Can I stop repossession order?

As soon as you default on the loan, a lender may repossess your car in California. An employee of the legal property owner or a repo agency can repossess your car. You can avoid repossession by reinstating or refinancing the loan, selling/surrendering your car, or contacting your lender to ask for other options.

Can a mortgaged property be sold?

Even as the property remains mortgaged, you may want to sell it. Since all the original property documents are in the custody of the lender until the loan is closed, one can sell a mortgaged property with the process stated below. While the property is mortgaged, one may want to sell it.

When do you go into default on a mortgage?

The most common type of default is falling behind in the required monthly payments. But breaching other terms in the loan contract is also considered a default. For instance, you’ll likely be in default if: You don’t pay the property taxes—assuming you don’t have an escrow account.

What causes a mortgage to default in good faith?

The mortgagor tried in good faith to perform her obligations but unintentionally and innocently committed the default. The default was brief, and the mortgagor promptly tried to cure the default. The default was caused by fraud or conduct in bad faith by the mortgagee.

When does a mortgagor have the right to cure a default?

The mortgagor has the right to cure the default up until the mortgagee effectively accelerates the debt. So if the mortgagor defaults by not making a couple of monthly payments, the mortgagor can prevent acceleration and foreclosure by tendering the late payments to the mortgagee any time before the mortgagee accelerates the debt.

Can a mortgage company take a landlord to court?

If your landlord has fallen behind with their payments, their mortgage lender could take them to court to get possession of the property. This will usually give them permission to evict anyone who lives there.

What happens if a landlord defaults on a mortgage?

If the landlord defaults on a mortgage, tenant rights are in place to make sure that you aren’t suddenly out on the street. Learn about tenant rights if a landlord defaults on a mortgage with help from a longtime property manager and real estate expert in this free video clip.

Is it possible to get a mortgage with a default?

Generally, the lenders that accept defaults are really only concerned with when they were registered, not the dates of settlement, so mortgages with unsatisfied defaults are just as likely to be approved so long as the dates of registration are within their criteria..

Why did my lender refuse to approve my mortgage?

Defaults on a credit file are one of the most common reasons for the refusal of a mortgage by many lenders, especially on the high street where generally only applicants with a clean credit history are approved.

Is it possible to default on a secured loan?

Yes, they are. All lenders will consider secured loan or mortgage payment defaults to be very serious and weigh them accordingly when making a decision. However, some lenders are more relaxed about, for example, missed payments on mail order accounts or mobile phone contracts.