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No, if people could just refuse to pay on their home and the bank would write it off the loan as an uncollectable debt and you got to keep the house, EVERYONE WOULD DO IT. It would be a "free" house and very few people would pay their morgages.
You got a loan from the bank in exchange for promising to repay the loan with interest. If you didn't make the payments, you agreed that the bank would get to take your house away from you and THEY would own it.
If you cannot make the payments, then the bank will eventually have to write the loan off as a bad debt/uncollectable debt/bad loan. THEY WILL STILL OWN YOUR HOUSE. They are now going to sell your house to try to make SOME of the money back that they loaned to you. Even if the house sells for less than they loaned you, they will still have made SOMETHING on the deal.
What else can I help you with?
Write-off---What is the meaning of bank lone write off?
A bank loan write-off is when the customer doesn't pay the loan and the bank writes it off as a bad debt. In a write-off, the bank includes a bad debt as an uncollectible loss on its tax return.
What happens when a bank writes off a debt?
The debt is simply deducted from the bank's assets. The bank sets its own interest rates for lenders, and any debts they write off is balanced by an increase in the interest rate.
What happens after I pay my car off?
The bank sends you the "pink slip" and the car is all yours
If a bank writes off your alleged credit card balance do you still owe it?
Yes, there write off or charge of, is only for their companies accounting and tax purposes.
If a bank accidentally sends you the title but it isn't paid off is it legally yours?
The same happened to me. If the loan wasn't paid off you might have to negotiate with them but In California, if the loan is paid off, there is nothing they can do.
In Pokemon ranger shadows of almia how do you get rid of ollie?
You drop him off at his mom's house, next to yours in Chicole Village
Will you have instant equity when you build a new house?
Not necessarily, it depends on the market and the price of homes around yours. The only way to know is lets say you built a house that cost you 300,000 and your appraisal for the bank is the same amount, then no equity yet. If the appraisal is 400,000 the you have 100,000 worth of equity right away. When you start paying down the loan on the house that is equity too, for the amount you've paid off and the worth of the house.
What makes a prescription drug illegal?
a prescription drug is illegal when its in your possesion but its not yours. For example if you were driving to your moms house to drop off her medicine that she left at your house, then that's illegal because its not yours. im not sure why its illegal though but we just learned this stuff in health class
What will foreclosing bank do with house contents when owner is deceased and no heirs?
I would assume the Public Trustee or the Bank would have to auction the goods off either with or separate from the house and the proceeds would go towards repayment of the loan.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
If you are buying house on contract is there an early pay off penalty?
When you sign a mortgage, they tell you if there is an early pay off penalty. Call the bank and ask.
What should you do if you came over your ex boyfriends house and he started taking off his clothes and slowly took yours off?
he wants to do you!! that is so obvious ! BUT DON'T SLEEP WITH HIM! hes your EX remember?
