It may depend on the jurisdiction, but I would guess that such could be charged.
Confused. If the loan is paid off - hence 0 balance...then it can't said to be in default...there is nothing due. (and you are the only one that can be in default, not the lender). If it was charged or written off, then it is in default and still due. The letter is not saying there is a 0 balance.
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
It will depend on the lender and the risk of default.
YES.
In most cases a lender will file a notace of default after 3 missed payments.
IF the ins. co. told the lender the policy was canceled, then you were in DEFAULT and the lender will repo.The lender and the ins. co. will have to get that straightened out.
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
No that's called stealing.....
All the owners of the property must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.All the owners of the property must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.All the owners of the property must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.All the owners of the property must sign the mortgage so that in the case of a default the lender can take possession of the property by foreclosure.
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????