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What happens if a homeowner does not make payments on their mortgage?
Wiki User
∙ 15y ago
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
Wiki User
∙ 15y ago
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How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
When do mortgage repossessions occur?
Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What are mortgage services used for?
All banks employ some form of mortgage services to keep tract of the "bank-homeowner" contract. The homeowner is obligated to pay back the principal mortgage loan of the house, plus interest, until it is paid off. If a homeowner finds it difficult to make a mortgage payment, the bank can offer a special forbearance service, which is a temporary reprieve from having to make a mortgage payment or two on time. However, those payments become due when the forbearance is over. Also, for people with good credit and substantial equity built up, the bank allows them to take out a HELOC loan.
How can a new homeowner use an endowment mortgage to their advantage?
There are many ways that a homeowner could use an endowment mortgage to their advantage. The biggest advantage is to be able to make less mortgage payments.
How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
When do mortgage repossessions occur?
Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Can mortgage payments be make in cash?
no
What are mortgage services used for?
All banks employ some form of mortgage services to keep tract of the "bank-homeowner" contract. The homeowner is obligated to pay back the principal mortgage loan of the house, plus interest, until it is paid off. If a homeowner finds it difficult to make a mortgage payment, the bank can offer a special forbearance service, which is a temporary reprieve from having to make a mortgage payment or two on time. However, those payments become due when the forbearance is over. Also, for people with good credit and substantial equity built up, the bank allows them to take out a HELOC loan.
What is the definition of foreclosure?
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. A foreclosure happens when someone who has made a loan with a bank can't pay their loans anymore. The bank will then sell the lenders stuff, such as their house, as compensation.
What is the phone number to make a Bank of America mortgage payment?
The number needed to make mortgage payments are different in each state. Mortgage payments can also be made online or by mail.
Is there a payment due if your mortgage company sells your mortgage to another mortgage company?
Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
What would I need a mortgage amortization calculator for?
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.
What is the difference between a short sale and a foreclosure in real estate matters?
When the owner of a home can no longer afford to make payments on their home mortgage, the home may be sold in a short sale before it enters into foreclosure. A short sale is one of a homeowner's last resorts. It occurs when a home is sold for less than the balance remaining on the mortgage. Typically the homeowner and lender strike a deal in which the homeowner agrees to accept less than the amount they owe on their home (making no profit) in exchange for the lender forgiving the remaining amount on the loan. This process may still damage the homeowner's credit, but they will avoid foreclosure. If a homeowner can't make payments on their mortgage and the home does not sell through a short sale, the lender can take possession of and sell the property by a foreclosure proceeding. To find out more read the full article on Nestiny.com
