In Canada, speak with the bank and address this issue a front. They can tell you what is needed. Why are you late in payments ? If this is a temporary circumstance, email me and I will see if we can help you get back on your feet.

If you need to keep the house, call me and I do arrange real equity lending - meaning I will use the equity on your property to momentarily ease your financial status until you get back on your feet. Check with your bank as they may add additional interest on the late payments or foreclose you. You can also skip a payment at no charge (most banks offer this feature) I think once a year. Also check with your mortgage insurer if there is a plan available for you to momentarily get you out of trouble. email me - debtfree@victorcatalan.ca if you need further information.

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I moved in with my son last year. he wanted to buy a house big enough for both of us because my health is deteriorating and also to rent out and make money from. we found a nice big house near london and he paid for it with savings and got a mortgage. i paid the deposit of the house and we agreed to share mortgage repayments. at the beginning of this year due to gambling he lost all his money and hadn't been paying his share of the mortgage payments. now the bank want to repossess? what rights if any do i have? please help. thanks so much for your help. very much appreicated.

The big question is - who's name is the property in? Is it just in his name, or is it in both names? If the property is only in his name, then you are not a party to the deal at all. Regardless of whether you gave him money for the deposit. And regardless of the agreement you had to share mortgage payments. If your name is on the property, then you are as responsible for all (total) payments as he is and you therefore need to start paying.

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I had a home equity line of credit (refinanced 2nd mortgage into it) on a home that is way upside down. about 3 yrs after i did the heloc, i purchased a car and financed through same credit union as my heloc. no funds from the heloc were used for the purchase of the car. my home got foreclosed on so i stopped payimg on the heloc also. i have been current on my payments for the car and have never been late and a repo guy showed up at my house with a repo order from my credit union saying it was collateral... it was not collateral and the only thing it has in common is it was through the same credit union as the heloc and it all comes out of my checking account with them. is this even legal since i have fulfilled all the requirements as per the loan docs state for the auto? what do i do now?

No, this is illegal. You cannot seize assets that were not used tocollateralize a loan nor can you seize property that all payments are current on. I would send a certified letter to the NCUA (website link below) with a certied mail copy to the president of the credit union. NCUA is the federal regulator for credit unions. State in your letter that the credit union is trying to repo a car that is current in retaliation for default on an unrelated debt. BTW-the only way they can get a deficiency judgement is through a court order. Even if they get a judgement to pay any money back on the HELOC they still can't seize your car, they may be able to garnish money in your checking or savings but the car IS NEVER going to be part of the remedy for the mortgage

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I am asking out of curiosity so this doesn't apply to me personally. if you pay 50% of a mortgage off, but then run into difficulties to pay the rest, can your house still get repossessed? technically, you a) fully own the house and b) have paid half of the mortgage and will repay the rest when you get the chance. to me it seems ethically bankrupt for a bank to repossess you, no matter how many payments you miss. it would make more sense for the bank to already own the house and the mortgage holder to buy back the banks share from the bank. this is more ethically valid, saves time, costs and spreads the risk. that would also stop the present meltdown that exists now. thanks in advance this mortgage system sounds completely ethically bankrupt. this is exactly why the financial system is melting down at the moment. sorry let me rephrase: it would be ethical for the bank to own the house, but the mortgage holders ownership share of the house to increase as the loan is repaid.

Yes they can. You don't "own" the house until all liens (your mortgage) is paid in full. It's not a matter of ethics but simple finance and contract law. You agreed to pay a certain amount for a set period of time and signed a contract to do so. Failure to pay that is a breach of contract. Using your logic, I can borrow money from you and as long as I've given you some of your money back, I should not have to pay you the rest until I "can". You do that enough times and you won't have money anymore.

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Please help me settle a debate. here is the scenario: say you buy a house for $100,000 and get into a 30 year mortgage with a bank. over the years, you manage to pay off 70% of the principal (with interest), and thus you have built equity on your home (say 70%). then disaster strikes and for whatever reason you can't make your monthly payments. you try to sell the house on the market but no luck. for simplicity, you have $30,000 left to pay on your loan. the bank ends up repossessing your house and auctions it off for $80,000. from the sale money, it keeps the necessary amount to cover your outstanding debt (say $30,000), and any administrative costs it has incurred (say $2,000). the left over money is $48,000. now, here is the question: where does this $48,000 go? does the bank keep it or do you get it (since you built 70% equity)? does your equity vanish if your house gets repossessed and auctions?

Initially, the sheriff will get all the proceeds. Then the court will order so much paid to the lienholders (bank). The sheriff (or clerk of the court) will hold the rest until the court orders the money paid to the former owner -- on their motion for it to be paid to them.

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First read this question, it has something to do with this:: http://ca.answers.yahoo.com/questio n/index;_ylt=arbuxwcbyrg3zs0itpjsbf 7bfqx.;_ylv=3?qid=20080822071247aae nxyg then read this. our mortgage company majorly screwed up. in august, we switched banks (our mortgage is not with our banks). we usually have direct withdrawl for our mortgage payments. we told them we would be afew days late with out payment while we switched banks. after we were 3 days late, they demanded we pay them immediately. they would not accept registered mail (to send a cheque or cash for it), but only western union or a bank payment. we opted to send a western union payment, so we would have a receipt of the payment. we sent the payment, and called the mort. company with a reference #. they accepted it no issues, and we thought the matter was closed. 2 weeks later (and 2 days before our wedding) a court officer showed up at our door with paperwork that the mortgage company was commencing legal action over non-payment of our mortgage (our payment is $418 bi weekly, we had been late with one payment). we called our lawyer and the mortgage company, and they said to dis-regard the notice, it had all been worked out- the western union payment hadn't been submitted by their internal billing dept. in time for them to cancel court proceedings. we got a letter from the mortgage company stating to disregard the repossession proceeding papers we had gotten. we considered the matter closed. last friday, a sheriff of the court showed up at our door, served me papers that we had 7 days to leave the house and have all our stuff gone- they were repossessing our house. i freaked out, called hubby @ work and he came home. we again called the lawyer then the mortgage comp. we had to fax them the western union receipt for proof we paid. we did so, and the next day we had a notice from the canadian superior court of justice saying to disregard the notice of intent to repossess, and that the suit was closed, our mortgage was paid up and in good standing. so, again, we considered it over with. the lawyer for the mortgage company told us they were faxing the dismissal papers over to the local court (and sheriff and court officer who was supposed to evict us). we had to go to a funeral yesterday for my hubbys uncle. we were gone overnight about 3 hours from home. we got home @ 12 noon today, and notices were taped to our windows, all our door locks had been changed, and bars put over our windows so we couldn't get into our house (keep in mind it is cold here in northern canada, in november- and we have 2 children under age 3). so esentially we were locked out of our home. we both freaked out, smashed a garage window and broke into our house. the sherriff and whoever changed the locks damaged some of our property- we need a new rear entry door, our front door is damaged and the door jamb needs replacing, they left the old knobs on the floor, our hardwood floor by the door is damaged, and our elderly indoor cat was sitting out in the cold by the front door when we arrived at home. our dog had been taken by animal control to the pound where we had to pay to get her out. we still have all the paperwork pertaining to this issue, i took photos of the damages, and filed a report with the police about unlawful entry. we want to sue, but the mortgage company lawyer just laughed at us and said "good luck, we have every right to protect our investments". the thing is, this is not our fault! it seems like every time we turn around, this company is screwing up something major. i'm worried to leave the house now in case we can't get back in and are stuck in the cold with the kids. what can we do about this?! i am so p-i-ssed off, i'm shaking still. we are in our home right now but i'm worried someone will show up to evict us or charge us for being in here. my hubby had to go to work or he would probably lose his job, so i'm here alone with the kids and freaking out. i'm also really concerned about the ownership of our home- and about our credit rating and all the legal aspects of this.... help! what should we do?! we go to talk to a lawyer monday about filing a lawsuit and suing the company for harassment, emotional and financial distress, unlawful entry, damage to property and whatever else we can sue for. this is insane and we have to do something... we cannot afford to pay for penalties to switch our mortgage, we would be content with suing them for the balance of our mortgage ($124 thousand) and legal fees- and for the money to fix the damages and for the $110 we had to pay to get the flippin' dog out of the slammer. i'm just so mad. i told hubby i was going to call the most major newspapers and tv shows in the province and tell them about this, and see how the company likes it. also going to file a disupte and complaint against them with the better business bureau, which will basically put a mark against them if any potential clients check their bbb rating...

It sounds like you are on the right track - legal action at this point is your only recourse. Also, as soon as your mortgage term expires, I would be looking for a new lender. Depending on how old your mortgage is and what you still owe, you may even decide that it would be worth paying penalties to refinance with a different company.

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I want the bank to repossess the house. if i stop paying mortagage, what is the worst the bank can do to me? i do not care about my credit. i just do not want to go to jail. life is not worth living this way - all i do is work to send payments to the house. no savings, no extras, no starbucks coffee. tired of this thank you all; i do not have any equity on the house; therefore, i can't refinance. i do lendingtree to refinance and they simple say: "no equity, no refinance" on my street alone, there are about 20 house - 10 of them are for sale, 1 abandoned; so short sale is out of the question. countrywide does not want to help. i simple do not know what to do. do you think a lawyer may help? very poor customer service from countrywide. they do not return my calls/emails. i am getting nothing from them.

you basically have 3 options. I'll list them from worst to best. 1. Let the house go into foreclosure, you wouldn't have to leave until the house is sold and the redemption period is up. You will have to pay the attorney fees plus report the amount they lost in the sale as an income to the irs with a 1099 form and they will be reporting it as well so can't just throw the form away when they send it. Basically, Uncle Sam makes sure you pay up. 2. As they said, short sale. Hopefully you will go on some kind of repayment plan while you did this option to avoid foreclosure fees and costs. once you have a buyer you have a choice. you can pay the difference and be paid in full, or, like previous you must report the difference to the IRS when doing your income tax as an income. 1. Ask your mortgage company about doing a modification! most companies, assuming you qualify will freeze your interest rate at its original amount give or take depending on your situation for 2 years more or so. Usually what they look for to see if you qualify for that is that 1. you can't support the new payments but 2. you can still support your original payments. with a modification if you are a bit behind it will bring the account current and they will put the delinquency back into the principal balance which may increase your payment a tad bit, but if your current at the time of the mod...then your good to go! Good Luck!!

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I saw that if you broke down all the money the government has promised to banks it equals £16,000.00 per person. we are now hearing that a lot of people are struggling to pay the mortgage payments to banks that sparked the current problem. the banks are making repossessions putting people into rented homes which the government are then paying for. the repossessed homes then sit empty as houses are not selling, or they sell them so cheap they make a loss. surely it would make sense to instead of giving the banks the money; the government guarantees to help those who can not pay, such as those who unfortunately find themselves unemployed. those in rented accommodation get it paid by the local council if they become unemployed but those who have worked hard to buy a home for the family are again suffering the most. it seems to me that £16,000.00 could go a long way to helping each and every one of us to ride through this "credit crunch"

There's no new money. The government are borrowing it. We are the problem. We've been living above our needs and we have personal debts (including mortgages) averaging £280,000 a head for every man woman and child in the UK. It's the banks who have lent us the money. To fill the need, most of them have flogged on their loans books to the international money market as securities raising more money to lend to us. That's good business if we can keep up the payments - but we can't. Too many of us have defaulted on our loans leaving the banks with toxic assets. They've guaranteed the securities, but the underlying assets are our bad debts - so the banks become insolvent. All the government have done is guaranteed the loans. They've done this by raising money on the international money markets and buying preference shares in the banks. So don't blame the government or the banks. It's all the people living beyond their means that's caused the problem. Now read all the questions from people who want to know how to keep the bailiffs at bay or avoid having their houses repossessed and you'll know who to blame.

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I often encounter conflicting advice on this section depending on whether the person is a resident of the us or the common law world (canada, uk, australia etc.). what are some fundamental differences between the two? to illustrate, in australia if you can't pay your mortgage payments then too bad: the bank will repossess your home, sell at the market (a lower) price, and you're left to pay the entire mortgage debt including interest for the rest of your life. i hear in the us, you just leave your key in the mailbox and your debt is cancelled, which encourages property speculation. yet australia has some of the most overpriced real estate in the world (average income is $60,000 pa. average sydney house is $650,000, with the lowest interest rates dropping to 7% pa).

Conflicting advice? Are you considering purchasing property within different countries? If so you should really be speaking to a good accountant for the sole reason that you'll need to repatriate those profits at some point and then that's another can of worms. Yes it is true that Australia practices what is called 'recourse lending' whereby the bank has recourse to your other personal assets should you default while in the US it is more common to have non-recourse lending. Hence the commonly termed 'Jingle Mail' (keys in the mailbox). - yes that does lead to a lot of speculation but more importantly irresponsible lending which was a major cause of the sub-prime crisis. Australia's housing prices are less to do with regulations and more to do with the belief that we have a major supply shortage of houses. So you cannot say for certain it is overpriced - unaffordable yes, overpriced no. Anyway one of the biggest differences and one that has seen some debate in the past week is the ability to negatively gear with an investment property. You cannot negatively gear in the UK and there are restrictions to this in the US. I'd assume there are capital gains tax differences too. Check out our investment property calculator to do a property analysis for Australian property. http://www.mymoneycalculator.com.au/investment-property-calculator.html

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My sister was able to convince our parents to cosign on a flordia condo about 5 months ago and she's already having trouble with monthly mortgage payments! at this point she doesn't care if the banks repossess the property... but since my parents names are attached to it as well.. will the banks also go after the house we currently live in? forgot to mention that we live and own a house in queens, nyc but my sister is in florida.

All parties on the loan will be liable to the bank. The will go after any and all assets.

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I purchased my condo in 2004 & took out a seven year fannie mae backed balloon mortgage at that time. i wasn't planning on staying there more than 3-4 years so i figured there was no harm in doing that. i've been trying to sell for some time but at the time i tried to sell was when the real-estate market fell through so no one was buying. now my condo value has shrunk. i purchased at $130,000 in 2004. in 2005 it appraised for $166,000. i currently owe $120,000 . . . the condo is worth around $60,000 to $75,000. i currently do not live in this condo, i live with my significant other (not married) in their house. i had a tenant in the place for a few months but they left as they couldn't afford the rent (which is a good amount less than my monthly payments anyway) illinois is not an anti-deficiency state so, as i understand it, if the balloon mortgage resets without me either selling the place or finding a bank that's willing to finance a home that's worth half of the loan then the current mortgage holder can repossess the home (which probably isn't a bad thing at this point) and then come after me for the difference in what they would be able to dump the condo for. i'm already in talks with real-estate attorneys on how to best deal with this . . . anyone else have any experience in this and suggestions?

Even in states that protect you from deficiency, it only applies to your residence, since this is now income property you owe the money no matter what state you are talking about. You will not be able to pocket the money and run, it is not going to happen that way. You will need to pocket the money and declare bankruptcy, or give them back the 60k or so you will be short.