can lender repossess property when equity exceeds mortgage arrears?
357827
Yes, The property is used as collateral for the loan contract that you have with the lender. The lender can foreclose on the property to recoup there money that you owe in arrears.
356887
Yes.  If you can prove that the repairs make the home unlivable than you can try to make a case for the landlord to put you in another unit of equal or greater value until the repairs are finished.
487244
You may need to talk to your lender who is carrying the note. They may refinance the loan into a no prepayment. Also if the loan has a soft prepayment you can sell the home.
974390
Yes you can have more than one mortgage. In fact you can have as many mortgages as there are people willing to lend you money.\n\nA mortgage is just a loan secured on property. That means that if you don't pay the agreed installments, the mortgage company can take the property to pay off the loan.\n\nIf you have a second mortgage, they would also have the right to sell your house if you got into arrears, but their interest would come second to the first mortgagee's. For example, you borrow £10,000 from Bank A, then £5,000 from Bank B. If you stopped paying, either A or B could sell the house to get their money back, but A would get all his money before B. So if the house fetched £12,000 when it was sold, A would get £10,000 and B would get £2,000.\n\nYou may also own more than one house. Say you want to buy 2 houses, each worth £100,000, but you only have £150,000 - you need a mortgage of £50,000. You could have one mortgage of £50,000 which covered both houses, two mortgages of £25,000 each or you could just have a £50,000 mortgage on one of the houses.\n\nIt's up to you and what the lenders will lend you!
773401
Yes there are.\n\nThere are mortgage product available for owner who just received a "notice of Default".\n\nIf however the bank or lender repossesed the property or it was sold in an auction you would have to come up with private funds to redeem your property back.\n\nIf you are in California and need assistance in foreclosure bailout loans we can help\n\nRommel Mijares\nMortgage Specialist
1012787
You can probably do it, but you'll have to shop around.  Most banks don't offer mortgages on unimproved land, but there's got to be a few that do - but the interest rates may not be so good!
527981
Of course you can, provided you can demonstrate your ability to repay the loan, i.e., make the loan payments above your existing obligations. You may be able to get up to the maximum debt-to-equity ratio allowed by the lender and also based on the updated appraisal value of your real property.\n\nIt would be easier to get loan approval if you had it already rented on a long-term lease, which will be the source of your repayment for the Equity Loan.\n\nAnother factor considered by the lender would be the purpose of the loan proceeds, depending on their prevailing policies. Be sure to deal with the more reputable commercial or mortgage banks and avoid going to "hard money" lenders.\n\nGood luck!
742759
You can still get 100% mortgage. Northern Rock will even lend up to 125%.\n\nSome lenders will charge a higher interest rate on 100% mortgages. Some antiquated providers may charge a Mortgage Indemity Guarantee fee (MIG) which is a four figure sum which insures the lender (not yourself) in the event of repossession proceedings. If your proposed lender charges MIG, then look elsewhere.\n\nIf you are getting 100% mortgage because you don't have a deposit, you might encounter a problem exchanging contracts on a new place. This is because exchange of contracts usually requires a 10% deposit, and your mortgage won't be advanced until completion (which means you can't use the mortgage to fund the deposit). You will either have to:\n\n1. Get a bridging or short term loan. \n2. Get your solicitor to ask the vendors solicitor whether they'll accept a lesser deposit.\n3. Purchase indemnity cover which insures the 10% - I think its called a "Guaranteed deposit bond" but your solicitor will know for sure.\n\nIf you see a house you like, the first thing to do would be to get a mortgage decision in principle (DIP). This is basically the lender doing a credit check on you and saying "we are prepared to lend you up to x amount on a property which fulfils our criteria". The DIP can be obtained in a matter of minutes. The full mortgage application (i.e. on the actual property itself) takes weeks.
476390
take a loan on the equity of your property.  it will be like a new mortgage
1048211
I am not an attorney, but can give you some things to think about. \nYour half of the value can go up or down, depending on market value.  How much total is he giving you as your part.  It should be 1/2 of the value (equity) left after the loan is paid,when you got your divorce. When you quitclaim, you are saying you no longer have an interest on the house.  Are you sure he would agree to put you back on the house.\n\nIf he refinances, he is using up your equity.  If the house gets sold, there will be a bigger loan to pay off.  There may or may not be any money left after the loan is paid off.\n\nHope I didn't confuse you. I really suggest you consult an attorney who will look out for your rights.
868386
Go to your bank, find out about home equity loans, you will have to know if there is equity in your house though, also refinancing, you can go to yahoo and find out also google, but your local bank should have something that you can do. or either the mortgage company you are with. give them a call, they should also be able to help you with that.
694685
This is not illegal. This is standard practice. Normally, an appraisal is done prior to the loan to insure the lender is not olaning more than the property is worth.\n\nHere is some additional info. Hope this helps.
340242
If you already own your home, you can take a loan out for both amounts as long as you have enough equity in your home. If you are purchasing a home, you can not typically add additional money to your loan.
1000744
(In the UK) It can only be repossessed if you buy the item on Hire Purchase.  If it is an unsecured personal loan then it cannot be taken back, without a court order.\nPlease ask me a question (via e-mail or click on my profile)if you have anymore queries.
1060732
Refinancing by traditional lenders is pretty much impossible in foreclosure.\n\n  However, if your loan-to-value ratio is good (i.e. you have around 65% equity in the property) you can try to contact a 'hard money' lender.  The rates are higher than banks, but they don't care about credit history, foreclosure or anything, simply ownership and LTV.
251638
Depends on your state and how much equity you have in the house-- some companies do Bankruptcy buy-outs-- chances are though-- if you filed bankruptcy, then you don't have the equity to do the refi-- or you would have used the $$$ to pull yourself out of debt.  Chances are you will need to wait a little while
124159
You can't.You may deduct the interest portion of the mortgage payment if you rent the house out.