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What else can I help you with?
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
What is loan default?
If you don't pay a loan when due, you default on the loan.
Are homeowner liable for loan if home is foreclosed?
The one liable for the loan is the one who signed the loan note. Anyone else just looses rights to the home without regard to the loan. Some states, such as California, are "non recourse" states and a lender cannot pursue you for losses if then home is foreclosed and sold for less than was owed. This does NOT apply to non-purchase second mortgages. Other states allow lenders to pursue borrowers for a deficiency balance, or amounts owed above what the home sold for to match what was owed.
Can bank file criminal complaint for business loan default?
If it was a normal default, then they couldn't/wouldn't... but if there are criminal circumstances surrounding the loan, for instance if the bank finds out the loan was given based on lies by the person applying for the loan, or the money was used in a criminal endeavor, then of course they can file a criminal complaint.
In default 6000 on a home loan can it be foreclosed?
A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.
Can you get a business loan for your incorporated LLC business if you have had a home foreclosed--is it best to get a silent partner?
If the home foreclosed on happened more then two years ago you should be in the clear. A silent partner is probably the way to go.
If you have an FHA loan and are in default can you ask FHA to take over your loan?
Hello, You can not ask FHA to take over your mortgage. The best thing you can do if you can not continue to make your payments is sell your home. If possible, you really need to do this before the home is foreclosed on.
Are you liable if your spouse has a foreclosure but your name is not on the loan or the final deed when it was signed back to the bank?
The liability in foreclosure comes from the responsibility for the mortgage debt. Regardless of your legal ownership or interest in the home, you do not have liability for the mortgage debt if you are not a party to the loan (did not sign). The home is the collateral for the loan and can be foreclosed and sold as recourse when the loan goes into default. While everyone who has an interest in the home loses their rights to the home when it is foreclosed, the liability for the loan and any negative actions associated with that (collections, lawsuits, negative credit reporting) belong solely to the signers on the loan.
Will a collection agency come after me on a defaulted mobile home loan a written contract or a promissary note?
If you default on any loan, you can be sure that a collections agency will come after you. If it is a large enough loan that it supported a home, they won't stop with a few letters. You can expect that your home will be foreclosed upon if you ignore the debt.
What is a Notice of Rescission of Declaration of Default and Demand for Sale and Notice of Default?
A Notice of Rescission of Declaration of Default is a mortgage loan that was once in default, and a notice of default would mean that the loans are still currently foreclosed in a way.
Will the government repossess your home for student loan default?
No, they will not.
Factors that make up home loan rate?
cost of money to the lender, costs of running the business, a provision for default and an element of profit.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
Is it mandatory for home based businesses to have home business insurance?
Business insurance for a business based in a home is not a legal necessity. It is, however, highly recommended, as a business of any sort is a liability as well as an asset. You will be held responsible for your own business's needs. Insurance is an important fallback if you are robbed, sued, or default on a loan, etc.
