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What happens in Dallas TX if you stop making your mortgage payments?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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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.
Am you considered a homeowner if you are still making mortgage payments?
Yes
How can one get a low rate on the mortgage refinance?
There are several ways a person can get a low rate on the mortgage refinance. A person can get a lower rate on their mortgage if they make the payments longer, making the monthly payments be less.
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
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.
Am you considered a homeowner if you are still making mortgage payments?
Yes
What is Mortgage EMI Sleeping PeriodMortgage EMI Sleeping Period offers mortgage borrowers a break from making mortgage EMI payments, It allows borrowers to utilize their EMI payments for other emergencies?
Mortgage EMI Sleeping Period offers mortgage borrowers a break from making mortgage EMI payments, It allows borrowers to utilize their EMI payments for other emergencies. Mortgage EMI Sleeping Period can be a huge relief to borrowers presently as the interest rates have been increasing.
What to do if one owner is not making house payment?
The mortgage payments must be made or the lender will foreclose the mortgage.
How can one get a low rate on the mortgage refinance?
There are several ways a person can get a low rate on the mortgage refinance. A person can get a lower rate on their mortgage if they make the payments longer, making the monthly payments be less.
What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
Nothing happens, the lien still exists- and the 2nd lender can still foreclose if you stoip making payments. The bigger worry is why you would WANT to reaffirm a mortgage debt!
Can you claim mortgage interest with quit claim deed if you are not on the mortgage?
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
How can I pay my mortgage off quickly?
The best way to pay of your mortgage earlier is to make additional payments soley towards the principle of your loan. Also you could shave off years of payments by making bimonthly payments.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
When your private mortgage holder dies how do you make payments?
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
