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The bank takes your house. * After a prescribed period of time the lender will begin foreclosure proceedings. In some US states the lender does not need to go through the court to implement a foreclosure and the action can be rapid. In states that require the lender to use prescribed legal procedure, foreclosure can take several months.
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What happens in Dallas TX if you stop making your mortgage payments?
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.
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.
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.
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.
Do you owe the bank anything if you stop making mortgage payments?
If the bank loaned you the money for the morgage and have not repaid it all then yes you do. Or any other outstanding debts you may have with them
What happens in Dallas TX if you stop making your mortgage payments?
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.
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.
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.
What happens when you get call regarding repossession but no letter after making a payment?
One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.
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.
Do you owe the bank anything if you stop making mortgage payments?
If the bank loaned you the money for the morgage and have not repaid it all then yes you do. Or any other outstanding debts you may have with them
Can you keep property if a motion for relief from automatic stay is not granted?
Yes, so long as you keep making the mortgage payments. If you stop paying, eventually the creditor will be allowed to foreclose on the property.
Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
What happens if you miss several payments with the collection agency?
They stop collecting
When you stop the mortgage payments how long can you stay in the house?
It is best to call the mortgage lender and start to make arrangements either to temporarily reduce the payments or to refinance to a better loan. You signed an agreement to pay and you should follow through on clearing this up.
My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?
No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.
If you have a 5th wheel trailer that I can no longer pay I owe more than its worth What happens if I stop making the payments?
A nice man/woman called a recovery agent will come and pick it up.
