0
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 else can I help you with?
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
Do you still need to pay property taxes if home is foreclosed?
yes....
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
How far behind on mortgage payments before foreclosure starts?
90 days This is not true. we were only 30 days late and our home was foreclosed on.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
If your home mortgage is foreclosed and you have a second mortgage do you have to pay the second?
Yes. Any junior liens on the property are extinguished, but the debts themselves still remain (it may be hard to enforce them, though).
Do you have to pay mortgage even your name is to on the mortgage?
If your name is not on the mortgage you are not legally liable for the loan as far as the bank is concerned. You could become liable through a divorce if it has been your home for you and your spouse.
What if your home already foreclosed but the 2nd mortgage still wants us to pay-how do you deal with this?
File for bankruptcy or just let the second loan also go into forclosure.
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.
Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
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.
If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
What do you do when your home is being foreclosed upon?
Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.
Will your husband be liable if the Home goes into default and the home is in the wife's name?
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
Do you still need to pay property taxes if home is foreclosed?
yes....
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
