Can Mortgage Payments Be Recovered After X Months / Years

Can Mortgage Payments Be Recovered After X Months / Years

The ability to reclaim the funds paid into the home’s principal balance is possible depending on the escheat laws of the state. All states have a time limit before funds turn back to the state itself and this is covered inside the Foreclosure Secrets program.

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    • Is The Period For Claiming Funds Limited

      The time period (time limit) depends on the state. There are some states that allow up to a decade for the funds to be claimed. Most often, these excess funds are with the trustee or court for 12 months and then they go to the state. Check the ...

    • After A Mortgage Foreclosure - How Long Are The Excess Funds Available

      This depends on the state (see 50 States Guide in Member's Area). Usually excess funds are held with the trustee or court for 12 months and then they go to the state.

    • What Happens To The Note When Refinanced During Recovery

      If a person has a note sent for satisfaction on LOAN #1, then they refinance into LOAN #2 during the recovery period (~12 months), the funds will simply be applied towards the current note, NOTE #2. That same person will also be able to recover NOTE ...

    • Can A HELOC Reduce The Monthly Minimum Payments

      Yes, it can reduce the monthly minimum payments and as time goes on the monthly minimums will continue to decrease as the principal balance is lowered. In fact, most HELOCs only charge an interest-only payment that is typically much less than a ...

    • Where Are The Funds Recovered From

      The Equitable Admin Recovery Process for a promissory note or security involves constitutional due process and the Depository Trust Company (DTC) or the Depository Trust and Clearing Corporation (DTCC) for commercial real estate funds. Prior to state ...