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If you default on a rental property mortgage loan can the mortgage company go after your assets?
Wiki User
∙ 15y ago
That depends on the state, and whether the financing was "non-recourse". The process you want to find out about is known as a "deficiency judgment".
Wiki User
∙ 15y ago
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Are mortgage bonds secure bonds?
A mortgage bond is a bond secured by a mortgage on one or more assets and are typically backed by real estate holdings. In a default situation, mortgage bondholders have a claim to the underlying property and could sell it off to compensate for the default. However, the value of the property may decline.
If i default on my mortgage can the lender take other assets?
YES.
Our home loan is in husbands name he has died his will leaves everything to me but my mortgage company says I have no rights to the loan because it is not in my name can probate court resolve this?
Yes, by law when you are married whatever assets, property & loans automatic fall under the next of kin if someone passes away. That law governs when you divorce, half the assets are split between the 2 parties. You have the right to sue the Mortgage company over false statements of property ownership rights. If you allow the bank to continue in these proceedings, they would undoubtedly try to seize the property from you. Hope this helps, God Bless.
What happens if you default on your reverse mortgage?
Its hard to default on a reverse mortgage because there are no payments due, so to default you have to move out of the home or rent it out, or not keep the property maintenance, taxes or insurance up. There is no default for the mortgage balance exceeding the home value. as a result there is typically no default for a reverse mortgage. However, if there is a negative equity position the borrower is still guaranteed to never make a payment as long as they live in the home. once they move or pass away the home can then be turned over to the lender who takes the loss on the loan if there is any, or if there is equity the home can be given to heirs who keep the equity in the home by selling it or refinancing it. (they will have 6 months from the borrowers passing to get this done) There is never recourse against the borrowers heirs for negative equity or loan defaults, nor is there recourse against the borrowers other assets.
Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
Are mortgage bonds secure bonds?
A mortgage bond is a bond secured by a mortgage on one or more assets and are typically backed by real estate holdings. In a default situation, mortgage bondholders have a claim to the underlying property and could sell it off to compensate for the default. However, the value of the property may decline.
If you default on your home mortgage can the mortgage company come after your car?
They can not directly come after your car. However a Judge can order assets seized. If there was no fraud involved in the mortgage this is an unlikely situation.
If i default on my mortgage can the lender take other assets?
YES.
Your ex was sole borrower on mortgage and died but does not own the property Does his estate have to pay off loan?
It is surprising that the bank allowed your "ex" to sign a note and mortgage for property he did not own. However, it is more likely that he owned the property at the time he signed the loan documents and the property is subject to the mortgage. If the mortgage isn't paid then the bank will take possession of the property by a foreclosure. If you are living on the property you need to seek the advice of an attorney to determine your options, rights and responsibilities regarding the mortgage. If possible you should call the attorney who represented you in the divorce. They would be familiar with your division of property agreement and may be able to provide the appropriate legal advice. If your ex was ordered to pay the mortgage as part of the divorce then his estate would be responsible for payment providing there are enough assets to cover that cost. You would need to make a claim against the estate. Debts must be paid by an estate before any distribution of assets to the heirs. If there are no assets and the estate is unable to pay the bank will foreclose if the mortgage goes into default. In that case you may need to decide whether you want to pay the mortgage in order to keep possession of the property. You need legal advice from an attorney asap.
Is a mortgage a estate?
A mortgage is not an estate. An estate is a collection of assets that belonged to a deceased. It is created on the death of the individual and may include property and the related mortgages.
What is a mortgage debencher?
Those debentures which are secured by a fixed or floating charges on the assets of a company.
What are the advantages of being a limited liability company?
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
How can a company place a lien on a house when a roofing company doesn't pay it's bill?
Not sure that you can go to the roofing company's customer. Most roofing companies buy supplies in their own right, and may have incorporated, protecting their personal property, if they default. You will do better to try to attach the company's assets.
What is the top priority when distributing assets from someone declaring bankruptcy?
Secured creditors to the extent of their security on specific property (e.g., mortgage interest on real property)
What type of company is property exchange?
There is no company called Property Exchange. There is a company called Investment Property Exchange Services. This company specializes in protecting personal and business assets which may include real property or stocks and bonds.
Your ex-husband quit claimed his interest in the property to you. Is he still responsible for the mortgage if you can't make a payment?
Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.Yes. When one spouse transfers their interest to the other as part of a distribution of assets in a divorce the existing mortgage should be paid off. The party receiving the other's interest must refinance in their own name. Otherwise, both remain equally responsible for paying the mortgage. Any default in the mortgage will be reported in both names as will a foreclosure if the situation deteriorates to that level.
When are you required to buy basic homeowners insurance by your mortgage company?
Virtually always. Any reputable company holding a mortgage on your house will require you to have homeowner's insurance, at least to the value of the mortgage. The only exception is for a mortgagee with sufficient assets to self-insure.
