Can you get a mortgage in default with student loans?

Answer 1

A home can't really be repossessed at all. If your in default on a student loan, the loaning company can sue you (you don't have to be present in court) and obtain a judgment against you forcing you to pay the debt. If you can't do it even then, they can place a lien on your home.

In the US judgment creditors who perfect a property lien can request a forced sale of a primary residence.

State homestead exemption and the way the property is titled determine whether or not that is possible.

If the court allows a forced sale, the judgment creditor assumes responsibility for the property, meaning they have to undertake all procedures needed to sell the property at fair market value.

The debtor receives the amount of the homestead exemption and all secured lenders of the property must be paid the full amount of their lending agreement. This usually results in the judgment creditor receiving a very small amount if any of monies owed, which is why a forced sale of a primary residence is rarely implemented.

Answer 2

No, the government will garnish wages, keep tax returns, and harass you, but they will not seize property for defaulted student loans. The best thing you can do with a defaulted student loan is consolidation. With consolidation, you can get an income sensitive repayment. In other words, you can get a payment that your budget can afford. The payment can be as low as $0 a month, depending on your income and dependants. You can get assistance with consolidation of defaulted loans at www.defaultms.com

Answer 3

Most likely no. A defaulted Federal student loan is as bad as an IRS lien.

If you need help with your defaulted student loans, contact Default Management Services. You can get their phone # from Google. Ask for Doug

Answer 4

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.

Answer 5

The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.

Answer 6

No.