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They can, HOWEVER, they normally don't. They will keep it. If, however, it goes unsold for a significant period of time (normally 2-3 years, sometimes more), and racks up town fees and listing fees, the bank will sometimes give the house back to the original owner. You would be stuck with all those fees, any damage done, (I.E. Graffiti, vandalism, etc.) and so on, though.
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∙ 13y ago
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What should I do with my dead father's house he left a mortgage on the house?
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
Do I still have to pay back my mortgage company after they foreclosed my home?
It will depend on the contract and conventions where the foreclosure took place. In many states where homes loans are secured by a trust deed the lender can only force the sale of the house and there is no possibility of a deficiency judgment when the sale was a trustee sale. If you really want to know have a lawyer in your state review your contract and default action the lender has filed. Lenders can file for a judicial action which can include a deficiency judgment if they believe there was mortgage fraud and the borrowers has assets.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
How do you give a foreclosed house back to the bank?
When the bank foreclosed on the house, they took it back. Now it's time to move out.
Your brother co-signed a mortgage for his son The mortgage was not paid and the house was foreclosed your brother did not know What are his options?
They can pay the back money prior to the sale, or get the hit with the son. My son asked me to co-sign a loan. I said no for this reason. Let them become adults on their own.
Can a house be foreclosed on in a person's name who is not on mortgage but property is quick claimed to them and they quick claim property back into estate of deceased person name before foreclosure?
A mortgage in default can be foreclosed no matter how many times you quitclaim it around the family. Every person who receives the property by a quitclaim deed takes it subject to the mortgage. You may slow down the process a little and add to the costs of the foreclosure but the foreclosure rides on the person who had title at the time of the mortgage. THEY gave an interest in the property to the bank in exchange for cash. If the cash was not paid back the bank is going to take possession of the property. Subsequent owners only need to be given notice of the proceeding.
Can you get automatic stay back after the mortgage company file for motion relief?
We have a lawyer but he has not contact us back. We are behind on the mortgage.
Do you have to have buldings insurance on a mortgaged property by law?
I doubt that the law requires it, but your mortgage company certainly does - if your house is damaged beyond repair and you depart, the company will want the means to get its money back.
What should I do with my dead father's house he left a mortgage on the house?
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
If i am are six months late on my mortagage and I receive a insurance check for a roof leak can the mortgage company keep your check since the check came in my name and the mortgage company?
As far as I know they shouldn't be allowed to. They are on the policy in case your house becomes a total loss and the insurer then uses the settlement money to pay back the whole mortgage. Query your insurer.
Do I still have to pay back my mortgage company after they foreclosed my home?
It will depend on the contract and conventions where the foreclosure took place. In many states where homes loans are secured by a trust deed the lender can only force the sale of the house and there is no possibility of a deficiency judgment when the sale was a trustee sale. If you really want to know have a lawyer in your state review your contract and default action the lender has filed. Lenders can file for a judicial action which can include a deficiency judgment if they believe there was mortgage fraud and the borrowers has assets.
Should I get a loan modification attorney or do it myself?
It depends on if your mortgage company is willing to work with you. Our attorney advised us to work with the mortgage company directly. This was the process we went through: 1. Call mortgage company and speak to specialist.2. Fill out questionnaire sent by mortgage company to home owner.3. Gather & send in paperwork requested by mortgage company.4. Receive response from mortgage company.5. Receive, sign and send back loan modification paperwork.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
