That depends entirely on the lending institution. In most cases the lender will choose to reaffirm the mortgage agreement with the borrower rather than go through the foreclosure process if they are convinced the borrower's financial situation is stable. The best option is for the borrower to contact the lender directly followed up by written correspondence and for the borrower to be completely honest about his or her current financial situation.
Yes, although mortgage companies are more likely to modify a loan in default.
It is possible to refinance out of loan in which you have made delinquent payments. Only the most experienced Mortgage consultants would be able to lead you through the process.
Althought it is possible for you to calculate your own mortgage payments i would recommend that you rely on your lending institution to do this for you as it can be quite stressfull to do.
If what you mean is can back owed child support payments be discharged in bankruptcy: NO. Regardless of how old the child is now. on the other hand if you mean to be included in the repayment schedule for a chapter 13 then yes. Child support arrearages can sometimes be included in bankruptcy. This pertains to arrearages only and not to current support due. A bankruptcy petition cannot override a court order of support and if arrearages are allowed to be included in a 13 the arrearages must be paid in full, not a percentage thereof, as is possible with unsecured creditors.
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
You must return to court to have the order modified as soon as possible. Until the child support order is modified you may be incurring arrearages.
In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.
Home mortgage refinancing has become a big business due to the downturn in the economy. With the severe drop in interest rates, it is possible to save hundreds in monthly payments, as a result, a new industry is born.
No. You can apply additional money to your monthly payments and that will accelerate your payoff. If you are looking for a shorter contractual term you will need to refinance the loan
It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.
That is at the discretion of the lender. The majority of lenders, if they can be certain you will be able to meet your obligations, will work with you. Foreclosure is not something that lenders want to do, and try to avoid if possible.
You are not clear about who you're making payments to: the mortgage company for your mortgage, or to the association to pay assessments that are in arrears. If you mean payments to make up arrears, and the association filed a lien on your title, review the agreement that you made with them about making payments. It's possible that filing a lien is part of your agreement in some way. Or, that the association has filed a lien against you in error. If you mean payments to pay your mortgage, and you are not paying your assessments, your association filed a lien to collect monies that you owe in past-due assessments. (You have to pay both: mortgage and assessments.) If your assessments are up to date, check with the board to better understand why a lien has been filed by the association on your title.
Bi-weekly Mortgage Calculator This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying _ your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.
To obtain a second mortgage you must apply for the loan just as you did for your first mortgage. You can apply with the same company as your first mortgage, or you can shop around, which is definitely recommended to ensure you are utilizing the best option possible, as loans have different rates and terms. This is considered a contractual lien against your home in the event you fail to keep up with the payments. If you are approved for the loan, you sign the contract, obtain the money and proceed with making monthly payments, or whatever you decide upon.
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
A home refinance calculator can show you your possible future payments after refinancing your home mortgage. By spreading out the amount you owe over a longer period of time, or obtaining a lower interest rate, you can often reduce your monthly payments. This extra money can be used to help plan for retirement, supplement your investments, or pay for your children's schooling. Because there are costs involved with refinancing your home mortgage, the calculator can also help you determine whether or not refinancing will benefit your particular home loan.
When child support payments are made through any state agency all arrearages must be paid to avoid a possible contempt of court citation even thought he child has reached the age of majority.
If you are looking to finance house payments, search around for a lender that will offer you the best interest rates possible. Over the life of a mortgage loan, even a one point difference in interest rate can cost you thousands of dollars. It pays to shop around for the lowest rate possible to avoid overpaying for your house loan. There are online companies that will submit your mortgage application to several banks at once, causing them to compete for your business. This gives you the advantage of creating one search that will allow you to access the lowest rates possible. When looking to finance house payments, it pays to shop around.
It is not possible to obtain a UK mortgage to purchase a property in Bulgaria. However, it is possible to obtain a mortgage in Bulgaria, by approaching a Bulgarian bank.
You should file a bankruptcy letter of intent as soon as possible so that your creditors will be on notice. This will stop the harassing calls and foreclosure proceedings if you are behind in your mortgage payments.
It is possible to get a no closing cost home mortgage from many providers. An example of one of these is a mortgage from Nation Wide mortgages. There is more information about this on their website or on Ehow.
If bankruptcy has been dismissed it is possible to file again. The trustee will require an explanation of why the first case was dismissed before accepting a new bankruptcy case.
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.
Not only is it possible, it is almost certain that the case would be dismissed. You might be given an extension by the court, but ultimately they must be filed.