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What happens if your house is repossessed Do you get ccj's can you still get a mortgage?
At a push you'll probably be able to borrow from one that specialises in bad credit mortgages, but this will cost you considerably more.
If your lender sold your home for less than you owed on your mortgage plus interest and sale fees you can expect it to come after you for the shortfall.
According to the law in England, Wales and Northern Ireland, lenders have up to 12 years to start chasing you for the outstanding amount.
But those that are members of trade body The Council of Mortgage Lenders adhere to a voluntary agreement to act within six years.
In Scotland, lenders must usually act within five years.
But no matter where you live in the UK, if it's thought fraud was involved, there's no time limit for beginning recovery action.
And, whether your financial difficulties were your own fault or not, once your former lender has begun the chase to recover its money, there is no limit on how long it can keep after you.
What else can I help you with?
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.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
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.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
What happens to the second mortgage if the first mortgage is sold?
Nothing happens to it. It still remains in second place.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
House was repossess can you still get a mortgage?
it is quite unlikely that you will be able to get a mortgage lender with that history.
What happens to your house if you go to jail?
If you go to jail, your house will still be yours unless you are unable to pay the mortgage or property taxes. In that case, the house may be foreclosed upon or sold to cover the debts.
What happens after your house is repossed?
After your house is repossessed, the lender typically sells the property to recover the outstanding mortgage debt. You may receive a notice of foreclosure, and any remaining balance after the sale, known as a deficiency, could still be owed to the lender. Your credit score will be negatively impacted, making it harder to obtain future loans. Additionally, you may need to vacate the property and find alternative housing.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
If you are married to an illegal immigrant and own a house then you divorce what happens with the house?
You should get a quitclaim recorded by the ex-spouse if they are on the title. The mortgage in your name will still be payable. As far as I know, foreigners can have ownership in property in the US
What happens when you have had your car repossessed do you still owe the bank?
Yes. For any amounts not recovered insluding repo costs.
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.
