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What are the responsibilities of a homeowner after signing the Deed in Lieu of Foreclosure over to the mortgage company?
Wiki User
∙ 15y ago
Be very careful with a Deed-in-Lieu....We had a VA mortgage and were only behind 15 days, but they continued to add late fees and extra costs so that it was impossible to catch up. We contacted a VA representative who told us it was better to do a Deed-in-Lieu...so we did. I sent all the information to the appropriate office 3 different times, twice with return receipt so I knew they had received it. As we thought everything was being taken care of...we were told by a friend that we were listed in the newspaper as a foreclosure. When we contacted VA and the mortgage company they said..too bad..they had already started the procedure. I told them that was not legal as we had filed a Deed-in-Lieu and all was recorded. They said they didn't care and foreclosed on us anyway. It destroyed our credit and not for only 7 years as they always state. It showed up 10yrs later and we still were turned down for credit because of it.....Good Luck but ask ALOT of questions before signing anything.
Wiki User
∙ 15y ago
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Should you sue a title company for not paying your mortgage balance at closing which caused your house to go into foreclosure?
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
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.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Can a mortgage company freeze a bank account after foreclosure?
No
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
Should you sue a title company for not paying your mortgage balance at closing which caused your house to go into foreclosure?
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
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.
How do you know if your foreclosure will be pursued by the mortgage company?
go ask the mortgage company.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Can a mortgage company place a lien on your car if you deafult on their loan?
The property listed on the financial agreement is the collateral for the loan, when a homeowner defaults on their morgage the lender will generally pursue foreclosure.
Can a mortgage company freeze a bank account after foreclosure?
No
Are you a homeowner if you pay mortgage?
You are, but your mortgage company is on the deed and is also considered an owner of your home.
How do you know when your house is in foreclosure?
You will be informed by the mortgage company or bank.
Mortgage foreclosure dismissed for want of prosecution?
The mortgage company did not go to their own court date and the foreclosure was dismissed. They will be able to refile it if it was without prejudice.
What are your rights during a foreclosure on your home?
It actually depends on your state, as the foreclosure laws are set by state. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What is the solution of house foreclosure?
There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
What effect does Foreclosure have on credit?
There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
