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Do you still have to make mortgage payments if your house is condemned?
Wiki User
∙ 15y ago
Yes, you still owe the bank the money you borrowed. And you can be found to be in violation of the mortgage contract if the reason for the condemnation was due to neglect. If it was due to a natural disaster such as flooding or fire, insurance may allow you to get it back in shape.
Wiki User
∙ 15y ago
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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.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
Am you considered a homeowner if you are still making mortgage payments?
Yes
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?
Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.
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.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
Do you still have to make mortgage payments on a short sale?
Yes.
Am you considered a homeowner if you are still making mortgage payments?
Yes
If your house was not reaffirmed before your ch 7 was dismissed does your mortgage company have the right not to show on your credit reprt that you have a house and are making payments?
Yes. Failure to reaffirm means that you cannot be sued to recover a deficiency. You can still make the payments.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
Does the next of kin have to pay off a mortgage when the borrower has deceased?
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?
Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.
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.
Can an owner let a buyer take over payments on a house if it is still in the banks hands?
It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.
The house you were renting is going to a forclosure because the owner did not pay the mo rtgage company?
a mortgage is a secured loan - that means if the owner cannot or will not make his mortgage payments, the mortgage company can seize the house. if the mortgage company seizes the house, any leases are voided meaning tenants are not protected and are pretty much at the mortgage company's mercy. generally speaking, they still have to be provided adequate notice (30 days or 60 days is the usual amount depending on jurisdiction).
