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Take Cash Out

A cash-out refinance is a type of mortgage refinance where you borrow more than you owe on your current mortgage, and a portion of the difference is given to you in cash.

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What happens at the Balloon Maturity Date?

When the loan reaches maturity, all outstanding balances are due. If you find you are unable to afford the outstanding balance, we will work with you to find any available assistance option.

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How will filing bankruptcy impact credit reporting?

PHH Mortgage follows the current guidelines from the Consumer Data Industry Association (CDIA) for all bankruptcy filings. The status of the loan at the time of reporting will be furnished monthly along with the current chapter filed. Typically, a bankruptcy filing can reflect on a credit report for 7 to 10 years.

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Why aren’t you reporting my mortgage to the credit bureaus after I receive a bankruptcy discharge?

Per CDIA requirements, there will be no credit reporting upon discharge of a chapter 7 bankruptcy if the debt is not reaffirmed. This is because the discharge removes the personal liability for the underlying debt amount. For secured loans discharged through chapter 12 or 13 bankruptcy cases, credit reporting stops if the collateral was surrendered or the lien was avoided.

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How will a bankruptcy discharge affect my monthly account statements?

After the bankruptcy is discharged, we will resume sending statements. However, we will not send statements if the lien was avoided or the property was surrendered in the bankruptcy.

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Is there a personal obligation to repay the amount owed after I receive a chapter 7 discharge?

There is no personal liability for the debt owed; however, a chapter 7 discharge does not eliminate the lien of the mortgage or deed of trust (also known as security instruments). This means that creditors still maintain an interest in the property and can take action to protect that interest.

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Can I still apply for a modification after a bankruptcy discharge?

Yes. We encourage you to ask for assistance if necessary. While it is possible that the bankruptcy discharge eliminated the personal obligation to repay the debt, the lien of the security instrument remains on the property.

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Does bankruptcy affect second mortgages?

Yes. All of the above information regarding discharge and the lien status applies to both first and second mortgage accounts.

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What is an Adjustable-Rate Mortgage (ARM) loan?

An Adjustable-Rate Mortgage (ARM) is a loan with a fixed interest rate for an introductory period and then changes at regular intervals according to the index listed in the Note. ARMs are also known as a Variable-Rate Mortgage.

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What happens after the introductory period on an Adjustable-Rate Mortgage (ARM) loan?

After the introductory period, the new interest rate is calculated based on the terms outlined in the Note. 

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