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House in discharged bancruptcy not foreclosed yet moving out need to inform mortgage company?
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∙ 15y ago
No.
Wiki User
∙ 15y ago
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Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
What do foreclosed mean?
The action taken by a bank or loan company to call in a loan or mortgage.
After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
If a house is foreclosed on that is in my companies name will it affect me personally?
If the title to the property was in your company's name and the mortgage was in your company's name; if your company is incorporated; if you didn't sign any documents in your individual capacity; then it shouldn't affect you personally.
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
Can the mortgage company change the locks on a foreclosed property?
If everything has been done properly and according to all laws, there is a time when the company can change locks. They are the owners of the property by that point; the former owners have been given all the proper notices and have been evicted.
What can a mortgage company do if mortgage had not been paid in 4 years?
What can a mortgage company do if mortgage has not been paid in 4 years
