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What happens if you allow one property to foreclose but have another property in good standing How does this hurt your credit?
It will go bad on your credit report anyay. What you got left does't matter. Creditors want to know how you may, can, did, might do, and do, pay up on their current accounts.
What else can I help you with?
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
What happens if you foreclose?
You get your property back and get to keep any money already paid for it.
What happens if someone pays their second mortgage but not their first?
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
If automatic stay is lifted what happens next in chapter 13?
Then the secured creditor would most likely foreclose on the property.
What happens if you do not pay your property taxes while getting ready to have house foreclosed?
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
If I dont pay my property taxes what will happen to me?
The government will file a lien against your property. You usually have a set time period to repay the back taxes after that happens. If you don't, then the government can foreclose on your house.
What happens when a waranty deed is executed on a property but there is still a note for the mortgage?
The property is subject to the mortgage and the buyer has notice of it. A conveyance will likely trigger a demand from the lender that the note be paid in full. If the mortgage isn't paid the bank will foreclose. You should seek the advice of an attorney.
If you stop paying your mortgage what happens?
The lender will foreclose on the property and the borrower will be evicted. The property will be sold according to the real estate laws of the state in which it is located. HUD property is generally auctioned off at the court house in the county where the property is located. The borrower may or may not have redemption rights to the property and may or may not be responsible for any outstanding debt connected to said property.
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
Can a second mortgage holder foreclose on a first bank mortgage holder?
yes, but it rarely happens.
What happens when the person who acquired the property by quitclaim deed doesn't make their payments?
It sounds as though you sold land and took back a mortgage. If so, you can foreclose on the mortgage and take possession of the property if you reserved that right in the mortgage. You should consult with an attorney in your area since state laws on this issue vary.
