Sentences with phrase «let both mortgages default»

Assuming that you walk away from this home and let both mortgages default.

Not exact matches

Pre-foreclosure: In this initial stage, the mortgage lender files a default notice that lets the homeowner know his or her property will be seized if the outstanding debt isn't repaid.

Let us take the example of a bank that is selling a property under power of sale, when a mortgage goes into default.

Because of this distinction, sellers who are already in default on a mortgage and do not have the resources to pay off a separate promissory note after a short sale might be better off letting the lender foreclose, he says.

First of all, let's review what an FHA mortgage is — FHA is the Federal Housing Administration, which was created to insure mortgages and collect fees from borrowers to reimburse lenders in case of a default.

Here at year - end, let's consider some numbers for the Miami - Dade and Broward County areas that are important to Florida home owners, including those in South Florida facing foreclosure or considering a short sale (also including those considering a strategic default because of a financial hardship or because they have an underwater mortgage); According to the -LSB-...]