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Is the loan balance collected from the servicer in a foreclosure?
Wiki User
∙ 12y ago
In a foreclosure the proceeds from the sale go to the servicer, who in turn remits those funds (minus any costs and fees owed to the servicer and its affiliates) to the investor on the loan (lender or agency). If there is a deficiency, the difference may be written off and a 1099c issued to the debtor, effectively ending the matter, or if legally allowable the lender may pursue the debtor through a collection agency or the courts.
Wiki User
∙ 12y ago
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What information is not collected from the servicer in a mortgage loan?
what information is not collected from the servicer in a foreclosure? loan balance, arrearages, interest rate property value or investor
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
What does interest capitalization mean?
Capitalization occurs when your lender or loan servicer adds the amount of unpaid, accrued interest on your student loan to your loan balance. Once this interest has been capitalized, interest begins to accrue on that new, higher loan balance.
Can foreclosure costs be added to loan balance?
Depends on wether collection costs included in loan docs for recovery & agreed upon by you.
What does it mean Foreclosure hold state?
Foreclosure Hold State signifies the ability to place a foreclosure action on hold. Meaning if there is a typical borrower forebearance review, litigation/contested action, the foreclosure is placed on hold to allow time for forebearance or contested action to be reviewed. Saves both borrower (if attempting to reinstate/payoff loan) and Servicer, with avoidance of fees/costs accumulating due to foreclosure actions.
If you are behind on your mortgage will they keep your insurance claim?
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
If loan was paid in full prior to foreclosure. how do i get it off of my credit report?
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
Who holds the promissory note to my house when MERS takes over?
If your loan has been registered with the MERS System (Mortgage Electronic Registration System) you need to call (888) 679-6377 to find out who is your "servicer" of the loan.Your servicer is responsible for handling any/all questions about your mortgage loan. Your servicer is also responsible for collecting any/all payments.Your servicer, not the investor, is the only part who can negotiate terms of your loan with you.
How do you assume someones existing home loan?
First, contact the owner of the mortgage. If you are interested in the property and want to assume the seller's mortgage, the person who has the mortgage must contact his/her mortgage loan servicer. That person will tell the mortgage loan servicer that a certain party is interested in assuming the loan. The servicer will then allow the interested party to contact them. The servicer, for example Wells Fargo, Citi, etc will send an assumption package to the interested party. It will usually involve a credit check and application to insure that the person that wants to take over the mortgage can qualify to make the payments. The mortgage loan servicer will then underwrite the application to the appropriate loan guidelines and ,if approved, then both parties would close the real estate contract. The buyer would assume the mortgage and the seller would be released of liability by the mortgage loan servicer.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
What is a foreclosure property?
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
