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What else can I help you with?
Are you required to repay your mortgage company the monies it reduced your mortgage on a loan modification the federal government endorsed to help homeowners who were having trouble paying their mort?
Common sense says absolutely not. However, this question would be answered in the fine print of any documents the borrower signs as part of the modification agreement. The borrower should read that agreement carefully before signing.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Which companies offer mortgage loan modification?
"Every mortgage lender or mortgage servicer offers mortgage loan modification. There are also many third party companies that offer mortgage loan modification, but work with them at your own risk."
How can a cosigner be completely removed from a mortgage?
The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.The mortgage must be paid off and refinanced in a single borrower's name if necessary.
Is traditionally not considered a mortgage modification?
A traditional mortgage modification typically involves changing the terms of an existing mortgage, such as the interest rate, payment schedule, or loan duration, to make it more manageable for the borrower. However, actions like refinancing or simply paying off a loan early are not considered modifications, as they do not involve altering the original loan agreement. Instead, they represent separate financial transactions. Therefore, anything that does not involve adjusting the existing mortgage terms is traditionally not deemed a modification.
Can a loan modification release one of the borrowers along with a quit claim deed?
You need to discuss that question with your lender. Only the lender can release a borrower from their obligation. That is generally done by a payment in full of the mortgage and a refinancing in the other borrower's name alone.
What are some government programs for mortgage modification?
There are various programs the government offers for mortgage modification. A few programs available from the government to modify your mortgage include Obama's loan modification program and HUD.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
A borrower in a mortgage transaction is called?
mortgagor
What is expandable mortgage?
An expandable mortgage is a Mortgage allowing the borrower to borrow more money without rewriting the initial mortgage.
Can a co-borrower be removed with a loan modification?
If the lender agrees to it.
Will private mortgage insurance help make payments if in default?
No, private mortgage insurance (PMI) does not help make payments if a borrower defaults on their mortgage. Instead, PMI protects the lender by covering a portion of the losses if the borrower fails to repay the loan. It is typically required for loans with a down payment of less than 20%, ensuring the lender has some financial security in case of default. However, it does not provide any direct financial assistance to the borrower.
