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You can no longer afford your mortgage It is for sale and you have another place you are moving to you have a co signer if it does not sell and you have to walk away or get foreclosed on?
Kjrae
Dont know how to use this forum very well, but here is the rest of my question: If the house gets foreclosed on or can not sell, is the co signer than liable and if so can he come back and sue us for the loan ammount? I hope it sells, but i can not afford this place anymore after losing my job, but if I walk away from it, it won t damage my credit any as my ex has already done that for me.
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∙ 13y ago
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When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
Did gmac mortgage take over wmc mortgage?
GMAC mortgage is no longer in business
How do you do a loan modification for Bank of America?
Follow directions... follow up with the bank at least once a week.Have at least $500 left over after all of you expenses are calculated against you income.That's about it.A different opinionAs a borrower, your finances have to support three things: 1) that you can no longer afford your mortgage payment at it's current rate2) that you WOULD be able to support your expenses with a modified mortgage payment3) that you have suffered a financial hardship (reduction in income or unexpected expenses)Obviously, there is a fine line of people that qualify under these terms. Most people that can't afford their mortgage wouldn't be able to afford a modified mortgage. I do this work daily at a mortgage company.
What are the advantages of two properties under one mortgage?
There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.
How do you give your home back to mortgage company when you can no longer afford to pay?
u can phone the provider and request a home visit to see some one face to face and if they cant or wont help see citizens advice
When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
Did gmac mortgage take over wmc mortgage?
GMAC mortgage is no longer in business
How do you do a loan modification for Bank of America?
Follow directions... follow up with the bank at least once a week.Have at least $500 left over after all of you expenses are calculated against you income.That's about it.A different opinionAs a borrower, your finances have to support three things: 1) that you can no longer afford your mortgage payment at it's current rate2) that you WOULD be able to support your expenses with a modified mortgage payment3) that you have suffered a financial hardship (reduction in income or unexpected expenses)Obviously, there is a fine line of people that qualify under these terms. Most people that can't afford their mortgage wouldn't be able to afford a modified mortgage. I do this work daily at a mortgage company.
Why don't people want to buy foreclosed real estate?
A lot of times because it has not been taken care of or lived in and kept up. Other reasons that are becoming even more prominent are that people can no longer afford to buy even inexpensive properties.
What are the advantages of two properties under one mortgage?
There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.
How do you give your home back to mortgage company when you can no longer afford to pay?
u can phone the provider and request a home visit to see some one face to face and if they cant or wont help see citizens advice
What do you do if you can no longer afford to live?
Change your lifestyle.
What should one consider when making the decision to do a mortgage refinance?
One reason to refinance a mortgage is to get a better interest rate, so two things to look at are whether your credit score or the market in general have improved since you originally financed or last refinanced your mortgage. If either of those things are true it is likely that you will be able to get a better rate by refinancing. Alternately, you may consider increasing or decreasing the length of your mortgage. With a longer mortgage your monthly payment will be smaller but you will end up paying more in the long run because longer mortgages usually have higher interest rates. Or if you can afford to increase your monthly payment then shortening the length of your mortgage will get you a better rate and get you out of debt faster.
What happens when your home is in foreclosure and you have an equity line of credit on this home?
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.
When a mortgagor forecloses on a property and sells it who pays any liens?
Generally: The proceeds of the sale are used to pay outstanding liens that must be paid. Liens that must be paid are local, state and federal taxes, municipal services liens, the subject mortgage and any liens that were recorded prior to the recording of the foreclosed mortgage. Any liens that were recorded after the subject mortgage are wiped out as to the record title. They would no longer be liens against the real estate but could be pursued as against the owner who acquired them.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
What happens if you do not pay your property taxes while getting ready to have house foreclosed?
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
