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Should the person who has defaulted on a mortgage due to Hurricane Katrina file bankruptcy or allow the home to be foreclosed on by the lender?
Wiki User
∙ 15y ago
no itts not right for people to lose their homes because its not giving them the chance to pay the morgage no itts not right for people to lose their homes because its not giving them the chance to pay the morgage
Wiki User
∙ 15y ago
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If you have savings and your house is foreclosed will you lose your savings?
Do you mean equity?. You could lose all or part of it depending on how much revenue the house brings at auction. Talk to your mortgage lender and make arrangements to try and keep your house. Good luck. PS. they don't want the house they want MONEY! .
When is the MERS deactivated on a loan?
MERS isn't "deactivated" on a loan. MERS is a servicing agent for numerous lenders and it is the actual mortgagee on a mortgage. The servicing system was devised to make mortgage discharges easier to obtain. Its involvement lasts as long as the mortgage remains unpaid. When the mortgage has been paid off then MERS will record a discharge.
What is meant by negative amortization?
A predatory subprime mortgage lending practice that occurs when monthly payments do not cover the interest due on the loan. The unpaid interest is then added to the mortgage balance causing the overall amount of the loan to increase.
Can you refinance into a different name?
As long as you remain on title and deed, you can put the mortgage note under someone else name and still be considered an owner of the property. In fact a 1% owner of a property can hold a mortgage note legally.
Does temp affect magnets?
Yes, paying off your mortgage will be a great idea! You will save all the interest that is left in the remaining years!
If you have not defaulted on your mortgage and your term is up can they foreclose?
If it's paid they have no interest however you can still get foreclosed if you are arrears in property taxes:(
Can a house be sold that was received in divorce that was not reaffirmed in ex-husbands bankruptcy?
This depends on how the house is titled and who is responsible for the mortgage payment. It can be foreclosed on if payments are defaulted the lender does not choose to reaffirm the loan. Or if the exemption does not protect the property, the Trustee can petition for a forced sale.
What do you do when your home is being foreclosed upon?
Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.
Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Credit report shows foreclosed owe 18000 mortgage never contacted you?
Contact the lender immediately to review. If the report is WRONG because you did not assume and default on the mortgage, contact the credit reporting bureau immediately to flag the defaulted account as fraud.
What can a lender do when the second mortgage is not paid in full due to foreclosure?
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
What if your home already foreclosed but the 2nd mortgage still wants us to pay-how do you deal with this?
File for bankruptcy or just let the second loan also go into forclosure.
After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Can a bankruptcy be filed on a reverse mortgage loan?
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
