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Foreclosure
The process by which the holder of a mortgage sells a property after the debtor defaults on their loan for it
2,433 Questions
A borrowee is an individual or a company that borrows money from a borrower, though this term is not correct. The grammatically correct term is borrowed.
ex: XYZ lent money to ABC. XYZ sued the borrowed because it was not receiving its capital back.
Although a word 'borrowee' is not a correct term, it is sometimes used in financial world of business to describe an entity that an individual or an institution has 'borrowed' money from, NOT the one borrowing who is the 'borrower.'
example:
A 'borrower,' out of desperation, 'borrowed' money from a 'borrowee' with high interest rate and caused himself to fall into deeper financial trouble.
Also, 'borrowed' is not grammatically correct term of either a 'borrowee' or a 'borrower,' but is only a past form of a verb, 'borrow.'
How much do you owe on your account?
We have have
Gucci On Salehave not had an unrestricted conversation since Oct. 8th.And that and previous times, there came a point when Deborah became became Gucci Shoes Salebecame uncomfortable and stopped the questioning
If the house is foreclose can you take your belongings out of the house?
You can take all your posessions except the things that are "nailed down" like the washer and dryer. If I were you I would take those too because no one (the bank) is really interested in taking you to small claims court over something like that. You can even claim that they were purchased by yourself and so they belonged to you. It's kind of a gray area. If you call the bank before then they will probably tell you that you can't take the nailed-down items, so my advice is don't call them.
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
How do you know when a house is legally foreclosed?
I;m new to this but I'd say when they changed the locks on the house...
If make partial payment on home in foreclosure after 6 months will this delay foreclosure?
You should contact a Realtor who specializes in Short Sales so they can negotiate your situation with your bank to stop the foreclosure.
Do you need to keep paying for home insurance when your home is being sold due to foreclosure?
Yes, you need/should keep paying for the insurance until you are not on the title anymore.
How do you get a mortgage loan modification?
Documentation Checklist...
- Brief cover letter, along with a complete list of what's included in your application
- Hardship letter
- Current financial statement
- Projected financial statement
- Home valuation (estimate of property value from an appraiser
or other real estate professional in accordance with the laws of your state)
- Proof of hardship (birth certificate, death certificate, medical bills,
divorce papers, or bankruptcy papers, for example)
- Federal tax returns (for the last two years)
- W-2s (for the last two years)
- Pay stubs (for the last four pay periods)
- Bank statements (for the last four periods)
- Get your personal "REST Report" (This is an important report that portrays how a bank or servicer will evaluate the Net Present Value (NPV) of potential loan modification and compare it to a short sale or foreclosure option.)
A REST Report will COMPLETE your package.
Can you stop the property from going to foreclosure 2 days before it will be foreclosed on?
Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.
An example of identity foreclosure status?
this identity status represent a low degree of exploration, but a high degree of commitment. at this identity status the adolescence are not questioning, but simply accept it.
How many mortgage companies are there?
Not sure how many mortgage companies there are but as a Texas mortgage broker we work with over 150 lenders so we are able to provide the best rates and payment you want.
http:/www.mtgamericatx.com
Why do most people take a mortgage loan when they purchase a house?
They take the loan to purchace the house.
Not many people have $400,000 + in their bank..
Thus they borrow it from the bank.
Armadillos are eaten by coyotes, bobcats, cougars, wolves, raccoonsand bears. Birds of prey such as eagles and hawks also eatarmadillos. Even people eat armadillos. In Central and SouthAmerica, their meat is sometimes used as a substitute for pork.
How does a short sale affect the bank?
In most cases MIP will take the hit on the loss, or they will apply for some stimulus money...
Only banks that had portfolio loans really take the hit, now rules have changed banks will be more responsible for their loans because of a loss share agreements that have been put in place.
It is a security agreement used as eveidence of debt secured by real property and a promise to repay the debt at certain terms agreed to by both the lender and borrower.
Does foreclosure show on credit report after bankruptcy?
It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.
Can you get a home loan with a 628 credit score?
Yes as long as you mid score is at least a 620 but you better hurry. I know of several lenders that have have increased the credit score requirement to 640+ for <A href="http://www.fhamortgagesdoneright.com">FHA loans</A>
What is the purpose of the national redamation act?
The purpose of the National Reclamation Act was to set aside federal lands to collect rain runoff and replenish lakes and streams. It was passed in 1902.
What is the purpose of the Elkins act?
The Elkins Act was imposed to stop the practice of rebates from railroad companies. It was supported as a way to end the influence of certain organizations that used railroads to transport goods. The organizations often sought out rebates from railroad companies after travel was completed.
Can you do a loan modification if you are not working?
In order to get a loan modification you need to have a job. Lenders will have difficulty agreeing to any kind of reduction in your mortgage if you are unable to make payments.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
What was the purpose of the act of tolertion?
The Toleration Act was passed in 1649 in Maryland. The purpose of the act was to commission religious tolerance towards Christians who were Trinitarians.
Is a note valid if not signed by mortgage lender?
Yes.
The mortgage secures the debt. The note is simply a promise that you repay the money.
If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed.
If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
