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The key is that you simply preserve you mortgage funds present if for any cause you fall greater than ninety day delinquent during those first three years following the modification the settlement is null and void and any amount that was forgiven†beforehandhttps://www.property-net-malaga.com needs to be paid again and any future amount that was meant to be forgiven now is added back into the principal steadiness of your loan.
Any liens resulting from other loans against the property being foreclosed ( second mortgages https://www.property-net-malaga.com HELOCs ) are “worn out” by foreclosureshttps://www.property-net-malaga.com however the borrower is still obligated to pay off these loans if they aren’t paid out of the foreclosures public sale’s proceeds.