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What else can I help you with?
Do I have to list my property with a real estate agent to do a short sale and is there a minimum amount of time it must be listed on the market with the agency?
Unless you've already found someone willing to buy your house at a price your lender is willing to accept, then you will most likely need to list your property with a Realtor.
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
Are you responsible for the mortgage on the property that was left to you as an inheritance?
You are only responsible for the mortgage if you are willing to accept the debt. If you are not willing to accept the debt you simply allow the property to be entered into probate and foreclosed on by the lender. You are not responsible for any monies owed regarding said property even if it was "willed" to you unless you choose to do so.
Can you tell me what corporate advance means from a mortgage company?
Corporate Advance: a charge made to a borrower's account to protect the lender's / investor's interest in a property (e.g. property inspection, comparative market analysis, attorney fees, etc.). This fee is later recouped by the lender.
Can a second lender on a property stop the sale?
A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Can an owner sell a property that is real estate owned?
Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.
Can a mortgaged property be placed in trust?
No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.
Can you get a short sale all the time?
A short sale is most often using when a homeowner is facing foreclosure. If the amount offered by a potential buyer of your house is less than the amount you owe your lender, you can ask the lender to accept the offered amount as payment in full. The lender does not have to agree to accept a short sale. They may elect to go ahead with a foreclosure because of other liens on the property (such as 2nd mortgages.) You can request a short sale by submitting a short sale hardship letter to your lender.
