no....... the lender can go after you for up till 2 yrs after they sell the property.
Well Georgia is a Debt Deed state not a mortgage state. So if you have a debt deed to record you can do it at the clerk's office in the town , city or county where the property is located. Deeds will have to be filed there too.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
Well Georgia is a Debt Deed state not a mortgage state. So if you have a debt deed to record you can do it at the clerk's office in the town , city or county where the property is located. Deeds will have to be filed there too.
No. You are in debt as much as you still owe on the mortgage.
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
In Ohio, if the debt was owned jointly, then yes, you are responsible. If if wasn't, they cannot make you liable for another's debt. This is in Ohio. Credit reports are held in both owners name, if they are co-owners or own the debt jointly, such as a home mortgage. If the credit card is owned by spouse1 and spouse2 does not have permission to use it, then spouse1 is the only responsible person for that debt. Spouse2 cannot be held responsible - in all financial transactions in the state of Ohio, even if the debt has incurred from some other country or state. Wherever you reside determines the law for the consumer. Check your state for that.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
In this situation, the Ohio debt collector would need to follow Michigan law regarding garnishment of a spouse's income, as Michigan law would apply to the state where the income is earned. The debt collector would not be bound to Ohio law in this case. It is important to consult with a legal professional familiar with both Ohio and Michigan laws to understand the specific implications and requirements.
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
In Ohio, the statute of limitations for collecting a debt is typically 6 years for written contracts and 4 years for oral contracts. After this time period has passed, creditors cannot sue you to collect the debt, although they can still attempt to collect it. It's important to be aware of your rights under the Fair Debt Collection Practices Act (FDCPA) to ensure collectors are following legal guidelines.
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
Yes, you can lose it if you do not make the payments on it. A bankruptcy discharge does not erase debt. It renders it nonrecourse -- meaning that you cannot be called upon to personally pay the debt. However, it does not affect liens. Therefore, if you don't pay the debt, the lien can be foreclosed.