0
Yes, you still owe the bank the money you borrowed. And you can be found to be in violation of the mortgage contract if the reason for the condemnation was due to neglect. If it was due to a natural disaster such as flooding or fire, insurance may allow you to get it back in shape.
What else can I help you with?
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
If you buy a house, do you still have to pay rent?
No, if you buy a house, you do not have to pay rent. Instead, you make mortgage payments to the bank or lender who provided the loan for the house purchase.
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
Am you considered a homeowner if you are still making mortgage payments?
Yes
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
If you buy a house, do you still have to pay rent?
No, if you buy a house, you do not have to pay rent. Instead, you make mortgage payments to the bank or lender who provided the loan for the house purchase.
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
Am you considered a homeowner if you are still making mortgage payments?
Yes
Do you still have to make mortgage payments on a short sale?
Yes.
If your house was not reaffirmed before your ch 7 was dismissed does your mortgage company have the right not to show on your credit reprt that you have a house and are making payments?
Yes. Failure to reaffirm means that you cannot be sued to recover a deficiency. You can still make the payments.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Does the next of kin have to pay off a mortgage when the borrower has deceased?
Whoever inherits the house would need to either pay off the mortgage or refinance the house to take ownership of the house. The debt is not paid--unless the deceased had mortgage insurance--and the lien is still due. Of course, the house could be put up for sale, but only if payments are current and not in foreclosure.
Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
What if the spouse dies and there is still a lien on the house but both parties signed the mortgage?
Most lenders will allow you to continue to make the payments as the loan is. Some may modify the loan. As long as you can continue the payments, you will be ok.
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
