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If your house has gone into foreclosure but you plan on reinstating it are you responsible for the mortgage company's legal fees?
Wiki User
∙ 8y ago
That information would be included in the terms of the loan agreement. Some states have laws prohibiting recovery of legal fees. Those laws usually apply to unsecured debts and would not include a mortage. It would be advisable to consult the state statutes concerning foreclosures and/or redemption procedure.
Once you get a Notice of Default the attorney is in the pcicture and he/she always gets paid.
Wiki User
∙ 8y ago
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Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
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 if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
Who is legally responsible for a mortgage after death?
The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
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.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
If you are in foreclosure for your first mortgage are you still responsible for the second mortgage if there is a second mortgage on the property?
If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent interests in the real estate. After the foreclosure the real estate can be sold free and clear of any subsequent mortgages or liens. However, the debtor remains responsible for the second mortgage debt.Any remaining proceeds from the foreclosure sale after the first mortgage is satisfied are paid toward the second mortgage. In some states the second mortgagee can seek a "deficiency judgment" in court against the debtor. However, even when possible it's not often done due to the costs and the slim probability the debtor will have the ability to pay.You should check your state laws.
What to do if your name is the thrid name on a time share deed that was foreclosed on?
All three owners are equally responsible for paying the mortgage and the foreclosure will affect all owners equally. You can avoid foreclosure by paying the mortgage.
Only one spouse on mortgage are both responsible for foreclosure?
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
