How Bad Does A Repo Hurt Credit? A repossession can stay on your credit report for up to seven years, making it harder for you to qualify for other loans. Repossessions have a severely negative impact on your credit and can show lenders that you may not be able to make payments on the property
Can You Take Over Payments On A Foreclosed Home? Can you take over payments on a foreclosed home? This can be done by paying the full amount owed, or reinstating the loan. You can also reach an agreement to set up a repayment plan with the lender, or loan modification, that will give you more
Can You Stop A Foreclosure Once Sale Date Is Set? Can you stop a foreclosure once sale date is set? The foreclosure can be stopped even on the day the property is intended to be sold. Until the property has been sold at auction, a homeowner can stop a foreclosure. The lender will typically take
Can You Foreclose Without The Original Note? Can you foreclose without the original note? If a lender who was not the original holder of your promissory note has initiated a foreclosure action against you, the lender must prove that it has standing to foreclose on your home in the place of the original lender. If
How Hard Will A Repo Affect My Credit? A repossession can stay on your credit report for up to seven years, making it harder for you to qualify for other loans. Repossessions have a severely negative impact on your credit and can show lenders that you may not be able to make payments on the
Can I Refinance If I Am In Foreclosure? Can I refinance if I am in foreclosure? Can I Refinance While In Foreclosure? It’s not possible to refinance while you’re in foreclosure. If you were to refinance, the best option is to be current on your payments and refinance into a more affordable payment before you’re
Do I Still Owe Money After Foreclosure? Do I still owe money after foreclosure? Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally guarantee the amount of the note, leaving the lender
Do You Pay The Remaining Balance On A Foreclosed Home? Do you pay the remaining balance on a foreclosed home? The bank can still collect the remaining loan balance unpaid by the house sale. The remaining balance on a mortgage after the collateral sale (the home) is called a deficiency balance. The amount frequently exceeds
What Does Dismissed Without Prejudice Mean In Foreclosure? What does dismissed without prejudice mean in foreclosure? “Without prejudice” means that the plaintiff may re-file the lawsuit within one year of the dismissal and is not prejudiced by the fact the lawsuit was once dismissed. However, a plaintiff cannot file his lawsuit or cause of action
Do Judgments Survive Foreclosure? Do judgments survive foreclosure? In a mortgage foreclosure, any judgment liens that were recorded after the mortgage will be wiped out by the foreclosure. Any surplus funds after the foreclosing lender’s debt has been paid off will be distributed to other creditors holding junior liens, like second mortgages and judgment lienholders.