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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.

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โˆ™ 2007-02-07 00:30:51
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The top term of a fraction

The bottom term of a fraction

A number being added to another number

A fraction whose numerator is equal to or greater than the denominator

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Q: How long does a mortgage company have to give you to move once your home is in foreclosure?
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What are your rights during a foreclosure on your home?

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.


Can a second mortgage put your home in foreclosure?

Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.


There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?

I really recommend calling your mortgage company to ask.


If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?

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.


How do you protect your home from foreclosure?

The easiest way would be to make all the payments on time to the mortgage company or bank.


How many can a home mortgage go into foreclosure?

three


If a mortgage payment is forty five days late will they foreclose?

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.


How can you deed your home back to the mortgage company?

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.....


What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?

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.


If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?

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.


Are liens paid with foreclosure?

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.


Is filing bankruptcy on your home considered a foreclosure?

No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.

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