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What will happen if you are purchasing a home that is a short sale and the owner has not made the payments for the last 2 months?
Wiki User
∙ 13y ago
Lenders have to be a 3rd party to accepting the Offer from the buyer on each Shortsale _AND they/the lender Pays all taxes to the day of sale__Pays all Homeowner Asso fees__and Approves your offer-doesn't matter how late the owner is.The Owner/seller has to get all the info the lender requires updated within 30 days or you cannot get an approval or close/buy that house...so the seller has to be cooperative or the shortsale will take forever.
Wiki User
∙ 13y ago
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What has to happen before a creditor can have your care repossessed?
A car cannot be repossessed until the owner has missed several car payments and the owner has been notified of late payments. In most states a car can be repossessed after three months of non-payment.
What is the name of the interest payments that a bondholder receives for purchasing a bond?
Apex- Coupon
You and your husband bought owner financed property. The owner is supposed to move in January but seems to have changed her mind after receiving twelve months of payments. What are the options?
You need to consult with an attorney who can review your proof of payments, agreement and any documents that you signed and then explain your rights and options.
Is it legal to pay 12 months advance mortgage payments on owner occupied property?
Of course. You can pay any payments in advance, although it may be better to just pay down the principal balance instead.
In general how many months can a person fall behind in car payments before the car will be repossessed?
Typically a person is given three months or approximately 90 days to miss car payments before a car is subject to repossession. Usually the bank or credit union that issued the loan will call to try and arrange payments with the car owner.
What is the average age of a home owner?
The average age of a home owner purchasing their first home in this age is around 20's. The age used to be 30's, however, with less money needed for down payments the younger the housing buyers are getting.
Can you insure a car that you are paying payments on until its paid for from a private owner who holds the title?
I would insure any car that I was driving or making payments on. If you are on the title then you are an owner.
If an insured driver with permission from an insured car's owner gets into an accident will the driver or the owner be responsible for payments?
the owner of the car with insurance will be responsible
If you are the buyer but the cosigner has the car and is 3 months behind on the payments can you just go pick up the car?
IF and only IF, you are listed on the TITLE as co-owner, you can go get the car. CO-SIGNORS have to let the lender do it their way.
You are renting a house making payments the landlord is filing bankrupt what will happen to the house?
The property may go into foreclosure, but that has nothing to do with the tenant. Until there is a foreclosue sale, the tenant is obligated to pay rent to the owner.
Can homeover's association make your tenant pay rent to them?
I'm no lawyer but... I expect the answer is no, not unless the owner agreed to this in writing. It is common in mortgage contracts to have wording that says the tenants pay rent to the landlord as long as the mortgage payments are on time but as soon as the owner gets behind in payments, the bank can tell the tenant to pay the rent directly to them. So if, for some reason, the owner signed a deal like that with the HOA, then this could happen. Without something in writing, the HOA shouldn't be asking for this.
Why would a homeowner consider refinancing their home loan rates?
Occasionally a home owner will consider refinancing ones home loan if the interest rates have dropped substantially. This could save the home owner a lot of money in interest payments. Often a home owner will also consider refinancing to stretch the payments over a longer period of time and therefore reducing the monthly payments.
