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What problems could you face if you buy a new home which would give you lower payments and let your current one foreclose?
Ckio
If it is the same lender for both houses, there may be a problem. Secondly, you might not qualify for an additional house loan. You probably want to move because the payments are too high, which means your income would not cover both by any calculations. Finally, your credit would be amok for several years following your foreclosure.
So, in the long run, it might be better to solve your first problem--ask for a refinance to lower the payments and then try to sell the home. Rent out a room? Cut other expenses to try to pay additional principle into the house so you can sell for a lower price? Get a second job to help make the payments while you try to sell the home?
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∙ 15y ago
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If mortgage was listed by pro se Chapter 7 debtor as secured debt with intent to reaffirm but the bank never presented reaffirmation agreement can the bank foreclose once the bankruptcy is discharged?
Yes. Or the lender could choose to file for the automatic stay to be lifted and if granted proceed with foreclosure action before the BK is discharged. _________________________________________ If a person is current on the payments, and stays current, there is NO violation of the mortgage contract, and the lender would not foreclose. Miss a payment or two, and it will be treated as any other delinquent account. But until then, the status quo is maintained, the Chapter 7 not relevant.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
How can you help fix your debt problems?
There are a number of ways to fix your debt problems. You could consolidate all of your payments into just one payment. You could get a second job, or even sell things to pay off your debt.
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
If an account is charged off but payments are current on the account can a lender repossess collateral?
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
If you are current in your chapter 13 and the stay that was lifted was supposed to be back in place can the mortgage company still foreclose?
The only way is try to negotiate a reaffimation agreement with the lender. However, if the house is not protected by the homestead exemption, it could still be in jeopardy.
How can your manager can better support you in your current position?
One way that they could support you better in your current position is to talk with you about any problems that you are having. If you ever have problems, you should always go to your manager so they can help you resolve any problems before it is too late.
What would happen if husband living in the state of Florida is deported and the couple has one child and properties mortgage is in wife's name only and warranty deed is in both husband and wife's name?
The child would remain in the wife's custody if she is not deported or is a US citizen. All legal documents would remain "as is" until or unless the husband agrees to have his name removed. However, it would be complicated if he is out of the country. And yet, with his name on the documents. he would remain liable for payments, too. The wife would also remain liable for payments. This could lead to problems if she is not the primary breadwinner. If she cannot pay, the bank could foreclose.
How long does it take to foreclose on your house after you stop making your monthy payments?
I stopped paying mine in November. They served me at the end of February. My lawyer says it will take AT LEAST another 4 months before a sheriff knocks on my door. I will be filing bankruptcy so I could delay it an additional 4 months as well.
If you are a month behind on rent have been in contact with the landlord Can he still evict me if I make the rent payments current?
If he accepts the rent he cannot evict you for non payment, but could ask you to leave based on constant tardiness of payment. If he doesn't accept the payments this means he is evicting you.
In a foreclosure can a lender sue you for heloc?
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
Your daughter and you are on the title of her townhouse but only her name is on the mortgage and she is now behind on her mortgage payments taxes and assesments am I liable and should i quit claim?
If you Quit claim it to her you loose all rights to the asset. If they Foreclose due to non payment she will loose the asset. If they sale it for less than the mortgage you both could be liable for the difference in a suit.
