"There is no exact number of people. However, hundreds of people visit the bank every day for various reasons. The number of people that go to the bank to discuss their mortgage debt is unknown because this is a fairly personal question."
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Companies like LifeHouse Funding and Reliant Mortgage Company specialize in mortgage debt consolidation loans. Someone seeking such a loan should also talk to their bank, as they may have special rates for customers.
That depends on the nature of the debt and the laws of your state. You should seek the advice of an attorney to discuss your exposure.
The U.S. Bank provides many services about mortgages including debt refinancing, original mortgage financing and even securing someone's very first mortgage.
It is a security agreement used as eveidence of debt secured by real property and a promise to repay the debt at certain terms agreed to by both the lender and borrower.
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
If you want to take your name off the property and mortgage, yes. Also, most modern mortgage documents contain a "due on transfer" clause. If you execute a quitclaim deed the bank can demand full payment of the debt immediately. You should speak with a bank representative to discuss the changes you want to make.
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
Reliable figures on the total number of people in mortgage debt are unavailable, but there is over $14 billion of mortgage debt outstanding as of 2009 (figures based on Census projection figures from 2009). A very large number of Americans face mortgage debt, but accurate estimates of total numbers are very hard to come by.
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
One way to consolidate your debts is to seek financial debt counseling from your bank or from a debt consolidator. They will discuss with you what you can and cannot do with your outstanding debt.
Companies like LifeHouse Funding and Reliant Mortgage Company specialize in mortgage debt consolidation loans. Someone seeking such a loan should also talk to their bank, as they may have special rates for customers.
Generally speaking, when Chapter 7 bankruptcy is declared, it means a person's debt exceeds their assets. If the amount of debt owed to a mortgage bank for a home, the bank has no interest in taking a home which will not cover the mortgage debt. All debts are wiped away.
No. You are in debt as much as you still owe on the mortgage.
Each person who signed the mortgage is responsible for paying that debt. You should discuss your situation with an attorney, especially if the other person's name is also on the deed.