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How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
What is the difference between mortgage and reverse mortgage?
A mortgage and a reverse mortgage are both types of home loans, but they work in opposite ways. A mortgage is a loan that helps a borrower purchase or refinance a home. The homeowner borrows money from a lender and repays it through monthly installments, which include principal and interest. Over time, as the borrower makes payments, the loan balance decreases, and home equity increases. If the borrower fails to make payments, they risk foreclosure. A reverse mortgage, on the other hand, is designed primarily for homeowners aged 62 or older who want to convert their home equity into cash. Instead of making monthly payments to the lender, the homeowner receives payments from the lender—either as a lump sum, monthly payments, or a line of credit. The loan balance increases over time as interest accrues, and repayment is not required until the homeowner moves out, sells the home, or passes away. However, the homeowner must continue paying property taxes, insurance, and maintenance costs to avoid foreclosure. In simple terms, a mortgage requires the homeowner to pay the lender, while a reverse mortgage allows the homeowner to receive payments from the lender using their home equity.
When do mortgage repossessions occur?
Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.
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 can a new homeowner use an endowment mortgage to their advantage?
There are many ways that a homeowner could use an endowment mortgage to their advantage. The biggest advantage is to be able to make less mortgage payments.
How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What are sale proceeds?
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
What is the difference between mortgage and reverse mortgage?
A mortgage and a reverse mortgage are both types of home loans, but they work in opposite ways. A mortgage is a loan that helps a borrower purchase or refinance a home. The homeowner borrows money from a lender and repays it through monthly installments, which include principal and interest. Over time, as the borrower makes payments, the loan balance decreases, and home equity increases. If the borrower fails to make payments, they risk foreclosure. A reverse mortgage, on the other hand, is designed primarily for homeowners aged 62 or older who want to convert their home equity into cash. Instead of making monthly payments to the lender, the homeowner receives payments from the lender—either as a lump sum, monthly payments, or a line of credit. The loan balance increases over time as interest accrues, and repayment is not required until the homeowner moves out, sells the home, or passes away. However, the homeowner must continue paying property taxes, insurance, and maintenance costs to avoid foreclosure. In simple terms, a mortgage requires the homeowner to pay the lender, while a reverse mortgage allows the homeowner to receive payments from the lender using their home equity.
When do mortgage repossessions occur?
Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.
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.
Can mortgage payments be make in cash?
no
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What are mortgage services used for?
All banks employ some form of mortgage services to keep tract of the "bank-homeowner" contract. The homeowner is obligated to pay back the principal mortgage loan of the house, plus interest, until it is paid off. If a homeowner finds it difficult to make a mortgage payment, the bank can offer a special forbearance service, which is a temporary reprieve from having to make a mortgage payment or two on time. However, those payments become due when the forbearance is over. Also, for people with good credit and substantial equity built up, the bank allows them to take out a HELOC loan.
What is the definition of foreclosure?
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. A foreclosure happens when someone who has made a loan with a bank can't pay their loans anymore. The bank will then sell the lenders stuff, such as their house, as compensation.
What is the phone number to make a Bank of America mortgage payment?
The number needed to make mortgage payments are different in each state. Mortgage payments can also be made online or by mail.
Is there a payment due if your mortgage company sells your mortgage to another mortgage company?
Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
