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See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/

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โˆ™ 2008-09-23 22:21:59
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Q: If a bank that holds your mortgage fails what happens to that mortgage?
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Related questions

Who can you talk to today about prepaying a home mortgage?

You have to talk to the person or company or bank who holds the mortgage.


Can a cosigner have their name taken off current mortgage to cosign another?

No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.


Can a second mortgage holder foreclose on a first bank mortgage holder?

yes, but it rarely happens.


Can a bank forclouse on a house with a irrevocable living trust?

The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.


What happens to the mortgage loan when bought on a tax deed sale who is responsible or will the bank put a lien on the property?

A mortgage IS a lien on the property. The bank already has an interest in the property that was perfected as soon as the mortgage was recorded in the land records. If you purchase property that is subject to a mortgage, the mortgage must be paid or the bank will take possession of the property by foreclosure.


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.


What happens if your spouse dies you're not on the mortgage but have the deed in your name?

Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.


Where can one find the best mortgage rates in Chicago?

The way to get your best mortgage rate in Chicago would be to go through the bank that holds your personal accounts. Your established relationship with this bank will allow you to secure a good rate.


What happens if you don't pay the mortgage?

You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.


What happens to the mortgage if you sell deed with right of survivorship?

You must notify the bank of the transfer and arrange to pay off the mortgage in full.


What does the bank do with vacant reverse mortgage properties?

The object of a reverse mortgage arrangement is for the bank to sell the property for a profit when the mortgage becomes due. Banks do not sit on vacant properties for long. Generally, if the mortgagor is moved to assisted living or a nursing home the mortgage becomes due. Any non-borrower living in the premises must move out. If a borrower fails to pay the property taxes, maintain insurance or fails to maintain the home, that will result in a default and the lender can foreclose. See related links.


What happens to a mortgage loan if the borrower dies?

The mortgage is attached to the property. So if an heir takes possession of the home, he/she must pay the mortgage. Otherwise, the bank will foreclose.


What happens to a house if the mortgage is just in the husbands name and he dies can the wife take over the mortgage?

The surviving spouse would need to discuss that with the bank.


What happens to your mortgage when your bank closes?

Your (previous) bank's assets are transferred to another institution. Your mortgage is considered an asset. It is money owed and part of accounts collectible. Someone somewhere will now hold the note, and you'll owe them like you owed your bank.


What happens if a property is foreclosed and you have a life estate?

That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.


What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?

The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.


How do you purchase the balance of home that had a Reverse Mortgage on it?

First, you must have legal standing to pay off the mortgage. That means you must be the original mortgagor or an heir of the original mortgagor. You must contact the bank that holds the mortgage and pay off all amounts due. Otherwise, if the mortgagor has died and the bank owns the property, you can contact the bank and let it know you are interested in purchasing the property.


How do you become a qualified mortgage lender?

A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.


What happens to property with a mortgage when the owner with a will dies?

The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.


What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?

The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.


What are Savings and Mortgage Banks?

A saving bank is a usual bank which offers you al the facilities of a normal Baking Arena, whereas a Mortgage Bank is a bank which specializes in Mortgage Plans.


Where can you get a city bank mortgage?

You can easily apply for a City Bank mortgage from their website, or you can apply for a mortgage by walking into your local branch of City Bank and requesting an application.


Is Bank Mutual a mortgage company or an actual bank?

Bank Mutual is an actual bank although they can help you with your mortgage needs. You can bank in person or online with them.


What happens to your home equity line of credit when you default on your home loan?

If you mean that there was a mortgage recorded prior to the home equity mortgage and the first mortgage is foreclosed then the equity mortgage would be wiped out by the foreclosure. If you default on a home equity mortgage then the bank will foreclose and take possession of your home.


How did mortgage defaults affect banks involved in mortgage lending and mortgage investing?

Non performing mortgage loans hurts a bank's profitability. This should cause a bank to be more prudent when making mortgage loans. In severe cases of defaults, a bank may decide to cease making such loans. To avoid more risk, the bank could find another bank to sell its mortgage portfolio to.