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What happens to your mortgage if your house sells for less than the mortgage amount due?
Wiki User
∙ 16y ago
If this is a legal "Short Sale" that was approved by the investor holding your note, you should be ok. If you are trying to sell the home for less that the balance of your current mortgage, you may run into some serious problems.
Law vary from state to state.
Wiki User
∙ 16y ago
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How much is the mortgage in Atlanta?
It all depends on the sells price of the house your looking at purchasing.
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 does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
How do foreclosures work?
A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Do you have to have to pay the second mortgage if the house is sell for less than the whole amount?
Yes. You have to pay the second mortgage regardless of how much your home sells for. You borrowed the money, you pay it back.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
How much is the mortgage in Atlanta?
It all depends on the sells price of the house your looking at purchasing.
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 if the bank sells the house for more than you owe on the foreclosure?
If the bank sells the house for more than you owe. First, if you owe any other mortgages they will get paid first. after all of the liens of your property have been paid, the borrower(you) receives the rest. example you owe 100,000 on mortgage 20,000 on equity line the house sells for 150,000 mortgage and equity line get paid off. and you receive the difference of 30,000 dollars
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
How do foreclosures work?
A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Is Nationstar Mortgage associated with Flagstar Mortgage?
Flagstar Bank sells it's troubled loans to NationStar LLC
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
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
Roll of Thunder Hear My Cry who sells property to help pay off the mortgage?
Uncle Hammer sells his car
