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Mortgage FAQ
By Susan Willets | June 19, 2008
Mortgage FAQ
What is a new mortgage? A new mortgage occurs when the borrower refinances their mortgage with a new lender. This allows for the loan to be brought current immediately and can stop foreclosure. However, be sure that you have also allowed for the foreclosure fees, which you will need to pay back to the bank.
What if I have a second and third mortgage on my home that is going through foreclosure? If you find a way to stop the foreclosure and keep your home, you will still be responsible for any additional liens on the home until they are paid in full. However, if the home is sold through the foreclosure process, all liens on the home may transfer to the buyer and become their responsiblity. Be sure to make any buyer aware of any additional liens that are on your home.
Why do I need to shop around for my mortgage? Each lender has their own fees, loan requirements, interest rates, etc. It is in your best interest to get quotes from several companies to ensure you are getting the best mortgage situation for you.
What is mortgage foreclosure? Mortgage foreclosure means that the deed can only be foreclosed with court action. This type of foreclosure is more commonly referred to as judicial foreclosure.
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