what ever they want to do to your house or your can if not paied in 2 years
Forebearance is a payment plan that allows you to catch up on money you owe your lender. You must be able to make your normal mortgage payment in addition to the extra amount that you and your lender agree upon.
It's best to contact your mortgage lender directly to inform them of your plan to make the payment this week. They may be able to work with you to avoid any negative consequences and help you get back on track with your payments.
yes but no NO NO NO NO
Yes. If they catch you they can have you legally neutered.
1. The act of waiting, the exercise of patience. 2. Indulgence, especially towards enemies. (Dictionary.com) 2. (In the context of mortgage) Loan borrowers sometimes have problems with their payments due to unexpected circumstances. This is certainly a problem which may cause the lender to start the foreclosure process. To avoid this situation, lender and borrower have the option to make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower could catch-up his payment schedule in a certain amount of time. This time-period and the payment plan depend on the details of the agreement which are accepted by both of the parties involved.
Nope. Not legally.
All property in BK that is not exempted by state and/or Federal law has to be surrendered to the trustee. A vehicle is secured property and will be returned to the lender, or sold depending upon the circumstances. A car which is covered by exemptions, but is in default for payment, is usually returned to the lender. In some cases the lender will allow the debtor to reaffirm the loan and establish terms to catch up on missed payments .Property is not automatically returned to the person who filed BK.
That option is up to the LENDER. Call the lender ASAP for more info.
yes its when you are legally allowed
You may only owe one payment, and if it's late, they can legally reposess your car. I would expect they would give you ample opportunity to catch up on your payment first. Once your car is repoed, they sell it, generally at auction. The money they make is theirs. You could check your own state laws, but generally there is nothing at all that precludes them from selling the car for more than you owe. On the opposite side of the coin, most repos end up getting sold for less than the debtor owed. Then, they come after you for the balance.
not likely but IF you can get the lender to agree....
They have the right to repo your home the first time you are more than the allotted grace period delinquent. They are not required by any law to provide a cure option to you. They do so only in an attempt to recover the principle of the loan in the most expedient manner: payment.