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You will need to be more clear on what you mean by out of business. In most cases today all of your assets are protected by FDIC and the bank will be seized. In this case, normal operations will continue for the bank. It will be a good idea to verify that the payments are coming out ok.

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Q: If your mortgage payments are being taken automatically out of your bank account and then the bank goes out of business will the payments continue?
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Can you leave your home to your beneficiary in your will if it is subject to a mortgage?

Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.


If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?

If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.


What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?

Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.


Does insurance company have to pay mortgage if house fire?

NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.


If your lender sells your loan to another lender are they suppose to notify you that your mortgage was sold?

Yes, do not send anything to anyone who claims to have purchased the mortgage. Continue to send payments to the original mortgage company until THEY inform you otherwise. There is a scam out there where people get the mortgage information from county records then send an official looking letter. It's good for one or two mortgage payments to a mail drop and you end up being out a couple payments. Don't fall for that one. If you have any questions, contact your original mortgage company and verify the mortgage status

Related questions

What can be done to avoid a sheriffs sale of your home?

Continue to make payments on your mortgage.


Can you leave your home to your beneficiary in your will if it is subject to a mortgage?

Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.


If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?

If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.


When your private mortgage holder dies how do you make payments?

You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.


Can you get insurance to pay your mortgage while the house is being rebuild if there is a fire?

No, Your homeowners insurance is a type of "Hazard Insurance", you must continue to make your mortgage payments as usual. If your policy contains "Loss of use" coverage, then your insurance will cover the cost of temporary housing within policy limits, allowing you to continue making your mortgage payments.


What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?

Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.


Does insurance company have to pay mortgage if house fire?

NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.


If a same-sex couple lives together but the home and mortgage are in the name of only one of the partners what happens to the house and mortgage if that partner dies?

Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.


How does mortgage modification help the borrower?

It allows for the mortgage to be changed after the fact. The modification can be of use to those facing foreclosure who want to continue making payments but can't satisfy the original agreement.


Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?

Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.


What can I use to calculate mortgage payments?

Mortgage payments are very expensive nowadays, so you have to work hard to get rich and to get all the worldly desires you have, you can use a calculator to calculate mortgage payments.


If your lender sells your loan to another lender are they suppose to notify you that your mortgage was sold?

Yes, do not send anything to anyone who claims to have purchased the mortgage. Continue to send payments to the original mortgage company until THEY inform you otherwise. There is a scam out there where people get the mortgage information from county records then send an official looking letter. It's good for one or two mortgage payments to a mail drop and you end up being out a couple payments. Don't fall for that one. If you have any questions, contact your original mortgage company and verify the mortgage status