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What else can I help you with?
What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
What happens if you finance a home and it burns down?
IF the home is financed, the lender will require fire and hazard insurance. The policy will at a minimum cover the lender's cost.
If the same lender holds both mortgages and only second goes to foreclosure what happens in Delaware will both go into foreclosure even though the first is current can we stay in home?
No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.
Are you responsible for the loan balance if you foreclose on your home?
Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation. If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.
Does a bank that forecloses and sells house owe equity to owner?
When a bank forecloses on a property, it typically does not owe any equity to the former owner if the sale proceeds do not exceed the outstanding mortgage balance. If the sale generates excess funds after covering the mortgage and foreclosure costs, those surplus funds, known as "equity," would typically be returned to the owner. However, if the home sells for less than what is owed, the owner may still be liable for the remaining debt, depending on state laws. Therefore, the specifics can vary based on the circumstances and local regulations.
What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
Do the same rules apply to the voluntary repo of a mobile home?
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
What happens if you finance a home and it burns down?
IF the home is financed, the lender will require fire and hazard insurance. The policy will at a minimum cover the lender's cost.
How much time are you given for moving out when the lender forecloses on your home?
You may have up to a month depending on the speed of the legal system. You will receive a notice of default then a foreclosure notice. This whole process can sometimes drag out 6 months.
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
If the same lender holds both mortgages and only second goes to foreclosure what happens in Delaware will both go into foreclosure even though the first is current can we stay in home?
No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.
When your home forecloses will your wages be garnished?
That would depend on garnishment laws from state to state. In Texas, no.
Are you responsible for the loan balance if you foreclose on your home?
Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation. If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.
Does a bank that forecloses and sells house owe equity to owner?
When a bank forecloses on a property, it typically does not owe any equity to the former owner if the sale proceeds do not exceed the outstanding mortgage balance. If the sale generates excess funds after covering the mortgage and foreclosure costs, those surplus funds, known as "equity," would typically be returned to the owner. However, if the home sells for less than what is owed, the owner may still be liable for the remaining debt, depending on state laws. Therefore, the specifics can vary based on the circumstances and local regulations.
Can you explain how the reverse mortgage works?
A reverse mortgage is a type of loan for homeowners who are 62 years old or older. Instead of making monthly payments to the lender, the lender pays the homeowner. The loan is repaid when the homeowner moves out, sells the home, or passes away.
How soon can you get a home loan after you have had a foreclosure?
Each lender is different. Contact the lender of your choice for that lender's policy.
What are the short sale deficiency judgment laws in Pennsylvania?
Deficiency judgments are allowed in Pennsylvania if the mortgage company files a separate lawsuit against the borrowers after the original foreclosure auction. If the mortgagee (usually the foreclosing bank) purchases the property at the auction, the amount of any deficiency judgment is limited by the fair market value of the property.
