0
Is it true that as long as you make your mortgage payment in the same calendar month the mortgage lender cannot report you as being late onyour mortgage payment correct?
Wiki User
∙ 12y ago
This would only be true if you have it specified in your loan agreement. Otherwise, as a general rule, anything paid after 10 days past the due date is considered late and incurs a late fee as well as being reported to the credit bureau(s) as less than 30 days late
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What are the causes of foreclosure?
non-payment of mortgage payments exceeding 2 to 3 months. If the mortgage company does not receive timely payments, they can decide to foreclose. Once they have made that decision it is very hard to correct. If you cannot make your payment call the mortgage company. Communication can go a long way to prevent foreclosure.
Can you convey partial ownership to a mortgaged property?
The property is subject to the mortgage. In order to sell a portion free and clear of the mortgage you would need to obtain a partial release from the bank. The partial release must describe the portion you want to sell and must be recorded in the land records.
What is the purpose of mortgage alliance?
A mortgage alliance is an alliance which will help you to pay your mortgage, in most cases by having a money buffer. They will help you in times you cannot pay it to make it possible to delay the payment.
Would a mortgage payment calculator help me make a good investment?
A mortgage payment calculator can help provide a rough estimate on the future of your investments; however, it cannot be thoroughly relied upon when making such a decision, as the housing market can take unexpected turns.
What are the basic requirements of a streamline finance?
"The first requirement of a streamline refinance is that the mortgage must be FHA insured. The mortgage must be up-to-date. The refinance must result in a lower monthly payment, but cash cannot be taken out on the refinanced mortgage."
What kind of option does a mortgage company give you if you cannot pay the full monthly payment?
You need to contact the particular lender to determine what the policies are.
Who gets tax deduction for payment of mortgage and home equity line if deceased is no longer paying them and house passed to this person through will but deed not yet in their name?
The deductions will belong to the estate. One cannot inherit a mortgage.
What happens when you sever a joint mortgage?
You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.You cannot sever a joint mortgage. It must be paid off.
Can a bank come after you if you are on deed but not mortgage?
No. All the owners of property must grant a security interest in the property by signing the mortgage. If you owned the property at the time of the mortgage and didn't sign the mortgage, the lender made a serious error. The lender cannot take possession of your interest by a foreclosure and you are not responsible for paying the loan.However, if your name was added after that mortgage was granted the lender can take possession of the property by foreclosure if the mortgage is not paid, and you are out of luck. The lender cannot go to you for payment if you did not sign the mortgage and note.
What type of home mortgage has payments that CANNOT change?
fixed-rate mortgage
How much will it cost you to remove spouse from mortgage?
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
