0
What else can I help you with?
Does my mortgage cover my insurance payments?
No, your mortgage typically does not cover your insurance payments. Insurance payments are separate from your mortgage and are usually paid directly by you to the insurance company.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
How does private mortgage insurance protect borrowers in the event that they are unable to make their mortgage payments?
Private mortgage insurance (PMI) protects borrowers by covering the lender's losses if the borrower defaults on their mortgage payments. This insurance allows borrowers to qualify for a mortgage with a lower down payment, but it does not protect the borrower directly.
Does my mortgage cover my insurance payments?
No, your mortgage typically does not cover your insurance payments. Insurance payments are separate from your mortgage and are usually paid directly by you to the insurance company.
Can you get insurance to pay your mortgage while the house is being rebuild if there is a fire?
No, Your homeowners insurance is a type of "Hazard Insurance", you must continue to make your mortgage payments as usual. If your policy contains "Loss of use" coverage, then your insurance will cover the cost of temporary housing within policy limits, allowing you to continue making your mortgage payments.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
Do Mortgage insurance premiums payments have be escrowed by the lender?
Yes, Mortgage Insurance Premiums Payments do have to be es-crowed by the lender.
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 happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What happen your mortgage if you lost your incame?
If you have mortgage insurance that covers the reason of your income loss (disability, involuntary unemployment) then the insurance company will pay the premiums according to your policy's benefits schedule. If you don't have mortgage insurance, you can use savings, retirement funds, borrow money, or you can try to negociate your mortgage terms with your lender. Unfortunately, many mortgage clients believe they don't need mortgage insurance and they find themselves forced to file for bankruptcy and lose their home if something happens. The PMI (private mortgage insurance) will protect your mortgage payments and help you keep your home!
How does private mortgage insurance protect borrowers in the event that they are unable to make their mortgage payments?
Private mortgage insurance (PMI) protects borrowers by covering the lender's losses if the borrower defaults on their mortgage payments. This insurance allows borrowers to qualify for a mortgage with a lower down payment, but it does not protect the borrower directly.
If a same-sex couple lives together but the home and mortgage are in the name of only one of the partners what happens to the house and mortgage if that partner dies?
Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.Generally, the mortgage should have been executed by both owners. The property would remain subject to the mortgage and the survivor would need to continue making the payments. Owners in a situation where two salaries are needed to make mortgage payments should consider life insurance to cover the amount of the mortgage.
What is the difference between home insurance and mortgage insurance?
Home insurance is a policy that protects your home and belongings from damage or theft, while mortgage insurance is a policy that protects the lender in case you default on your mortgage payments.
Bankruptcy without losing home?
You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.
