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If we want to surrender our now-uninhabitable home under Ch 13 because of a homeowners ins denial will BK protect us from a lawsuit from ins company if mortgage co requires them to pay to repair home?
Wiki User
∙ 18y ago
No, if a lawsuit is brought the party involved would have to file a Chapter 7 in order to try and avoid the litigation. If the time requirement for filing a new BK has not elapsed making a filing impossible there is little the debtor can do except use the allowed state exemptions to protect real and personal property from attachment or seizure by the creditor.
Wiki User
∙ 18y ago
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Is there a requirement for the mortgage company to inform the homeowners when a mortgage is sold?
Yes, the Real Estate Settlement Procedures Act requires that the mortgage company inform you 15 days before a servicing transfer. See the link below for more information.
Do you need to notify mortgage co if you have changed your homeowners policy with a different Insurance Co?
Generally your lender requires you to keep up-to-date proof of insurance on file with them.
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
If You want to purchase a home for 125000 the mortgage requires that you put 20 percent down payment what is the amount of your mortgage loan?
2500
What is the difference between a Conventional and an FHA Mortgage?
FHA loan requires 3% down.
Is there a requirement for the mortgage company to inform the homeowners when a mortgage is sold?
Yes, the Real Estate Settlement Procedures Act requires that the mortgage company inform you 15 days before a servicing transfer. See the link below for more information.
Do you need to notify mortgage co if you have changed your homeowners policy with a different Insurance Co?
Generally your lender requires you to keep up-to-date proof of insurance on file with them.
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
If You want to purchase a home for 125000 the mortgage requires that you put 20 percent down payment what is the amount of your mortgage loan?
2500
What can you do if your mortgage company requires a reaffirmation agreement for a loan modification but your lawyer said it was not needed so you did not do one?
If your mortgage company requires a reaffirmation agreement but you did not do it based on the advice of your lawyer, talk to the mortgage company and explain to them why you didn't do it. The lawyer should contact them for you and explain that these documents are not needed. In some cases it can be easier just to sign the reaffirmation agreement as the mortgage company is requesting.
What is the difference between a Conventional and an FHA Mortgage?
FHA loan requires 3% down.
How can GMAC Mortgage co put ins on your mortgage account without your permission?
Your security deed or debt deed requires you have fire & hazard insurance. If you fail to show proof to your lender they can "Force" insurance on your property...and it is always MUCH higher than if you get it yourself. It is done to protect the lenders interest in the property in the event something like a fire destroys the home. If you are talking about mortgage insurance and not homeowners insurance then it is also required unless you make a 20% down payment on your purchase or have 20% equity on a refinance.
What is the meaning of no doc mortgage loans?
A no doc mortgage is one that requires no documentation to be signed at the time of sale. There is no need for a credit check or other background financial information.
First central power to surrender?
Bulgaria was the first of the Central Powers to surrender - September 29th 1918.
Where can one purchase a PMI calculator?
One cannot purchase a PMI calculator, but one can use a PMI calculator to determine how much Private Mortgage Insurance one requires from sites such as Good Mortgage, Money.cnn and Grove Mortgage.
Who is a competitor with 100 mortgages?
For the most part they are nonexistent. I found a couple 100% mortgages but you have to meet specific qualifications. The VA mortgage loan requires you to be in the military and the USDA Rural Development mortgage loan requires that the property is in a rural area and their are income requirements as well.
What would happen if you kept your Homeowners insurance claim money instead of doing repairs Can you really get into legal trouble or is it money to you for your loss and you can do what you want?
If you still have a Mortgage, YES you can get into big trouble. Your mortgage contract requires that you make any repairs promptly. If your home is paid off and you have no finance lien then you are free to do what you want with the compensation you receive. Bare in mind that your Insurer will likely cancel your policy if you fail to make necessary repairs as you will be considered negligent by the insurer.
