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I don't doubt that they quite often do. I do doubt that this could be easily proven. Take your information to an attorney and see what he says. It is doubtful you have enough for a suit, but if the attorney feels it's at least somewhat provable, you could send copies to the State's Attorney's office and hopefully - but doubtfully - they'll look into it.

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15y ago

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What is the difference between a first lien and second lien mortgage underwriting process?

A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,


When can a banker act as an agent for collection?

A banker can act as an agent for collection when they are authorized by a customer to collect payments on their behalf, typically through a formal agreement or mandate. This often occurs in the context of collecting cheques, promissory notes, or other financial instruments. The banker must follow the terms set by the customer and ensure proper handling and reporting of the collected funds. Additionally, the banker must act in accordance with relevant regulations and best practices to protect the interests of the customer.


What is the upside down mortgage policy and how does it impact homeowners?

An upside-down mortgage policy occurs when a homeowner owes more on their mortgage than their home is worth. This can impact homeowners negatively as they may have difficulty selling their home or refinancing, leading to financial strain and potential foreclosure.


How do foreclosures work?

A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.


Is a primary borrower's mortgage or credit affected when the co-signer on a loan declares bankruptcy?

Hard to say. If the primary borrower has been making the mortgage payments on time, it doesn't seem like he should be adversely affected. The only thing that occurs to me is that the mortgage company might require the borrower to find another co-signer. But, if there's been a good payment record for a bit, they just might be persuaded that a co-signer is no longer needed.

Related Questions

Why is mortgage fraud not portrayed in the media?

mortgage fraud isn't really portrayed in the media beause its not something that occurs very often in the area of housing.


What is the difference between a first lien and second lien mortgage underwriting process?

A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,


When can a banker act as an agent for collection?

A banker can act as an agent for collection when they are authorized by a customer to collect payments on their behalf, typically through a formal agreement or mandate. This often occurs in the context of collecting cheques, promissory notes, or other financial instruments. The banker must follow the terms set by the customer and ensure proper handling and reporting of the collected funds. Additionally, the banker must act in accordance with relevant regulations and best practices to protect the interests of the customer.


What is the upside down mortgage policy and how does it impact homeowners?

An upside-down mortgage policy occurs when a homeowner owes more on their mortgage than their home is worth. This can impact homeowners negatively as they may have difficulty selling their home or refinancing, leading to financial strain and potential foreclosure.


When is the MERS deactivated on a loan?

MERS isn't "deactivated" on a loan. MERS is a servicing agent for numerous lenders and it is the actual mortgagee on a mortgage. The servicing system was devised to make mortgage discharges easier to obtain. Its involvement lasts as long as the mortgage remains unpaid. When the mortgage has been paid off then MERS will record a discharge.


How do foreclosures work?

A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.


What are the main causes of property repossession?

The main causes of property repossession is for nonpayment of the mortgage or any loans where the property was put up as collateral. If nonpayment occurs the lend has the right to repossess.


Can you change the length of a mortgage in America?

Technically, yes. Mortgage loans are secured by a note and deed of trust that state the length of the loan. A lender and borrower may agree to alter this term and sign a loan modification. This most commonly occurs when the borrower has difficulty paying the loan and the term is extended to make the payments more affordable. There are regulatory restrictions to how long certain mortgages can be stretched out; for example, you can't get a 50 year second mortgage.


Can you be prosecuted on a act?

Yes, you can be prosecuted for an act if it violates the law. Prosecution typically occurs when there is sufficient evidence to support charges against a person for committing a crime. The specifics depend on the jurisdiction and the nature of the act in question. Legal representation is crucial in navigating the prosecution process.


What is a Rescission of security deed to secure debt?

This means that the escrow paid off the first trust deed using the money from a refinancing. The cancellation of deed to secure debt occurs if a person refinances their mortgage.


Is a primary borrower's mortgage or credit affected when the co-signer on a loan declares bankruptcy?

Hard to say. If the primary borrower has been making the mortgage payments on time, it doesn't seem like he should be adversely affected. The only thing that occurs to me is that the mortgage company might require the borrower to find another co-signer. But, if there's been a good payment record for a bit, they just might be persuaded that a co-signer is no longer needed.


Is there any truth that if a mortgage company forecloses on you they have to pay you because of the Homestead Act?

No. The Homestead Act of 1862 provided a means for people to claim land that was ownerless. When you got a mortgage to buy property, someone else owned it. Foreclosure occurs as a result of failure to pay back money that you borrowed. In some cases, a mortgage company may pay you to move (cash for keys) in order to gain control over the property without long delays, but that is not the Homestead Act.