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Can a person sell their property while still owing money to the lender?
Wiki User
∙ 15y ago
Yes. Normally you need to pay off the full balance at the time of closing. There are cases where the lender may accept less than you owe. If you feel like this is a situation you are in... Talk to a local real estate Agent about helping you with a "Short Sale".
Wiki User
∙ 15y ago
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If a deed in lieu of foreclosure is done can the lender come after you for any amount left owing?
Yes, unless that is part of the deal.
How does a homeowner who does NOT want to avoid foreclosure get lender to start foreclosure before delinquent?
Foreclosure is a legal process that can cost the lender tens of thousands of dollars, so they will not be filing foreclosure against you until they absolutely have to.No matter what your situation is, you do want to avoid foreclosure! Even if you don't want to keep your home, there are better ways to go about it than letting the bank foreclose on you.Just so you understand, foreclosure is not a process that just allows you to walk away. It will ruin your credit for years, and cost quite a bit of money. In most cases, you will end up owing your lender for all the fees and the remainder of your mortgage, after your home is sold at sheriff's sale. If you no longer want the property, and would like for the lender to take it back; consider a Deed-in-lieu of Foreclosure. This is an agreement to deed the property to the lender. When you speak to a CPA, the lender or a housing counselor, be sure to ask about the tax and credit implications of doing so.
Which of these provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance etc?
The escrow account that is established by the mortgage holder pays most of these expenses. From each mortgage payment made by the borrower, a certain portion goes into the escrow account. Then, when these expenses become due, the lender pays them from the escrow account. If there is an insufficient amount in the excrow account, the borrower is required to pay the balance. The main exception to this is homeowners insurance, which the borrower may get him/herself. The lender will require that it be named as an "additional insured" on the policy. This serves to secure the lender's financial interest in the property to the extent of the amount still owing. That is, the insurer will name the lender on the settlement check along with the insured's name. In that way, the lender can ensure that repairs are made and the value of the property is preserved. If the borrower does not get homeowners insurance, the lender can get it to secure its financial interest alone. This is often referred to as a "single interest" policy.
Which of these provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance etc.?
The escrow account that is established by the mortgage holder pays most of these expenses. From each mortgage payment made by the borrower, a certain portion goes into the escrow account. Then, when these expenses become due, the lender pays them from the escrow account. If there is an insufficient amount in the excrow account, the borrower is required to pay the balance. The main exception to this is homeowners insurance, which the borrower may get him/herself. The lender will require that it be named as an "additional insured" on the policy. This serves to secure the lender's financial interest in the property to the extent of the amount still owing. That is, the insurer will name the lender on the settlement check along with the insured's name. In that way, the lender can ensure that repairs are made and the value of the property is preserved. If the borrower does not get homeowners insurance, the lender can get it to secure its financial interest alone. This is often referred to as a "single interest" policy.
What is the redemption period for Ohio?
The redemption period in Ohio is the time after the sale of the home and before it can get confirmed by the courts. The time will not exceed 30 days and any owing money must be paid before a property can be redeemed.
What do you call a person owing you money?
Debtor.
In Ontario what happens to your credit card balance when you die?
In almost all jurisdictions, any money owed by a deceased person is payable from the assets of that person. Typically, money held in a bank account for that person can be used to pay outstanding bills but funds from other assets such as physical property, houses etc can be used. If there are no assets (the deceased had no money and no property of value) then the amount owing on a credit card will be written off. In this case, his relatives are not responsible for the debts.
Is it relevant for the car dealer to ask how much is owing on your trade in?
Of course it is. The dealer taking the trade would become responsible for loans and liens on the car once ownership has been transferred. If the remaining money owing on the trade is not paid he could lose the car to the lender.
If the lender has forced insurance on a loan does it cover you if you get stopped?
NO, NO, and NO. It ONLY covers the LENDER for the amount owing oon your loan. if you would be nice enough to TOTAL the car, the lender would be happy. Good Luck and BE SAFE
Who are people who owe money called?
The presence of owing money is referred to as being 'in debt'. A person who is in debt is a debtor.
Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
What rhymes with owing money?
Flowing honey
What is a record of money owing or spent?
A——T
If a deed in lieu of foreclosure is done can the lender come after you for any amount left owing?
Yes, unless that is part of the deal.
How does a homeowner who does NOT want to avoid foreclosure get lender to start foreclosure before delinquent?
Foreclosure is a legal process that can cost the lender tens of thousands of dollars, so they will not be filing foreclosure against you until they absolutely have to.No matter what your situation is, you do want to avoid foreclosure! Even if you don't want to keep your home, there are better ways to go about it than letting the bank foreclose on you.Just so you understand, foreclosure is not a process that just allows you to walk away. It will ruin your credit for years, and cost quite a bit of money. In most cases, you will end up owing your lender for all the fees and the remainder of your mortgage, after your home is sold at sheriff's sale. If you no longer want the property, and would like for the lender to take it back; consider a Deed-in-lieu of Foreclosure. This is an agreement to deed the property to the lender. When you speak to a CPA, the lender or a housing counselor, be sure to ask about the tax and credit implications of doing so.
Would it be possible to have a negative US dollar at the end of a trip?
Well I it is possible but the only problom is that you will be in det with some body.you will be owing money to that person.
When to use owing to or due to?
Due to the fact I lost my job, I ended up owing money to the credit card company.
