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If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?
Wiki User
∙ 13y ago
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
Wiki User
∙ 13y ago
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What to do when you hold a second mortgage and the people have not paid in 4 months?
Absolutely start the foreclosure process. If the first mortage is also in default, then you run the risk that they start foreclosure before you. If that happens there is a good possibility that your mortgage will be wiped out. The only way to avoid this, in most states, is to purchase the house at foreclosure. For most private mortgage holders this is not a realistic alternative. Typically foreclosure can take several months. By delaying further you insure that your losses will be compounded. Keep in mind that you can always stop the foreclosure process.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
Is there any way to get a mortgage if you went through foreclosure and have a FICO score below 500 but have 50000 capital to invest?
If you just went through a foreclosure I know of no one that will give you a mortgage for a number of years. I tell people to sell the home before it goes to auction.
If your house is in forecloure can your spouse buy another house while you file bankruptcy There was a quick claim done to get spouse name off of the title?
If two people owned property, executed a mortgage, and the mortgage is in default, the foreclosure will be filed in both names. It was both mortgagors who defaulted and both will be parties to the foreclosure. If one executes a quitclaim deed to the other that will not stop their being mentioned in the foreclosure.
Will a loan modification application stall foreclosure proceedings?
I know of people who applied for the modification but all the while the mortgage company proceeded with the foreclosure. So, yes they still will foreclosure apparently. Its like one hand doesn't know what the other is doing. the individuals that I know had to file chapter 13 bankruptcy to stop the foreclosure sale from happening
Do you have to be notified prior to getting a call saying your in foreclosure?
They are required to make an effort to notify you. Normal people know when they haven't paid their mortgage for three months.
Do you still owe for second mortgage?
Yes. "People with a second mortgage who are facing foreclosure should go to bankruptcy to get rid of the unsecured second-mortgage note," she said. "They should do it as soon as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finances)."
Can two people own the house but one have the mortgage?
A legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lendersA legitimate lender will require that all the owners sign the mortgage and note. That is the way a lender protects its interest. If a borrower defaults on a mortgage the bank can take possession of the property by foreclosure and then sell it to recoup the money it loaned to the borrower. If two people own the property and only one signed the mortgage, the lender can only take the interest of the one who signed the mortgage- a half interest.Allowing only one owner to sign a mortgage is a serious mistake made by inexperienced and unprofessional lenders
Where can I learn about stopping a foreclosure?
You can learn about stopping a foreclosure by contacting a foreclosure prevention counselor approved by the Department of Housing and Urban Development (HUD). These counselors can provide guidance on options such as loan modifications, forbearance, or refinancing to help you prevent foreclosure. Additionally, you can also consult with a real estate attorney for legal advice and assistance in stopping the foreclosure process.
How does John Schepcoff help people?
Since 1984 John Schepcoff has been helping people all over the United States and Canada to understand how to get completely out of debt including their mortgage in approximately 5-9 years. He also helps people who are in a short sale, foreclosure, or in a past foreclosure with a securitization audit, which allows the homeowner to take control of their property.
Where can you get a home equity line or second mortgage to pay off a foreclosure?
First try to work out a repayment or forbearance plan with the existing lender. If that doesn’t work, find a good mortgage broker who can shop lenders for you. There are various lenders that have loan programs for people in foreclosure. However, a lot will depend on how much is in arrears, the equity in the home, credit rating, ability to continue paying, etc. But oftentimes, it can be done.
Bank Foreclosure: a Homeowner's Overview?
Since the U.S housing market bubble collapsed in 2008, bank foreclosure has become a reality for millions of homeowners. People who understand foreclosure rules have the best chance of keeping their property or minimizing their personal losses if the foreclosures go forward.What Is Bank Foreclosure?Every mortgage spells out the lender's remedies if the mortgage holder fails to make timely payments or properly maintain and insure a property. A bank choosing foreclosure to protect its loan investment takes physical possession and legal ownership of the home. It can then attempt to sell the real estate for enough money to cover the remaining balance on the loan.What Triggers the Bank Foreclosure Process?Foreclosure typically follows a borrower's sustained failure to meet the mortgage terms. Missing between three and six months of payments, dropping insurance or damaging the property enough to significantly reduce its value can trigger foreclosure. Each state has a specific legal process allowing the bank to transfer the home's title back to itself.Costs of Bank ForeclosureA bank assumes legal, postage and advertising fees for each property it places in foreclosure. More fees accrue if the home actually goes to auction. Borrowers have the right to correct the mortgage situation throughout the foreclosure process, but they must also pay the bank's foreclosure fees. The best scenario for a borrower is to avoid foreclosure if at all possible.Avoiding ForeclosureMeeting mortgage payments on time and properly maintaining and insuring a home is sometimes impossible, especially following a job loss or medical emergency. In these instances, it is best to notify the bank immediately and negotiate a temporary change in mortgage terms. This change can lower the monthly payments to a manageable level until the borrower's financial situation improves.It may also leave money necessary repairs and insurance premiums. If the bank refuses to negotiate, the borrower can attempt to refinance through another lender or sell the home and pay off the loan. Bank foreclosure seriously damages a credit history and makes it difficult for a borrower to obtain future mortgages.
