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If bank reports a mortgage Legally Paid in Full for Less than Full Balance this means that they have accepted less as paid in full so can they now turn it over to a collection agency afterwards?
Wiki User
∙ 13y ago
No - it means that you will probably receive a notice from a collection agency about 7 months from now explaining that you are in collections for the unpaid balance of the mortgage. It happened to me after there was $239.00 balance from a refinance when the payoff was quoted with the wrong amount. I had to pay it, but the worst part was getting my credit cleared up. Keep lots of records, all letters, etc., that you will need to help clear up your credit later.
I was told there is nothing I could do when the bank makes an error. I had to make it right. I had the mortgage, the Satisfaction Piece marked "Paid in Full", but it didn't matter. Work with your bank now, so you don't have problems later.
Wiki User
∙ 13y ago
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How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
What mortgage type typically offers low rates for an initial period of time after which the entire balance is due?
balloon mortgage
Can you pass on a mortgage with a property in a sale where the mortgage rate is attractively priced?
No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.
What is the definition of mortgage decreasing term asurance?
Mortgage decreasing term assurance is a type of mortgage life policy. The size of the policy decreases as the outstanding balance of the mortgage reaches zero.
Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
How much is the average mortgage balance?
200000
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
What mortgage type typically offers low rates for an initial period of time after which the entire balance is due?
balloon mortgage
What is a junior mortgage on a property that includes the balance due on an existing senior mortgage called?
foreclosure
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
Can you pass on a mortgage with a property in a sale where the mortgage rate is attractively priced?
No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.
Can you qualify for a Reverse mortgage with balance owed on original mortgage?
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
What is a maturity mortgage?
Date on which the principal balance of a loan is due.
