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If you are divorced and your spouse was to get the house but your name was never removed from the mortgage does the divorce protect your credit if foreclosed?
Wiki User
∙ 17y ago
Unless we have any bankruptcy or property lawyers trolling this board, I seriously suggest you contact one about this. I'm a pretty smart guy and I had to read the question 4 times to make sure I even understood it. I dare not try to answer it even though I've been into and through most types of money troubles. Good luck...seriously Phil
Wiki User
∙ 17y ago
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Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
Why you need building insurance for mortgage?
The the person who owns the mortgage (mortgagee) wants to protect their investment.
You own your house and am about to get married do you need a prenup to protect you even if you plan on keeping the deed and mortgage in your name alone?
It would probably be a good idea. Keeping it in your name won't guarantee it'll remain yours in a divorce settlement. Looking at the current divorce rates... odds aren't in your favor, sorry to say. So, best to go with the prenup.
What does PMI Mortgage Insurance mean?
A PMI mortgage is a policy issued by a private mortgage insurers, which will protect lenders against the loss of browser defaults. This form of mortgage allows the lender to pay back as little as 3% at a time.
Can a house be sold that was received in divorce that was not reaffirmed in ex-husbands bankruptcy?
This depends on how the house is titled and who is responsible for the mortgage payment. It can be foreclosed on if payments are defaulted the lender does not choose to reaffirm the loan. Or if the exemption does not protect the property, the Trustee can petition for a forced sale.
How can you protect your attached home when your neighbor is foreclosed on?
Protect your home from what? What do you mean by attached home?
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
Why you need building insurance for mortgage?
The the person who owns the mortgage (mortgagee) wants to protect their investment.
Does a lender need to file a deed of trust on your property?
It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.It depends on the jurisdiction. The lender needs to file a deed of trust or a mortgage to protect its security interest in the property.
How can a man protect assets in a divorce in Indiana?
Once the divorce has commenced it's too late to protect assets. That sort of planning must be done well ahead of time.
Ex-husband quit claimed house in divorce but mortgage is still in both names He now is filing Chpt 7 bankruptsy Is the house in jepardy?
I would check the wording of the divorce ruling - especially the section dealing with the division of the marital assets and property. I hope that your attorney protected you from something like this occurring! Quit claiming the house to you does NOTHING to deal with with the financial obligation. The mortgage holder doesn't care if you're married or divorced, all they want is their monthly check, and whoever is on the loan documents they will come after. Some states protect the debtors primary residence from seizure in bankruptcy but you will have to check to see if that is true in your state. If I were you I would contact an attorney immediately (#1) to make sure that all the provisions of the divorce order were complied with and (#2) that you are protected properly.
when can i file for a divorce all children are over 18 how soon can i be divorced i heard 6 months after seperation?
Not all states require a period of separation before granting an uncontested divorce. In states where this separation period is required, the term varies and may be one year or 6 months, for instance. Where a separation period is required, you might want to file for legal separation to protect your rights before the divorce is finalized.
You own your house and am about to get married do you need a prenup to protect you even if you plan on keeping the deed and mortgage in your name alone?
It would probably be a good idea. Keeping it in your name won't guarantee it'll remain yours in a divorce settlement. Looking at the current divorce rates... odds aren't in your favor, sorry to say. So, best to go with the prenup.
What does PMI Mortgage Insurance mean?
A PMI mortgage is a policy issued by a private mortgage insurers, which will protect lenders against the loss of browser defaults. This form of mortgage allows the lender to pay back as little as 3% at a time.
Can your PMI go up on a fixed rate loan?
You PMI is an insurance policy that you purchase to protect the bank or mortgage company against the loss of you being foreclosed on. Generally, once you get to the point where you owe 80% or less than the value of the property financed, you will no longer be required to pay for PMI. You will have to question this with your bank continuously as they will not automatically remove this coverage. PMI helps you in absolutely no way possible. If you are foreclosed upon and your home is taken, the PMI company will pay the bank for their losses, take your home, then sue you for their losses. Get out of this asap.
