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There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
Wiki User
∙ 16y ago
I really recommend calling your mortgage company to ask.
Wiki User
∙ 16y ago
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If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
What happens to the all the money collected on a house if sold in a foreclosure sale?
The mortgage company gets the money.
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens if the mortgage company wins the motion for relief?
They can proceed with a foreclosure or whatever "cure and remand" action they so choose.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
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
Who gets the insurance check for a claim the mortgage co?
The homeowner unless you are in foreclosure and in the event you loose your home it is applied to the loan balance. They hold it until that happens.
What happens to a mortgage when both wife and husband die within a month from each other?
Unless there is a life insurance policy that covers the mortgage, the heirs must pay the mortgage if they want to keep the property. If the mortgage isn't paid the bank will take possession by foreclosure.
What happens in Dallas TX if you stop making your mortgage payments?
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
What happens to my credit score when my investment property goes into foreclosure?
Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?
What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?
