Ask Experts Questions for FREE Help !
Ask
    Jeremiah49's Avatar
    Jeremiah49 Posts: 5, Reputation: 1
    New Member
     
    #1

    Sep 24, 2007, 07:04 PM
    Bank foreclosure
    I am wondering if a bank is able to raise your mortgage over your expected rate of pay are you aloud to forclose with out any damage to credit?
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
    Ultra Member
     
    #2

    Sep 24, 2007, 07:12 PM
    A bank is only able to require you to pay what you agreed to in the note you signed with them. If you signed an adjustable rate mortgage or something like that you may not LIKE how much your payment is rising, but that's what you agreed to. If you cannot continue to make the payments, sell the property, nor negotiate a lower payment with them the house will go into foreclosure and your credit will be shot.

    If the bank is changing your payment in some way that is not in accordance with the note you signed you need to be hiring an attorney.

    More details about your specific situation would help get you more detailed answers.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Sep 24, 2007, 09:57 PM
    I will add it is not always as easy as it sounds, I am helping someone right now and the mortgage company told me on the phone that they would rather foreclose that take a short sell, They will not even give us a figure they would accept for a sale. Plus the collection people will even tell them that they don't have a loan migration department or a person who will make any deals. They would not accept a buyout without all sorts of added fees,

    I was told personally when asking for them to lower some early buyout fees by 1000 that they would not lower their fees one dollar but would foreclose first.

    So in general yes you try and work out some deals, but there are many mortgage companies out there that are little more than loan sharks from what I can tell.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreclosure [ 3 Answers ]

Colorado I was told by a financial adviser that they could not take your home The elderly people have owned their home for 55 years it is paid and now rental property that he is on the mortgage is in trouble do to may factors. I was told on this site they could put a lien on the house I have...

Foreclosure [ 10 Answers ]

Hi: I have an apartment in Miami and I can not make payments anymore, I refinanced it sometime ago to afford making the payments but I run out of money and I have no job or income of any kind. If the bank foreclosure the apartment are they going after me for money if they sell the apartment for...

Bank foreclosure wife on mortg we are both on deed [ 2 Answers ]

My wife took out a mortgage on our condo home.I have made many payments now I havs stopped. She is 4 months behind.Can the bank forclose on a mass. Condo home w Hen they made the mistake of just having my wife sign the note snd mortgage ?

Foreclosure complaint [ 1 Answers ]

I was handed a foreclosure complaint I have 28 days to answer the complaint can you tell me how to answer this I've never done it and don't know what to do. Thank you michelle

Foreclosure on mortgage [ 2 Answers ]

My Mother has sold her House, and carried the mortgage Herself. I have Power of attorney over Her, and She is now unable to handle her Finances. The mortgage payment is over a month overdue. I sent the buyer A certified letter,letting Her know that I was handeling Mother's finances At this...


View more questions Search