If a debt collector puts a lien on your house does that mean your mortgage co forecloses your house?
It does not follow. The lien of the debt collector comes after the mortgage loan. Which means that the debt collector still may not be able to collect any money.
If your name is not on the mortgage or deed are you responsible if the bank forecloses on your spouse's house?
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
Yes. The lien is simply a method by which a debt is secured. If the lien is on the house and the house is lost, the only thing the creditor loses is the security for the debt. The debt remains payable. If a person buys a house and borrows $100,000 to help pay for it, that person signs a promissory note to establish the debt and signs a mortgage to establish the bank's lien on…
Secured debt is debt backed or secured by collateral to reduce the risk associated with lending, such as a mortgage. If the borrower defaults on repayment, the bank seizes the house, sells it and uses the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered security, which is why unsecured debt is considered a riskier investment find more about PMI services in Florida United Financial Counselors contact with us.
When a lender forecloses on a mortgage, the total debt owed by the borrower to the lender frequently exceeds the foreclosuresale price. The difference between the sale price and the total debt is called a "deficiency." Example. Say the total debt owed is $200,000, but the home only sells for $150,000 at the foreclosure sale. The deficiency is $50,000.