If you are behind on your credit card payments can they foreclose on your house?
Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property.
USUALLY IF YOU CONTINUE MAKING PAYMENTS NO LEGAL ACTION WILL BE TAKEN...THE ONLY WAY ANYONE CAN TAKE A HOME IS IF THEY FIRST SUE YOU AND WIN A JUDGEMENT. THEN IF THEY TRY COLLECTING ON THE JUDGEMENT AND THERE IS REASONABLE ENOUGH EQUITY IN YOUR HOME, THEY COULD FORCE IT FOR SALE OR JUST PUT A LIEN ON IT. PLEASE IF YOU GET ISSUED A SUMMONS, GET LEGAL HELP. EVEN IF YOU LOSE THERE ARE ACTIONS YOU CAN TAKE TO VOID JUDGEMENTS FROM THE COURT, ETC.
They can not force you to sell your house. This guy (the last poster) doesn't know what he is talking about. Credit Card Debt is UNSECURED which means they can not force you to sell your house to pay the debt.
No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments. No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can…
What is the process to follow in order to foreclose on an owner financed house whose buyers are behind in payments?
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story…
Yes. The mortgage requires you to make the FULL payment every month; failure to do so may result in foreclosure. However, in the United States (and probably in many other countries) most banks are willing to work with you to figure out a way for you to make the payments and keep your house. They'd rather have SOME money than to foreclose on the house and get nothing until the bank can finally sell it…
Can a person let their house go into foreclosure even if they can make payments because the interest rate readjusted at a higher level and would put a strain on finances?
Can a cosigner let a lender foreclose on a house instead of making payments when the primary borrower has defaulted?
If you signed the mortgage you are fully responsible for paying it. If you don't keep up the payments the lender will foreclose and take possession of the property. If your name is on the mortgage your credit will be ruined and you may find that you owe the bank costs associated with the foreclosure. You should consult with an attorney who can review your situation and explain your rights and options.
Can you be allowed to keep your home if you are disabled and can no longer pay if your file bankrupt?
Since you mention making payments, i will assume you do not own your home outright. If you cannot afford the mortgage payments, the lender will foreclose. Regardless if you are disabled or not. However, you would still able to receive any money (up to your state exemptiom amount) from the sale of your house after the lender is paid off. If you have no equity, then you will surely lose the house if you make…
Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.
If your house was not reaffirmed before your ch 7 was dismissed does your mortgage company have the right not to show on your credit reprt that you have a house and are making payments?
What if you and boyfriend buy a house together only his name is on the deed the mortgage is in both our names it doesnt work out between us and he wants me out do i have to go do i have a say in leavn?
All purchases made with credit cards become credit obligations, in the sense that you are legally obligated to pay for the items you buy on credit. Most home buyers also require a loan to buy a house, and they are obligated to make payments on that loan. Student loans are also very common. People finance their higher education on credit, and they are obligated to make payments on those loans.
It will depend on how good your credit is and what you want your payments to be. If the price of a house is $100,000 and your credit is good and your fico score(this is your credit score) is 660 or higher You will need to put down 5%-10 % or $5,000 - $10,000 plus closeings cost of another 4% or $4,000.00 so if your credit is good you will need to save 9% -15%…
What if your daughter bought a home with her grandmother as a co-signer she now faces foreclosure should she file chapter 13 bankruptcy how does all this effect her grandmother?
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed…
i am 2 months behind in my morgage payments,the payments are very low under $90.00 each but beacuse of a death in my family i have gotten behind in my fp&l and morage.where can i get the much needed help i need?
What problems could you face if you buy a new home which would give you lower payments and let your current one foreclose?
If it is the same lender for both houses, there may be a problem. Secondly, you might not qualify for an additional house loan. You probably want to move because the payments are too high, which means your income would not cover both by any calculations. Finally, your credit would be amok for several years following your foreclosure. So, in the long run, it might be better to solve your first problem--ask for a refinance…
If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
Can a mortgage company continue to report your debt as late after the bankruptcy is confirmed and you have continued to make monthly payments on time?
Payments in the last 12 months are reported on your credit report. The BK 7 and the previously late payments will continue to show on your credit report, but eventually your ontime payments will be the ones showing. You may be able to get a statement that the house was redeemed in the bankrupcy, but all late notices for the past 12 months and/or a notice of foreclosure will remain.
If you own more than one property and you are foreclosing the other property how will it affect the property that is still current on payments?
The lender can foreclose if all the owners signed the mortgage and there is a default in the payments. A spouse cannot be "removed from a deed" without their consent. The only way for a person to give up their ownership of real property is by signing a new deed that transfers their interest to someone else. The lender can foreclose if all the owners signed the mortgage and there is a default in the…
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Who is responsible for a mortgage payment when both parents are deceased Are we the adult children responsible for making those payments or can we foreclose?
WoW if the payment isn't made then guess who will come and take the house We do not want to keep the house, nor live in it. We are paying the mortgage payments and trying to sell the house, however in this market, it's not likely. At this point we just want to get rid of it. Trying to find out if our credit would be ruined or if we would be held financially responsible…
as long as you pay all of the past due amounts including payments, interest, past due fees, whatever is due. They will not foreclose. If you have gotten to the point that you went into the sheriff sale and you are in your redemption period, if you have one in your state, than you have to pay off the full balance of the mortgage plus whatever fees are do to redeem your property.
If your wife's house is in foreclosure and the note is in her name but you have made payments on it in the past will it hurt your credit or only hurt hers?
First call your lender and see who you would need to contact. Sometimes the companies that service your payments are not the ones who can help in this matter. They may be able to amend your payments temporarily until you are back on your feet. You would send the letter by certified mail to make sure it is received. Alternatively, you might try to sell the house if you can get the amount of your…
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
As long as you make all of your payments as agreed and are never late financing a home is one of the best things people can do for their credit. Your score goes up after 6-months and continues to go up the longer you make your payments. It shows stability and responsibility. Only if you do not make your loan payments fully and on time will the score not improve. If you make the loan…