0
Can a mortgage company apply the new payment to a missed payment put into the bankruptcy?
Wiki User
∙ 9y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What situations does mortgage insurance cover?
There are many different situations covered by a mortgage insurance plan. The most common issue addressed by the company would be a missed or late mortgage payment.
If a loan is not reaffirmed in bankruptcy but you continue to voluntarily make payments can the loan company report you to the credit bureau if you're late with these payments?
According to my mortgage company, "no." However, the bad part is that you continue to accrue late charges and in the event you accidentally missed a payment, they don't make the standard courtesy calls. They cannot pursue the money once the BK is complete.
If a mortgage payment is 20 days late will that be reported to the credit bureaus?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
how long can foreclosure take?
typically, the mortgage company will start the foreclosure process about 3-6 months after the first missed mortgage payment The timeline of the foreclosure process will depend almost entirely on the state law a good place to find information is: www.Foreclosurefish.com
If I pay bi weekly and have missed one payment. Can they repo my car?
You will have to speak with your finance company to determine when they will repossess your car. Each company has different rules and requirements and in most cases if you contact them about the missed payment they may be able to make payment arrangements with you.
When would a house be in danger of repossession?
Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.
By how much will a credit score drop if a mortgage payment is 30 days late?
When most credit scores are computed, there is no difference in type of late payment at the 30 day point. Whether it be a mortgage payment, auto loan payment, personal loan payment or credit card payment, the impact is going to be generally the same (unless one has a record of late payments). The credit score will drop from 25 to 50 points for the missed payment and it will take about a year to get MOST of those points back (two years is generally the "missed payment" cutoff for most scoring systems).
If you did not make your first monthly payment to the bankruptcy trustee what will happen?
In some cases the trustee will allow a thirty day grace period for the missed payment. Pertaining to a first installment immediate action to dismiss the 13 might be taken. It is for the most part at the discretion of the bankruptcy trustee, missing any payment is reason for dismissal with prejudice.
Would my remortgage interest rates goes up if I missed a payment?
Failure to make your mortgage payment will result in your lender reporting the mortgage lates to the credit reporting bureaus. Your initial late payment may result in a 30 day late which can bring your FICO scores down. For More Information go to http://www.mkemortgage.net/content/what_happens_if_i_cannot_make_my_mortgage_payment_456.htm
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
How long does a loan company have to repossess your car in Maryland?
Legally, your car could be reposessed after one missed payment. The terms of your contract cover default. Most will not repo your car after just one missed payment, but they could. I would certainly suggest attempting to work something out with the bank.
What happens if you on child support probation and he miss one payment?
Report the missed payment to the court or child support enforcement- whatever agency placed him on probation.Report the missed payment to the court or child support enforcement- whatever agency placed him on probation.Report the missed payment to the court or child support enforcement- whatever agency placed him on probation.Report the missed payment to the court or child support enforcement- whatever agency placed him on probation.
