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Do I still have to pay back my mortgage company after they foreclosed my home?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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If you have a second mortgage but your first mortgage was foreclosed on do you still have to pay back the second or would it be rolled into the first mortgage?
Once the primary mortgage forecloses and the property is sold at auction, the 2nd mortgage becomes just another unsecured debt. If the 2nd lender received no funds from the sale of the property, then you ARE liable for the full balance of the 2nd mortgage - plus interest when it goes delinquent. Use care, this will differ depending on the state, but it's not uncommon for the 2nd mortgage note holder to use any means necessary to get back their loan amount, including foreclosure. Often a second mortgage note holder will attempt to purchase the primary note. One potential issue can play out as follows: * A homeowner finds themselves in financial trouble. * They successfully negotiate a payment plan with their primary lender, but remain in default against their second mortgage loan. * The second lien holder then purchases the primary mortgage (which is still in good standing) and forecloses. * Homeowner finds themselves losing their home to the 2nd mortgage lender.
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.
If you are current in your chapter 13 and the stay that was lifted was supposed to be back in place can the mortgage company still foreclose?
The only way is try to negotiate a reaffimation agreement with the lender. However, if the house is not protected by the homestead exemption, it could still be in jeopardy.
If your mortgage arrears were included in Chapter 13 and when you refinanced you had to pay the arrears to the mortgage company and also to the trustee do you get this money back and if so how?
Your trustee is the only person who can advise you. However, it has been my experience (mortgage lending) that you must first obtain the trustee's permission to refinance and I believe the full amount is always due to the mortgage company.
How can you deed your home back to the mortgage company?
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
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.
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.
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.
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.
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.
If you have a second mortgage but your first mortgage was foreclosed on do you still have to pay back the second or would it be rolled into the first mortgage?
Once the primary mortgage forecloses and the property is sold at auction, the 2nd mortgage becomes just another unsecured debt. If the 2nd lender received no funds from the sale of the property, then you ARE liable for the full balance of the 2nd mortgage - plus interest when it goes delinquent. Use care, this will differ depending on the state, but it's not uncommon for the 2nd mortgage note holder to use any means necessary to get back their loan amount, including foreclosure. Often a second mortgage note holder will attempt to purchase the primary note. One potential issue can play out as follows: * A homeowner finds themselves in financial trouble. * They successfully negotiate a payment plan with their primary lender, but remain in default against their second mortgage loan. * The second lien holder then purchases the primary mortgage (which is still in good standing) and forecloses. * Homeowner finds themselves losing their home to the 2nd mortgage lender.
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.
If your home is foreclosed by the bank can they also take and sell another piece of property that was not included in the foreclosed mortgage?
No. Generally a bank has obtained a judgment to foreclose on a mortgage covering a specific property with the dwelling or building. They only have the right to take the property covered by the mortgage. They have no right to take any personal property. In some jurisdictions the bank may go back to court for any deficiency if the foreclosure auction brings less than was owed on the mortgage. In that case the bank may win a money judgment that would enable it to take other personal property you own to satisfy the judgment. However, most banks never go that far and are satisfied with the foreclosure.
How binding is a second mortgage made through individuals and not a mortgage company?
If the mortgage is recorded at the county recorders office, it's just the same. Why, are you trying to get out of a promise that you made to pay back a loan?
If you are current in your chapter 13 and the stay that was lifted was supposed to be back in place can the mortgage company still foreclose?
The only way is try to negotiate a reaffimation agreement with the lender. However, if the house is not protected by the homestead exemption, it could still be in jeopardy.
If your mortgage arrears were included in Chapter 13 and when you refinanced you had to pay the arrears to the mortgage company and also to the trustee do you get this money back and if so how?
Your trustee is the only person who can advise you. However, it has been my experience (mortgage lending) that you must first obtain the trustee's permission to refinance and I believe the full amount is always due to the mortgage company.
