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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.

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โˆ™ 2006-03-31 21:39:00
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Q: Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
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Related questions

What is personal deficiency judgment foreclosure?

This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.


Who is legally responsible for a mortgage after death?

The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.


Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.


What happens to the all the money collected on a house if sold in a foreclosure sale?

The mortgage company gets the money.


There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?

I really recommend calling your mortgage company to ask.


Would a surplus money action in a foreclosure be filed by the junior mortgage holder?

That is true


Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?

Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.


What if sale of a house after a foreclosure doesn't cover the mortgage amount?

Then you still owe money to the bank.


If two people are on the deed but only one is on the mortgage can the second person do anything to prevent foreclosure?

no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage


What happens after a judgement of foreclosure on a mortgage?

although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.


Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?

In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.


What is a bank foreclosure?

It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.


Who do you contact to get the excess money after foreclosure auction?

You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.


WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?

A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.


What happens after a foreclosure?

Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts


What does foreclosure of a house mean?

Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.


Who gets money in excess of money owed in foreclosure auction?

In the rare case that there is money left over after payoff of the note, penalties, taxes, and the fees involved in the foreclosure and auction, the second mortgage and other liens can then be paid off, and if there is still money left over, the home owner will receive the excess equity because the banks and lawyers have already been paid what they are owed.


What happens to your down payment in foreclosure?

The money is gone after foreclosure.


Can I surrender a home and not be in foreclosure?

Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.


Do you have a mortgage from AARP Reverse Mortgage?

No I do not have a mortgage from AARP Reverse Mortgage because I am not 100 years old. That is for old people who need money and do not need their house any longer because they will be dieing soon.


What is the meaning of charge by deed expressed by way of legal mortgage?

It means an interest or right in a property created in favour of a lender of money as security for payment of a money loaned. It's accorded the status of a mortgage.


Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?

A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.


After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?

In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.


Do you get any money if your house is repossessed?

It will depend on the costs involved. If the sale of the home brings more money than the mortgage, the remainder will go first to cover the costs of the foreclosure. If there is anything left, it will be paid to the holders.


A sentence using the word mortgage?

The man couldn't pay his mortgage because he had ran out of money when losing his job.

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