Obtain legal help immediately. *That decision is not made by the lender, but rather by the laws of the state in which the property is located.
The easiest way would be to make all the payments on time to the mortgage company or bank.
State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
It actually depends on your state, as the foreclosure laws are set by state. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
I really recommend calling your mortgage company to ask.
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
The easiest way would be to make all the payments on time to the mortgage company or bank.
State laws vary on the foreclosure process. Depending on the state the home is in determines if the 45 day mark for unpaid mortgage payments starts the foreclosure process. The mortgage company also determines the foreclosure process. Most mortgage companies offer solutions for repayment options.
If you mean because you're in default and want to avoid foreclosure, it's called a "deed in lieu of foreclosure" and it's usually part of an overall agreement that hopefully also extinguishes the mortgage debt. Typically the mortgage company is not required to accept it. They drive the bus.....
three
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
That depends on what the outstanding balance of your loan is, the value of your home, and how much the bank will settle for. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts