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If you are sent a zero ballance letter from you mortgage company stating your loan is closed can they default on it without notice?
Confused. If the loan is paid off - hence 0 balance...then it can't said to be in default...there is nothing due. (and you are the only one that can be in default, not the lender).
If it was charged or written off, then it is in default and still due. The letter is not saying there is a 0 balance.
What else can I help you with?
How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
What should you receive from lender when you pay off your mortgage?
A letter of release stating that the mortgage is paid in full.
What does a mortgage declaration page look like?
its a paper stating all of the coverage that you have for your insurance policy. if you ever need a declaration page you can call your insurance company to obtain one. they should give it to you free of charge.
What is default request affidavit and entry?
These are stating that you owe money that has not been paid off. Someone is suing you to get the money back.
What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.
If a chapter 7 bankruptcy has not been discharged is it a law stating a lender cannot offer you a home mortgage or would they just be crazy to do so?
Ch7 Bk must be discharged prior to acquiring a mortgage.
Does a quitclaim deed transfer mortgage payments to the Grantee?
Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.Absolutely not. The property remains subject to the mortgage and the person who signed the mortgage remains responsible for paying the loan. You should review the documents you signed when you granted the mortgage. The lender usually includes a clause stating that in the event of any transfer of interest in the property the full amount owed is due immediately. If the grantee wishes to assume the mortgage that must be done with the written consent of the lender and the written guarantee of the grantee.
What are the current rates offered by abbey mortgage?
Abbey Mortgage rates are between 5 and 6 percent for the current year, 2011. They claim to have reduced rates, however, may naysayers are stating their rates have actually increased.
What is a mortgage in principle and how does it differ from a formal mortgage application?
A mortgage in principle is a preliminary agreement from a lender stating how much they may be willing to lend you for a mortgage. It is based on basic financial information and does not require a full application. A formal mortgage application is a detailed process where you provide all necessary documentation and undergo a credit check before the lender makes a final decision on the loan amount and terms.
What is a Mortgage Take Out Letter?
A take out letter is an approval letter that the bank provides to a borrower, stating that you are approved for the final loan on the home once it is completed.
Where can someone locate news on mortgage rates?
You can find the latest mortgage rates on websites such as moneysupermarket which compares the leading companies on a wide variety of services including mortgages. Alternatively you could check the local newspaper or in local bank branches and enquire or find a leaflet stating the current mortgage rates.
What is the process for obtaining preapproval for a mortgage?
To obtain preapproval for a mortgage, you need to submit an application to a lender. The lender will review your financial information, such as income, credit score, and debt. If you meet the requirements, the lender will provide a preapproval letter stating the amount you can borrow.
