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You took out money from equity line 6 mo ago Now you cannot afford to pay your mortgage loan and equity line of credit you plan to do forecloser What is a Bank's action against you How it can affect y?
Wiki User
∙ 16y ago
Ok. In this situation the bank is a creditor, and being a creditor they want their money back, or as much of it as possible. So if you plan to let the bank forclose on your house, that means they are going to take the house, kick you out and try to sell it to somebody to recoup their investment. My suggestion to you would be to try and declare bankruptcy so you have a chance to save your home. Bankruptcy protection keeps the creditors off your back, though it does ruin your credit for 7 years.
Wiki User
∙ 16y ago
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How does a reverse mortgage affect the credit score?
eliminates the old mortgage, otherwise no effect
Does mortgage responsibilty fall on the daughters of their deceased dad if he gave them the house with a quit claim deed?
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
What happens if the wife is on the mortgage and not on the note and the husband dies?
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
How does a 30-day late payment on a mortgage affect your credit?
If you are trying to refinance your mortgage... it will affect the interest rate. (it will be higher) It will haunt you for at least 12 - 24 months.
Your husband has 3 acres in his name but not mine will it be difficult to get a mortgage?
It shouldn't affect a mortgage. The mortgage will be based on the credit worthiness, the down payment, the ability to repay the loan of the people who apply for the mortgage.
If you are asking for different bids on a mortgage loan does it affect your credit?
If you have them run all of your credit checks within a fifteen day period it only counts as one hit against your credit.
Can forclosing on a second home affect your other mortgage?
newtest3
If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?
yes, only if the second mortgage does not get paid.
How does the US government affect home mortgage rates?
mortgage rates are only affected by the government if they are a tracker mortgage. tracker mortgage can be a good option if you get lucky and the national banks flat lending rate falls
If you join into a mortgage as a spouse but are not liable for the underlying indebtedness will this affect your credit rating?
You need to discuss this issue with an unbiased professional. If you "join into" a mortgage you are indeed liable for the underlying indebtedness. Otherwise the lender wouldn't ask you to sign the mortgage. If the mortgage goes into default it will not only affect your credit rating but the lender can go after you for payment.
How does my credit affect the mortgage rate I can expect to get?
Your credit rating will affect whether or not you can actually get a mortgage. Those with bad ratings may not get a loan from a bank. A great site for checking mortgages is moneysupermarket.com
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
