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The lender will foreclose on the property and the borrower will be evicted. The property will be sold according to the real estate laws of the state in which it is located. HUD property is generally auctioned off at the court house in the county where the property is located. The borrower may or may not have redemption rights to the property and may or may not be responsible for any outstanding debt connected to said property.
Lyla Erdman
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∙ 17y agoThe lender will foreclose on the property and the borrower will be evicted. The property will be sold according to the real estate laws of the state in which it is located. HUD property is generally auctioned off at the court house in the county where the property is located. The borrower may or may not have redemption rights to the property and may or may not be responsible for any outstanding debt connected to said property.
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How can a second mortgage loan be discharged?
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
What happens if you stop paying fees on a timeshare you don't use that has no mortgage?
THEY USUALLY CUT-OFF THE UTILITIES> You can get sued for doing so. Meanwhile, all the consequences of your actions are written on the agreement.
IS THERE ANY GRANTS FOR PAYING YOUR MORTGAGE?
HELP MFORM PAYING YOUR MORTGAGE
What happens when you stop paying on a vacation points loan?
Forclosure.
What happens if you stop paying your car loan?
Repo.......homo
How do you stop your escrow?
You can stop your escrow buy paying off your mortgage and satisfying all the requirements of your mortgage. Lenders set up an escrow account so that they can pay the real estate taxes and homeowners insurance.
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.
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
Can foreclosure be circumvented?
NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.
If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?
Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. Basically you become uninsured and the mortgage company remains insured through the policy term. Also if the policy gets cancelled due to the foreclosure any refunds belong to the mortgage company.
What happens if the government stop paying childcare?
this will be the cause of the hunger games, but with adults.
What if you stop paying your mortgage?
You will lose your house. The time period is variable and the exact conditions are somewhat negotiable, but the end result is foreclosure.
