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Do you have to go to court for a foreclosure summons if you have a modification loan?
Wiki User
∙ 12y ago
OH YES! Many a homeowner has found out the hard way that once foreclosure starts, they had better monitor everything that happens - even if they have refinanced or got a modification loan. If a summons arrives - go to court and present your loan documents! If you fail to show up, they may go through with the foreclosure and then you are left to straighten out the mess after the fact. You might even find the house sold out from underneath you and the sheriff showing up and evicting you even though you are current in your payments on your loan. There have even been instances where a foreclosure went forward on a home that was PAID OFF. If you get a summons - show up and protect yourself!
Wiki User
∙ 12y ago
It depends on the terms of your modification loan and the specific requirements of the foreclosure process in your area. You may still need to attend court proceedings related to the foreclosure summons if the terms of your modification loan do not fully resolve the situation or if there are legal issues to address in court. It is advisable to consult with a legal professional for guidance specific to your circumstances.
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What are the deficiency judgment laws in Minnesota?
In Minnesota, the lender can seek a deficiency judgment after a foreclosure sale if the sale proceeds are not sufficient to cover the outstanding loan balance. However, there are certain limitations on when and how deficiency judgments can be pursued, such as restrictions on the amount that can be collected. It's advisable for borrowers facing foreclosure in Minnesota to consult with a legal professional to understand their rights and options regarding deficiency judgments.
Are deficiency judgments allowed in Minnesota after foreclosure?
Yes, deficiency judgments are allowed in Minnesota after foreclosure. Lenders can pursue borrowers for the remaining loan balance if the proceeds from the foreclosure sale are not sufficient to cover the debt owed. However, there are limitations on when and how deficiency judgments can be pursued.
Can a cosigner on a student loan can I take signer to court?
Yes, a cosigner on a student loan can take the primary signer to court if they fail to make payments on the loan. As a cosigner, you are equally responsible for the loan and have the legal right to seek repayment through legal action if necessary. It's important to consult with a legal professional for guidance on the specific circumstances of your situation.
Can a foreclosure go onto your credit report if it is your deceased moms house and it is in probate?
Yes, a foreclosure on your deceased mother's house can potentially impact your credit report if you are listed as a responsible party on the loan or property title. The property being in probate does not automatically shield it from foreclosure proceedings. It is essential to consult with an attorney to understand your obligations and options in this situation.
Can a person call you from a court house in edinburg Texas saying i need to call the payday loan so i can give them my address so they can sever me papers?
This sounds like a common scam where scammers pretend to be from a court or law firm to scare or pressure individuals into providing personal information or making payments. Legitimate court or legal notifications would typically be served in person by a professional process server, and they would not ask you to call a payday loan company. It's best to verify the authenticity of such requests by contacting the court directly.
How do you do a loan modification to your loan?
When facing a foreclosure or something of that nature, you have to make a loan modification so that it doesn't affect any other financial firms or accounts you have. So you will have to visit www.modificationhelpnetwork.com
Will a loan modification application stall foreclosure proceedings?
I know of people who applied for the modification but all the while the mortgage company proceeded with the foreclosure. So, yes they still will foreclosure apparently. Its like one hand doesn't know what the other is doing. the individuals that I know had to file chapter 13 bankruptcy to stop the foreclosure sale from happening
How safe is your mortgage when you enter into a loan modification?
Many homeowners believe that, if they can just get a loan modification and lower their monthly bills, they will be out of foreclosure. With the lenders' ability to make temporary loan modifications, though, this is turning out not to be the case in many situations. For instance, banks may approve a temporary modification of the terms of a loan and require homeowners to make a series of payments on this plan. Even if the payments are made on time and as agreed, the bank can terminate the modification agreement. Mortgage companies are under few obligations to turn a temporary modification into a permanent modification, despite whether or not the borrowers have successfully completed the plan or not. Banks can collect lower payments from homeowners for months, and then put the home back into foreclosure. Thus, a loan modification may not be a safe way to stop foreclosure for the long term. Obviously, making on-time payments on a temporary loan modification may help, but the lenders have made it so that these plans can act as nothing more than a further collection effort before a property is finally foreclosed on.
Can you do both foreclosure and debt settlement at the same time?
Hello There, Yes you can. I would suggest you to also look into an option called Loan Modification. It is like negotiation with your creditor for the mortgage. Make sure you work with some Loan Modification company before foreclosure. IMPORTANT: Do not opt for any Loan modification company that asks you for upfront fees. If you cannot find 1, get in touch with me, I have a friend in CA who does the same. I can ask him to help you out. Thanks This is not legal advice.
Can I fight a bank foreclosure?
The only way to fight a foreclosure is to either get a reinstatement, payoff or loan modification. The only other way would be to file bankruptcy and reorganize your finances, which will also buy time.
Alternatives to Foreclosure?
Foreclosure can really hurt your credit score and make it harder for you to get a loan for a car, another home or anything else you may need. The good news is that there are alternative to help keep you out of foreclosure and keep your home. One of the best options for those who are at immediate risk of default on their home loan is a mortgage modification. A modification can lower your monthly payment, stretch out the life of your loan and even reduce the balance owed on your mortgage to help make your monthly payments more affordable.
will California Civil Code 2823.6 stop forclosure?
In many situations, it can help borrowers avoid foreclosure. Civil Code 2823.6 requires lenders to accept loan modifications (i.e. lower monthly payments, etc) in most foreclosure circumstances. You must pursue a loan modification agreement, however, and take the necessary steps to stop foreclosure.
Can you do a loan modification after a foreclosure?
Have you just received a notice of default or has the house actually been foreclosed on? Loan modifications are something you do to try to avoid foreclosure. Depending on your situation, you may want to consult a loan attorney who specializes in loan mods. I've heard The Castle Law Group is supposed to be excellent. Their website is http://www.castlelawgroup.com. It's actually really informative and explains what loan modifications are and how they work.
Is a modification the best way to go to stop foreclosure?
The best way to stop a foreclosure is to honor the terms of the loan agreement. How you get to that point depends on many factors. A modification is a new loan agreement that superceeds and changes the original agreement and is designed for individuals with a long term material change in their financial situation that prohibits them from making scheduled loan payments. If an adjustable-rate mortgage adjusts to a point where the payments are not affordable, or a borrower suffers long term income reduction or loss, a modification of the interest rate or repayment term of the loan may save the home from foreclosure. It is an important tool and is one of the best ways to stop foreclosure. The key is that the modification must be beneficial to both the lender and the borrower. However, when some people use the term "stop foreclosure" they really mean "stall foreclosure". If a person finances a home that is beyond their reasonable means and they find themselves unable to make payment without unreasonable changes to the loan terms (such as principle balance reductions or 60 year repayment terms) then a foreclosure is often ultimately unavoidable. An unaffordable home is still an unaffordable home even if an interest rate is lowered or borrowers are given a chance to catch up on payments. While it is possible to get a balance reduction, it is very rare, and very long loan repayment terms are usually not allowed by law or regulation. In these cases, a modification request may extend the time it takes to foreclose (even lasting years), but the end result is still foreclosure. Bankruptcy filings also halt foreclosure proceedings and are used by many borrowers as a last resort to foreclosure.
How can i get my house of the forclosure list?
You can do a short sale or pay whatever you owe the bank. Loan modification may work, but that generally needs to be done before entering foreclosure.
Who do you contact when scammed on loan?
Personal loan for foreclosure
Is a closing agent required for a loan modification in New York?
The answer is no. I am a Certified Signing Agent and I am also a Loan Modification Consultant, but that does not mean that I need to be one in order to become a loan modification consultant. Glena
