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Unless you can enter into a mutual agreement with the lender they have the right to take your house or what other equity you may have used to guarantee the loan.
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∙ 14y ago
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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.
How does Wells Fargo handle a default on mortgage?
Mortgage lenders foreclose when there is a default on a mortgage.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
What happens to the sub-prime mortgage bonds when people begin to default on loans?
Investors lose their investment.
Will private mortgage insurance pay your loan if you default?
no
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.
How does Wells Fargo handle a default on mortgage?
Mortgage lenders foreclose when there is a default on a mortgage.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
Can i be kicked out o my property in Fla if my house is own private property?
Yes. If you are in default with your mortgage or taxes for instance.
Can mortgage company foreclose on an estate home in probate?
Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.Yes, if the mortgage is in default.
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
What happens to the sub-prime mortgage bonds when people begin to default on loans?
Investors lose their investment.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
Is Maine a non recourse state for mortgage default?
Yes, Maine is considered to be a non-recourse state for mortgage default. A non- recourse means that if you default on paying your mortgage, the government can take your home from you.
Can you go into foreclosure if you default on your second mortgage?
Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.
Can you file a lien for a private unsecured debit even if the party is paying on the debit?
If the debt is for a mortgage that's secured by real property the signed mortgage should be recorded in the land records. Otherwise, if the debt is unsecured and not in default then you are not entitled to a lien. There must be a default before you can sue in court and obtain a judgment lien.
