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Federal law requires that excess proceeds be returned to the borrower in the event of a foreclosure sale that nets more than the borower owes on the mortgage and to other lien holders?
Wiki User
∙ 13y ago
It's a state law that would govern this - as far as I know the borrower is entitled to the funds your mention in every state.
The same is not true for tax sales that generate more money than what's owed - the owner only gets that in about 1/3 of the states.
You can find out all about this topic at www.taxsale.net.
Wiki User
∙ 13y ago
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Can you borrow against joint property?
That is entirely up to the lender. Generally, a lender sets up the transaction so that it can take the property by foreclosure if the borrower fails to pay. Therefore, an experienced lender requires that all the owners sign the mortgage. If only one joint tenant signs the mortgage the lender would only acquire a half interest by foreclosure. A half interest is hard to sell.Most mortgages that are signed by only one of the owners are errors made by inexperienced lenders.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
Would cosigning a car loan hurt you for a mortgage?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Can you use land as collateral for a loan if it is owned by three siblings?
You can only mortgage your own interest in the property. Generally, the lender requires that all owners consent to a mortgage so that in the case of a default, it can take possession of the property by foreclosure. Therefore, it is likely the lender will require that the other owners join in the mortgage.
Can banks go after spouse if the house is not in her name during a foreclosure?
The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower. The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower. If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.
Can banks attach savings when in house foreclosure?
If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.
What is PMI on a mortgage?
PMI is Private Mortgage Insurance. It is insurance for the lender in the event a borrower defaults on their mortgage payments. Any loan amount that is higher than 80% LTV (Loan-To-Value) requires PMI, as this is considered a "high-risk loan" for the lender. Examples: If a home appraises for $100,000, then PMI is required on any loan amount higher than $80,000. If a home appraises for $200,000, then PMI is required on any loan amount higher than $160,000. Exceptions to PMI: If you obtain a USDA loan or VA loan, then there will be no PMI required. Instead, there is a higher than normal "Funding Fee" included in the closing costs of the loan, but this "Funding Fee" can be financed into the loan (so you do not need to pay the "Funding Fee" up-front).
Proceeds Against a concentration Gradient requires a carrier?
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Does a cosigner need to be a relative of the borrower?
If the lender requires it. They don't always, but it is sometimes preferred.
How can a Delinquent timeshare be reported as a foreclosure?
A timeshare is a similar contract to a house and requires regular payments. This can be reported as a foreclosure if you have abandoned payments and the company is taking back their property.
What happens to renters when the landlord is foreclosed on?
In the U.S., a federal act - the Protecting Tenants at Foreclosure Act - requires banks on federally related mortgages to give a 90 day notice to quit. You can assume that the mortgage is federally related. After that, in most states, they have to go to court and prosecute an eviction.
Should you get a foreclosure loan?
== Foreclosure loans== Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home. More opinions from FAQ Farmers: * What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.
