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you will probably be able to miss about 4 payments before you receive a drop dead letter warning you to pay all of it up now or else and you will most likely need to move out about 1 1/2 months after that drop dead letter arrives unless you can get a second mortgage loan. you can get an extension if you put the house up for sale and get a prospective buyer to agree to purchase and if you submit a hardship letter to the bank with proof of financial abilities before the foreclosure date. Remember you are in default and the closer you get to the foreclosure date the more vulnerable you will be to the mortgagor. The lender is not ogligated to accept your payments if you do not send the full amount-- in fact if you send only a partial payment they will still have the right to foreclose on you and they have the right because you did not pay the entire amount owed-- if you don't bring the account current they are likely continue with the process and still take the house and they will keep the partial payment you sent to them because in reality-- it is owed to them anyway.
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Do you still have to make mortgage payments on a short sale?
Yes.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
Can your lender foreclose on your mortgage if you are paying your principal and interest payments on time but not the PMI and escrow amounts?
Yes. Escrow and PMI all factor into your mortgage payment. If the payments are short, its as if they are not being made at all.
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
My sons have been making the mortgage payments the last 6 months based on the loss of my business I want sell the house to them at the value price of the home not my mortgage amount how do I do this?
Contact your mortgage company about doing a "short sale".
Can the bank refuse mortgage half payments?
Yes. If you are in default the bank can refuse anything short of your full past due balance.
Can a lender foreclose on a property even if the mortgage payments have been kept current?
No but if a home owner is behind on payments and needs a loan mod or short sale approval, proof is available at RestReport.com
If you have an order to make mortgage payments in Lieu of childsupport What if you fall behind on the payments Is it contempt?
It may be. More importantly, do you want your child to be homeless? If you fall far enough behind on the mortgage payments the mortgage company could foreclose ... and then where would your child be? More likely, your state will go to your employer to garnish your wages for the payments to make sure you fulfill the arrearage and stay on time with future payments. Answer these questions for yourself: are your car payments on time? are your rent/mortgage payments on time? have you bought yourself any clothing in the past couple months? have you bought any gifts for others in the past couple months? have you gone out to eat in the past couple months? If your answer to any of these is YES, then tighten your belt, grow up, lose the self-indulgence and act like an adult ... a parent. Short of significant physical injury or illness beyond your control, you will face consequences.
Got check from homeowner insurance claim how do you cash it when behind on mortgage payments?
Short answer, is you can't. If you send the claim check to the mortgagee company, they will apply the amount you are behind to the loan and leave you short on the amount needed to make the repairs.
Where can we get more information on prequalified mortgage leads?
A prequalified mortgage lead is when you fill out a short questionaire, about your information on getting a loan, before you actually fill out the original application itself.
What happens to your mothers mortgage if she dies and you are her cosigner but not on the deed?
The short answer is, nothing good. As a co-signer, you are still responsible for making sure the mortgage payments are made in full on time. However, you should talk to the bank that holds the mortgage to see what you need to do, particularly if the title of the house doesn't come to you through the will or settling of the estate.
