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Remaining principal (and interest on remaining principal unpaid) is the responsibility of the borrower, of course. The lender whose foreclosure sale did not net the full outstanding amount can place a lien on any other property of the borrower and sue to liquidate those possessions or receivables to satisfy the debt.
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What is the impact of a foreclosure on your credit score?
Foreclosure and FICO The total impact of a foreclosure on ones credit report is estimated to be between 200-300 points. The foreclosure itself accounts for 125 -175 points and the late payments that led up to the foreclosure account for the remaining point deductions. Ironically, the higher your score was to start with the more points will generally be deducted. After several years (2-3) your credit score will have rebounded substantially as long as other payments are maintained. You can expect anywhere from a 50-100 points penalty remaining on the report at this point.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
On a foreclosure who pays the difference in principle?
There are several possibilities. 1) The lender may continue to pursue the borrower for the money after foreclosure. 2) The lender may just write off the loss. 3) depending on the mortgage insurance situation, the insurance company may contribute.
What happens if the partner on the mortgage loan moves out nd stops paying?
The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.
How does a foreclosure proceed?
The foreclosing mortgagee can and usually does bid at the foreclosure sale. If the foreclosing mortgagee is the high bidder, it essentially pays itself up to the amount of its debt by canceling the debt to the extent of its bid. The foreclosing mortgagee only has to come up with cash if it bids more than the amount of its debt.
What type of interest pays interest on principal only?
simple interest
Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
What is the impact of a foreclosure on your credit score?
Foreclosure and FICO The total impact of a foreclosure on ones credit report is estimated to be between 200-300 points. The foreclosure itself accounts for 125 -175 points and the late payments that led up to the foreclosure account for the remaining point deductions. Ironically, the higher your score was to start with the more points will generally be deducted. After several years (2-3) your credit score will have rebounded substantially as long as other payments are maintained. You can expect anywhere from a 50-100 points penalty remaining on the report at this point.
Who pays the child support lean on a house when it is foreclosed?
Liens are due when the property is sold, and are the responsibility of the seller(s). A foreclosure is not a sale.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
If the bank owns your home due to foreclosure do you still have to mow grass?
No the bank pays the property tax and maintains the property. You are still responsible for the mortgage
On a foreclosure who pays the difference in principle?
There are several possibilities. 1) The lender may continue to pursue the borrower for the money after foreclosure. 2) The lender may just write off the loss. 3) depending on the mortgage insurance situation, the insurance company may contribute.
When a borrower pays back a loan both the principal and the interest must be repaid What is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
13,807.50
What happens if the partner on the mortgage loan moves out nd stops paying?
The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.
When a primary insurance pays more than the secondary allowable is the remaining balance the patient's responsibility?
Yes it is patient responsibility
How can an agent avoid incurring personal liability while acting on behalf of his principal especially if the principal is either unknown or insists on remaining anonymous?
Due diligence and insurance... or don't do business with that party.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
