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If you foreclose on your condo will the bank come after you for payments?
Wiki User
∙ 15y ago
if u live in a judicial state, the bank can come after you for the 2nd mortgage only. Fla is a judicial state, Va is not if the trustee (the person authorized to conduct the foreclosure) sells your condo via auction for less than the full amt of the loan, the bank cannot pursue a deficiency judgment also, check your original "note" on the mortgage and see if it is a recourse or non recourse loan . If you do not have the original note, request it from the lender. This is the one that has everyone's signatures including notary public. The with or without recourse will appear on the last page next to the signatures A non recourse loan will exempt you from personal liabilities, plus will prevent you from having to report the amt from the 1099C as taxable income.
Wiki User
∙ 15y ago
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Can bank come after your savings account if you foreclose on your home?
no, not if it is a 1st mortgage. because of the mortgage tax relief act of 2007
I am divorced i have a quit claim deed on my ex's house she is going into foreclosure can the bank come after me?
If you didn't sign the mortgage then the bank can't come after you for payment in the case of a default. However, they can foreclose on the mortgage and take possession of the property notwithstanding the quitclaim deed to you.
Can a bank come to your home to collect?
Yes. If you have payments due to them which you haven't made then they have the right to come to your residence and request for payment.
How can you buy a car from a person who still owes their bank?
Yikes. I hope you're getting receipts from the seller. The cleanest way to do this deal is, to apply for a loan from a bank and do the transaction through the banks. Or, contact the bank that holds the note to see if you can assume it. If the seller defaulted on his payments, the bank would come get the car that you've been making good faith payments on. As this deal stands, you don't have much protection, or recourse, if the seller isn't making the payments to the bank, or defaults, later.
Can they come inside your gate and take your RV camper?
Yes, if you don't make your payments, the bank or who ever is holding the loan will reposess it.
What happens if you do not make payments on a credit card issued by an English bank if you live in the US?
They can come after you and take you to court to make you pay.
What If I Switch Bank Accounts How Much Time It Will Take For My Payments To Come Out?
Switching bank accounts these days is a very simple matter. Any standing orders or direct debit payments you make should, automatically, be included in the transfer process. The payments will be made by the same schedules you have set up.
How do you use repossess in a sentence?
The bank's repossession of their house left the family with no place to live.
When will creditors foreclose?
After you default, do not come current, and don't respond to any other kind of notices.
Can you walk away from a condo mortgage without having mortgage company and association org garnishing your wages for pmts?
Not all mortgage companies seek a judgment after they foreclose (often called a deficiency action). They are less likely to do so if they believe you have no assets to go after, since it costs money to file the action and takes a long time to collect. Often, though, mortgage companies sell off the ability to seek a judgment to collection firms that specialize in deficiency actions, and the collection firm and the mortgage company split whatever is collected from the borrower. Your best bet would be to enter into a "Deed In Lieu of Foreclosure" with the mortgage company, and ask them to specifically guaranty that they will not seek to come after you for any additional money. In a deed in lieu of foreclosure, you deed the property back to the bank, and vacate the premises voluntarily. You may not have this as an option in all states, or if you have any junior mortgages or other judgments that are affecting title to the condo. If you are delinquent in your condo fees, it may also make your mortgage company reluctant to enter into a Deed In Lieu, since they would have to pay any back condo dues (this is as opposed to when a bank acquires the condo through foreclosure, where they are not always obligated to pay all delinquent condo dues).
Your husband and you have just purchased a condo in Pigeon Forge TN and he has 7 children from a previous marriage If he wills the condo to you can they come in and take it away from you?
Not if they are adults.
If live in Indy in your car is going to be repo and ihave not got any the in the mail can they come take your car?
Of course, the bank has the right to take it if you are not making any payments.
