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Yes and no. Most banks who also lend have a section in their account agreement that gives them the "right of offset" for certain loan types. In this scenario, if you owe your bank money, they can (according to the terms set in the agreement) take money in your checking or savings to offset the delinquency. This does not mean Bob's Auto Loans could find your Community Credit Union checking account and go take money out of it without a court order. In relation to real estate, it depends on the state and governing laws. In CA there is a one-action rule that states a lender may take one action to cure a defaulted home loan. That means if you stop paying your mortgage and your lender takes $500 from your checking because you bank with the same lender, they can not foreclose on the home. They took their one action.
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A customer who opens a savings account at a bank in turn becomes a?
a lender
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
When a customer opens a bank savings account the bank essentially becomes a what?
Borrower ^ correct answer no cap :)
How does a lender use a credit card?
A lender can use a credit card in various different ways. They lender can issue the credit card and make money from the interest. The lender can also take credit card payments from the borrower.
How do you have someone take over payments?
You and the person wanting to take over the payments, go in a sit down with the lender who holds the note, and talk about it. The lender must agree to this for it to happen.
Can a co-owner refinance a property without telling the other co-owner?
No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.No. A prudent lender will require that all owners sign the mortgage so that it can take the property by foreclosure if the borrower defaults. If only one signed the mortgage the lender can only take possession of a half interest in the property.
Can a lender take legal action against the homeowner?
It's called repossession. The lender owns the property, the homeowner is making payments.
If i default on my mortgage can the lender take other assets?
YES.
When people take out a mortgage they must pay back the money?
Yes. The money must be paid back to the lender. If not paid back then lender can take possession of the real estate and sell it.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
