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After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.
If your home is foreclosed on are you still liable for the mortgage?
To answer this we would need to know where the home is. States such as California only allow lenders one action, which is usually the foreclosure. After that they can not be persued. A second mortgage however, may persue if they did not do the foreclosure. Other states allow for deficiency balances to be persued through collection actions and the courts.
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
If you divorce your husband my name still on mortgage can I be liable for the foreclosure?
Yes. The best thing would be to either get the house in the divorce, or get everything, including the mortgage, signed over to your soon to be ex.
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.
If your home is foreclosed on are you still liable for the mortgage?
To answer this we would need to know where the home is. States such as California only allow lenders one action, which is usually the foreclosure. After that they can not be persued. A second mortgage however, may persue if they did not do the foreclosure. Other states allow for deficiency balances to be persued through collection actions and the courts.
Are you able to still leave a mortgage in Minnesota after BK and not be liable?
Yes, you can walk away from a mortgage and not be liable for a deficiency (even in recourse states) if the mortgage was listed in the bankruptcy.
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
What are my rights and responsibilities if I am on the deed but not the mortgage for a property?
If you are on the deed but not the mortgage for a property, you have the right to ownership of the property and may be entitled to a share of any profits if the property is sold. However, you are not responsible for making mortgage payments, but you may still be liable if the mortgage is not paid and the property goes into foreclosure. It is important to understand your legal rights and obligations in this situation.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
If you are discharged from chap 7 and did not reaffirm your mortgage can you still surrender your home?
It's my understanding that when you sign a reaffirmation agreement, you then become liable once again for the loan. If the home was included in the bankruptcy, but no reaffirmation agreement was signed, you can "walk away" from the home at any time after the discharge and you're not liable. I've been told that the mortgage company will report it as a foreclosure though.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
