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In this situation, the mortgagor has the right to be informed about the foreclosure process and any potential options for loan modification or repayment plans. They are obligated to continue making mortgage payments until the foreclosure is finalized, as failing to do so can result in further penalties. The mortgagor may also have the right to redeem the property by paying off the mortgage debt before the foreclosure is completed. It’s advisable for the mortgagor to seek legal counsel to understand their rights and any potential remedies available to them.
What else can I help you with?
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
What is the mortgagee clause for PHH Mortgage Corporation?
There are several different mortgages available. Each type of mortgage has dozens of different clauses. A mortgage clause can be a remedy to a specific situation.
What happens to your equity in a foreclosure situation?
In a foreclosure situation, your equity is the difference between the value of your property and the amount you owe on your mortgage. If your property is foreclosed upon, you may lose your equity as the lender sells the property to recover the outstanding debt.
What happens if the mortgagor dies before paying off the mortgage?
First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.
What is the difference between a corporate guarantee and letter of comfort?
Corporate Guarantee bind under legal obligation in absense of fullfill the commitment of risk/obligation by subsidary company. A comfort letter is an amorphous obligation and is typically given in a situation where a parent company is unwilling to give a guarantee in respect of a subsidiary's liability.
What happens if you purchase real estate from an estate with the estate holding the mortgage then the estate account is closed by the trustee and payments are now going to a personal account?
You should review this situation with an attorney. You are the mortgagor. There is a mortgagee to whom the money is owed and the name of the mortgagee should be recited in the mortgage document. The heirs should be listed as the mortgagees since they were the legal owners of the real estate. An attorney should review the mortgage and the recipient of your payments to make certain you are paying the correct party.
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
What is the mortgagee clause for PHH Mortgage Corporation?
There are several different mortgages available. Each type of mortgage has dozens of different clauses. A mortgage clause can be a remedy to a specific situation.
What is Unprotected Strike?
is a situation where employees stops to work,but without any formal or legal obligation
Do you have to press charges against your daughter for forging your name as co signer on loan?
Generally, if you want to get out from under the obligation you need to report the situation to the police. She has violated the law and committed more than a single criminal offense.Generally, if you want to get out from under the obligation you need to report the situation to the police. She has violated the law and committed more than a single criminal offense.Generally, if you want to get out from under the obligation you need to report the situation to the police. She has violated the law and committed more than a single criminal offense.Generally, if you want to get out from under the obligation you need to report the situation to the police. She has violated the law and committed more than a single criminal offense.
What happens to your equity in a foreclosure situation?
In a foreclosure situation, your equity is the difference between the value of your property and the amount you owe on your mortgage. If your property is foreclosed upon, you may lose your equity as the lender sells the property to recover the outstanding debt.
I cosigned a loan and would like to transfer my obligation to my daughter. What should I do?
You need to discuss this situation with the original lender.
CAN you STAY for a while in a house to be foreclosed?
Typically, staying in a house that is being foreclosed upon is not recommended as it can complicate the foreclosure process and could result in legal consequences. It is best to consult with a legal professional about your specific situation and options.
What happens if the mortgagor dies before paying off the mortgage?
First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.First, the mortgagor's estate must be probated in order for title to their real estate to pass to the heirs legally. Now to answer your question: If the mortgage isn't paid the bank will take possession of the property by foreclosure. If the heirs want to keep the property they must continue to pay the mortgage. Some mortgages contain provisions whereby heirs can assume the mortgage. You need to consult with an attorney who specializes in probate who can review the situation and explain your rights and options.You should check with the bank to determine if the mortgagor had mortgage insurance.
What are the options when you can no longer afford to make the 2nd trust deed payments and the 1st trust deed payment is current and the home is upside down in equity just from the 1st trust deed loan?
Generally: If you default on the second mortgage the mortgagee can foreclose and take possession of your interest in the real estate subject to the first mortgage. The second mortgagee can take advantage of your equity in the property to satisfy the debt you owe. You should consult with an attorney who can review your situation under your state laws and determine what your options might be. Perhaps a settlement can be negotiated with the second mortgagee.
Does the VA have the legal obligation to treat vets?
It depends on the situation. You must meet certain requirements under different circumstances
What is the difference between a corporate guarantee and letter of comfort?
Corporate Guarantee bind under legal obligation in absense of fullfill the commitment of risk/obligation by subsidary company. A comfort letter is an amorphous obligation and is typically given in a situation where a parent company is unwilling to give a guarantee in respect of a subsidiary's liability.
