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In California how can you determine whether or not your mortgage is a non-recourse loan?
Wiki User
∙ 12y ago
California is known as a one-action rule state, meaning that the lender must choose one action (and one action only) in order to recoup any losses from non-payment of funds.
The lender may choose to foreclose, then that lender may not bring a lawsuit against the borrower for any deficiency between the value of the note and the amount the home is sold for.
The lender may also chose to bring a lawsuit against the borrower, whereby they lose the right to foreclose, however, a judgment against the borrower may result in a forced sale as part of the civil proceedings (in order to get the lender paid), effectively evicting the owners from the home.
Now, only the first (primary) mortgage falls under the one-action rule. Any home equity loans or lines of credit are recourse loans.
Wiki User
∙ 12y ago
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Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
Why is it important to have insurance on a mortgage?
Insurance for one's mortgage is useful as it covers the cost of the mortgage in cases where one loses their job or becomes disabled. It may not necessarily be important, so whether one needs mortgage insurance depends on one's circumstances.
What is the difference between refinancing and a second mortgage?
Refinancing is re-assessing the terms of your current mortgage. You are capable of refinancing any loan at any time whether it is a home, auto or personal loan. A second mortgage is a mortgage in addition to your primary note. If you obtain a second mortgage you will be liable to pay two monthly mortgage payments.
Where can one find a calculator to advise whether to refinance their loan or mortgage now?
There are many websites whereby one can find a calculator to advice whether to refinance their loan or mortgage now. These websites include "Zillow" and "Bank Rate".
What are mortgage websites used for?
Mortgage websites are used for calculating whether you qualify for a mortgage loan. They can determine if your credit history meets the requirements for approval.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
How to get a mortgage on property willed to you?
Go to a bank and apply for a loan. They will run a credit check and determine whether or not to give you a loan on the house. You might also consider a reverse mortgage, that gives you some money each month.
Is it mortgage refinancing worth it for me?
What matter is the balance on the mortgage and the rate at which you will refinance. Any lender can help you determine those figures and whether there will be any long-term savings to you after closing costs are figured in. You'll need original documents from your current mortgage so take those along.
Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
What to do if you were robbed in California?
If you have been robbed in California, the first step is to ensure your safety by contacting the police immediately to report the incident. Provide as much information as possible about the robbery, including any descriptions of the perpetrator and any stolen items. It is also important to seek emotional support and potentially contact a victim services organization for assistance.
What is the good interest rate on an mortgage loan is what percent?
The answer depends on whether you are the lender or the borrower and also in the country that you get the mortgage in.
How do you determine whether a rock is a rhyolite or an andesite?
The composition of the rock will determine whether it is a rhyolite or an andesite.
Do you qualify for the 8000 credit if you go through a conventional mortgage company and not FHA?
Yes. Whether you have a mortgage or not or where you got it is not relevant.
Can a lien be put on your home if you have no mortgage?
Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.
Mortgage Debt Consolidation?
Mortgage Debt Consolidation This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you. Enter your credit cards, installment loans and the mortgages you wish to consolidate by clicking on the "Enter Data" button for each category. Then change the consolidated mortgage loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.
Can surviving children leave the deed on a house in the parents name?
This will depend on the lender. Normally the estate can continue the mortgage for a reasonable period of time. It is up to the finance company to determine whether they trust the beneficiaries to continue the mortgage.
