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What if there are numerous liens on a house that 1-is damaged to the point of being worth less than the mortgage and 2-the home owner has never made any payments on the mortgage filing bankruptcy?
Wiki User
∙ 17y ago
In addition to the question, I am interested in buying this house and the owner is a relative.
Wiki User
∙ 17y ago
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In a divorce is a spouse not listed on the mortgage but listed on the deed required to help make the mortgage payments in Tennessee?
If they are not listed on the mortgage, then they have no legal obligation to pay the debt. If payments are not made it is only your credit that will be damaged.
Can you get credit after bankruptcy?
Yes. It is more difficult, but it is also ESSENTIAL to recovering from bankruptcy. You must take out credit and have precise, on time payments in order to help rebuild your damaged credit score post bankruptcy.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
How often can a mortgage holder inspect a fire damaged house?
every 2-7 years
Can you force a foreclosure to get your name off of a mortgage?
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
What can a person do to pay for a vehicle damaged in an accident while their insurance was lapsed?
start making payments
If you file for bankruptcy and your car is being repossessed through the bankruptcy with a loan on it and the car interior has been modified and damaged would you still owe anything on it?
If the car is being repoed then you owe something.
If you filed for bankruptcy would the cosigner of your auto loan be forced to take over payment?
The answer is that the cosigner would be left responsible for taking over the payments. If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy), If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments. If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.
How many ships had boms during pearl harbor?
US Navy: 5 battleships sunk, 3 damaged; 2 destroyers sunk, 1 damaged; 3 cruisers damaged; numerous support ships sunk & damaged.
What are the major negative points of credit card consolidation?
Credit card consolidation loans may be a great way to eliminate numerous payments every month. However, There are some negative effects that you must watch out for. Look at the fine print for hidden fees, such as transfer fees. Pay attention to interest rates, the may change over time making your payments skyrocket. Make sure your new consolidated payment is not more than you can handle, if you default on your payments you can damaged your overall credit rating.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
If you file bankruptcy?
What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.
