how likly is it my home will be repossed while im waiting to the usuall avrage six weeks it takes to complete a sale of house ?? and do mortgage companys have to advise u first that they are about to seek reposetion?.. and can the arears affect my sale going threw
2007-11-29 02:20:22 · 6 answers · asked by angelscandream 1 in Business & Finance ➔ Renting & Real Estate
yes the money i get from sale of house should cover all costs and penalties
2007-11-29 02:26:09 · update #1
The mortgage company will not let you sell the house unless you can demonstrate that you can pay off the loan at closing. They can in theory make it a pain for you, but given this market, will likely try and work with you. Are you selling it at a gain and will you be able to pay off the loan and any penalties at closing?
2007-11-29 02:24:16 · answer #1 · answered by redwine 6 · 0⤊ 0⤋
It takes allot more than 1 1/2 months arrears to foreclose on your property... Call the mortgage company and let them know that your house is under contract and will be closing in what every time frame the contract states... They may ask you for a copy of the purchase agreement to see that you are really selling your home... Make sure that the sale price covers at least your mortgage and your closing costs... Don't worry as long as you are in the process of closing they wont foreclose on your property.. Remember all they want is to get paid, they don't want to go thru the hassle of trying to recover funds from you if they can get the funds in one lump sum when the house close... Please call them just to let them know that it is under contract... Good luck and don't worry just make sure the sale goes thru and you will be fine...
2007-11-29 03:00:35 · answer #2 · answered by Diva 1 · 0⤊ 0⤋
Advise the mortgage lender of the situation. They may request copies of your accepted offer to purchase for verification (that you're simply not telling a story to stall them). Odds are that they will wait, because they really would prefer to go through with a sale vs a foreclosure.
2007-11-29 03:39:01 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Your home will not be foreclosed because the sale guarantees payment in full to your mortgage company...as long as the sale price covers the amount of your mortgage and any additional debt you may be responsible for in selling your home...
2007-11-29 02:25:47 · answer #4 · answered by GUARD DOG 4 · 1⤊ 0⤋
Talk to the mortgage lender. They do not want to take your house from you and use foreclosure as a last resort.
In today's market, they want it sold. Show them the contract on your house.
You will need their help, and they should willingly give it.
2007-11-29 02:44:59 · answer #5 · answered by maxmom 7 · 0⤊ 0⤋
www.rentpaidnow.com
or
www.rentalprotectionplan.com
2007-11-29 09:30:41 · answer #6 · answered by Washington 1 · 0⤊ 0⤋