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If you are divorced from your previous spouse who got the house and your name is still on the mortgage how responsible are you for the debt when it goes into foreclosure?
Wiki User
∙ 14y ago
The home is simply collateral for the loan. Regardless of what happens to the vesting of the property (legal ownership) you are still liable for the loan. If a court awarded the home to a spouse, the loan should have been refinanced into their name. If that did not occur your liability for the loan has not changed.
Wiki User
∙ 14y ago
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How far behind in your mortgage can you get before your mortgage company starts foreclosure proceedings?
It usually depends on a Mortgage Bank and also on the individuals previous credit ratings.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
Is a business owner responsible for the previous owners debts?
If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.
How soon after a foreclosure covered by bankruptcy can you buy another house?
The Short Answer is 3 years before you can obtain an FHA insured mortgage and 5 years before you can obtain a "conforming" mortgage. Conforming simply meaning that it conforms to Fannie Mae guidelines. These time constraints are dictated by the FORECLOSURE not the Bankruptcy. Guidelines for Bankruptcy will allow you to obtain an FHA-insured mortgage in as little as 12 months from FILING with Chapter 13 and 24 Months after discharge with Chapter 7. The Chapter 13 can still be OPEN but you must get the courts permission to enter into the transaction.The key to your scenario will be the loan size you need. FHA has loan limits set by County.Below is the "long answer"Previous Mortgage Foreclosure. A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur.A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
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.
How far behind in your mortgage can you get before your mortgage company starts foreclosure proceedings?
It usually depends on a Mortgage Bank and also on the individuals previous credit ratings.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
Can you be held responsible for your wife's foreclosure from a previous marriage?
While your spouse may still have some incurred liability from a previous marriage, you, yourself, as an individual, are not.
If someone is listed as a co-borrower on a mortgage must they also be listed on the property deed My fiance is not yet divorced from his previous wife and we are afraid she can claim rights to the?
You should seek the advice of an attorney.
How can you ask for copies of your Mortgage interest statements for previous years?
Yes, contact your mortgage company.
Is the home foreclosure rate up or down for the past year in Omaha, NE?
Home foreclosure rates are higher than that of the previous year in Omaha, NE.
Dating a divorced man?
Yes , why not, divorced man understand the mistakes of previous Relationships . Chances are, you will find a great person.
Can the previous owner of your house put a lien on it if he or she is the second mortgage holder?
When a loan is secured on a property it is generally recorded against your title in order to protect the investor/lender's interests in the property. Both a first and second mortgage holder have repossesion and foreclosure rights as well if you default on the terms of your agreement. This applies to private party mortagage holders,(previous owners), as well as with financial institutions. If you have concerns you should contact your local county recorders office or a real estate attorney with your questions. yep
What happens when you own a home with your partner who is in foreclosure on another home?
Nothing happens to you.. It wont affect you anymore that it affects me... LOL But your partner will have a foreclosure on their Credit Profile. You are responsible only for the payment history on any loan with your name on it. The Foreclosure that your partner suffered shows only on the foreclosed party's credit bureau. You probably won't want to use that person as a co-borrower for a while. No mater what the type of Lender you apply to, you will have a rate and or fee add-on; due to the partners previous foreclosure. Trenton "Trent" Sims California Broker 310.422.0435, 310.807.9230 Tsims@Green PlanetFunding.com
Is a business owner responsible for the previous owners debts?
If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.
How soon after a foreclosure covered by bankruptcy can you buy another house?
The Short Answer is 3 years before you can obtain an FHA insured mortgage and 5 years before you can obtain a "conforming" mortgage. Conforming simply meaning that it conforms to Fannie Mae guidelines. These time constraints are dictated by the FORECLOSURE not the Bankruptcy. Guidelines for Bankruptcy will allow you to obtain an FHA-insured mortgage in as little as 12 months from FILING with Chapter 13 and 24 Months after discharge with Chapter 7. The Chapter 13 can still be OPEN but you must get the courts permission to enter into the transaction.The key to your scenario will be the loan size you need. FHA has loan limits set by County.Below is the "long answer"Previous Mortgage Foreclosure. A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage. However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area.Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur.A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
Is it legal to marry if you are not divorced?
It is illegal to marry someone else if you are not divorced from a previous spouse. The charge is bigamy. Also, the second marriage would be invalid.
