a criminal endeavor, then of course they can file a criminal complaint.
Will your husband be liable if the Home goes into default and the home is in the wife's name?
What are the default rate statistics for micro business loans?
Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished. Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.