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You want out of your mortgage can you let the house go back to the bank with what consequences?
If you default on your mortgage and go into foreclosure, the bank can seize your house. The consequences are that this is a horrible thing to have on your credit record; it will make it very hard for you to get credit for years to come, and any credit you do get will cost you far more because you'll be offered terrible interest rates. You'll be better off if you can sell your house than if you let the bank take it.
What else can I help you with?
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
What is an example of a mortgage and how does it work?
An example of a mortgage is when a person borrows money from a bank to buy a house. The bank lends the money, and the borrower agrees to pay it back over time, usually with interest. The house serves as collateral, meaning if the borrower fails to make payments, the bank can take possession of the house.
How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
What is the mortgage of owning a house?
the amount of money you have borrowed from the bank which you must pay back over 25+ years.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
What is an example of a mortgage and how does it work?
An example of a mortgage is when a person borrows money from a bank to buy a house. The bank lends the money, and the borrower agrees to pay it back over time, usually with interest. The house serves as collateral, meaning if the borrower fails to make payments, the bank can take possession of the house.
What is the mortgage of owning a house?
the amount of money you have borrowed from the bank which you must pay back over 25+ years.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
How do you know when your house is in foreclosure?
You will be informed by the mortgage company or bank.
I pay the mortgage but my husband paid for the house is it my house?
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Can you refinance mortgage if you do not live in a house?
I dont think a bank would finance ANYone that didnt have a house , its hard to make the mortgage when your homeless
How do you aplly for a mortgage?
You would need to go to a bank or a mortgage broker. First you will need a pre-approval, then you can start looking for a house. Then once you have made an offer on a house you like and it's accepted, then you go back to the bank/broker you got the pre-approval from and then actually apply for the loan. Hope this was helpful!
Need a loan for a house?
Ask your bank or see a mortgage provider !
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
