0
If you have not defaulted on your mortgage and your term is up can they foreclose?
Wiki User
∙ 11y ago
If it's paid they have no interest however you can still get foreclosed if you are arrears in property taxes:(
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
If i foreclose on my 2nd home how will it affect my primary home?
If you foreclose on your 2nd home, it will not affect your primary home. It will actually free up money so you can pay your first mortgage.
Can a mortgage company take your home if a insurance refuses to insure property?
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance. It is up to the homeowner to maintain the home in a condition that it can be insured.
How long is the typical repayment period for a mortgage?
The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a 'reset' button on a mortgage. When the term is up, you must renew your mortgage on the remaining principle, at a new rate available at the end of the term.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
If i foreclose on my 2nd home how will it affect my primary home?
If you foreclose on your 2nd home, it will not affect your primary home. It will actually free up money so you can pay your first mortgage.
Can a mortgage company take your home if a insurance refuses to insure property?
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance. It is up to the homeowner to maintain the home in a condition that it can be insured.
How long is the typical repayment period for a mortgage?
The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates. The term acts like a 'reset' button on a mortgage. When the term is up, you must renew your mortgage on the remaining principle, at a new rate available at the end of the term.
Is a balloon mortgage the same as a mortgage?
No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.
Are mortgages on investment properties discharged under a Chapter 13?
You will not end up owning the property without a mortgage...or not paying the mortgage in full if that's what you mean. The mortgagee will be allowed to foreclose and sell the property it is secured by to recover any loss.
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Can a lender foreclose on a second mortgage if your first mortgage is up to date?
Whether they can depends on the terms of the note. Whether they will depends on a variety of circumstances. It is likely that the lender will first put a lien on the property, making it impossible to sell until the lien is clear.
Can a bank foreclose on a house if one spouse's name was deleted from deed without consent?
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 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 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 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.
Do you have to pay half the mortgage if you moved out of the house?
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 foreclose a mortgage without the note?
In some states it is going to be hard to foreclose without the original copy of the note because the court will need this to show the chain of title and who has what rights revolving around the debt and the real estate.However, in other states such as Massachusetts, the recorded mortgage allows foreclosure in the case of a default as long as the mortgage and any assignments were recorded and the foreclosing bank is the owner of record.This is an extremely complicated issue and the laws vary from state to state. Also, there are urban legends that have sprung up concerning mortgage notes. You need to consult with an attorney in your jurisdiction who can answer your question under your particular state laws.
Mortgage company will not foreclose tried once and got kicked out of court because loan documents were all wrong. The loan had been previously sold?
Its head scratching time! What could you possibly be saying or thinking? A mortgage holder goes to court to foreclose on you....it is a very, very bad thing that they only do if you won't pay the mortgage and they want to get ownership of the property and sell it to recover the loan....and then, if that doesn't generate enough money to pay the loan, all accrued interest, late fees and costs of them having to do that (all attorney fee's etc), which are YOUR responsibility for having forced them to foreclose...they get to attach anything else you have and go after it to make up for. You don't go the court and ask to be foreclosed. You can't, nor can the court foreclose for "you". No way, no how. Get some personal, individual legal/financial help and have them explain your options...talking to the mortgage company and trying for a deed in lieu of foreclosure....which save you and tem money and problems is one possible option.
