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What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
How do you calculate the average mortgage balance?
To calculate the average mortgage balance, you would add up the total amount owed on all mortgages and then divide that sum by the number of mortgages. This gives you the average balance owed per mortgage.
Can second mortgage foreclose if the first mortgage is being paid?
Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.
How much is the average mortgage?
The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. ===What is a mortgage=== A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on: *Total amount borrowed *Length of the mortgage (A standard length is 30 years but can be anything) *Interest Rate (Fixed or variable, market rate and credit history) *Escrow requirements (Based on taxes and insurance and how much money you put down to start with) *Other terms (Balloon mortgage)
How do you file a mortgage in Florida?
To file a mortgage in Florida, you need to prepare the mortgage document, which typically includes details such as the loan amount, interest rate, and property description. Once the document is complete, it must be signed by the borrower and notarized. Afterward, file the mortgage with the Clerk of the Circuit Court in the county where the property is located, paying the required recording fee. It’s advisable to retain a copy of the filed mortgage for your records.
How do you calculate the documentary stamps on a reverse mortgage in Florida?
In Florida, the documentary stamp tax on a reverse mortgage is calculated based on the total amount of the loan. The tax rate is $0.35 per $100 of the mortgage amount. To calculate, divide the total loan amount by 100, then multiply by $0.35. For example, if the reverse mortgage is $200,000, the calculation would be (200,000 / 100) x 0.35 = $700 in documentary stamps.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
How do you calculate the average mortgage balance?
To calculate the average mortgage balance, you would add up the total amount owed on all mortgages and then divide that sum by the number of mortgages. This gives you the average balance owed per mortgage.
Can second mortgage foreclose if the first mortgage is being paid?
Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.
How much is the average mortgage?
The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. ===What is a mortgage=== A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on: *Total amount borrowed *Length of the mortgage (A standard length is 30 years but can be anything) *Interest Rate (Fixed or variable, market rate and credit history) *Escrow requirements (Based on taxes and insurance and how much money you put down to start with) *Other terms (Balloon mortgage)
What is the average cost of the existing home mortgages in America today?
The average cost of an existing home mortgage depends on several items. Interest Rate Closing Cost Length of mortgage or term of mortgage The amount of the mortgage. If you can provide more details to the question I will provide you with a complete answer. I have one question for you. Are you asking the question of; what is the average closing cost of an existing mortgage in America Today. If that is your question, the answer is 3-5% of the loan amount. Frank Thomas Sr. Loan Consultant www.lowermymortgageratestore.com
How do you file a mortgage in Florida?
To file a mortgage in Florida, you need to prepare the mortgage document, which typically includes details such as the loan amount, interest rate, and property description. Once the document is complete, it must be signed by the borrower and notarized. Afterward, file the mortgage with the Clerk of the Circuit Court in the county where the property is located, paying the required recording fee. It’s advisable to retain a copy of the filed mortgage for your records.
What does the term mortgage equity actually mean?
Mortgage equity is the term used in the financial industry for the amount of cash value your home is worth at current market value minus the remaining payments you still owe on the home.
What is the average amount per year for a condo?
'Amount' includes your mortgage payment, insurance you carry, utilities you pay for, plus the assessments required to operate the condominium community. There is no standard, so there is no average.
What is the average bank mortgage rate?
Current mortgage rates are around 3.75%. You will need to check with your local banks for more specific information, since rates vary based on area, amount of loan, and amount of down payment.
What is the normally range for a bank mortgage interest rate?
The average bank mortgage interest rate is around 3.05 percent. Keep in mind that this may vary based on other factors such as your credit score and the amount of the mortgage.
What is the average bail amount for 2nd degree murder in the state of Florida?
150,000
