What if the mortgage company defaults? Do I get the house?

my father has not paid the mortgage in two years. They had originally tried to foreclose but could not because of legal misrepresentation. Now he received a letter that the mortgage company it self defaulted. He thinks we get the house 100% Is he right? And this is for a property in NJ.What if the mortgage company defaults? Do I get the house?
no I'm sorry that is not correct. He should find out who is taking over the note. No mortgages are just let go. Another servicer will or has taken over and they usually are very aggressive at getting it in order.What if the mortgage company defaults? Do I get the house?
Why hasn't he made a payment in two years? And what is your ownership interest in this?





Sounds like this is a legal mess, but, your father's hope is incorrect. If the bank cannot hold onto the loan anymore for any reason (it is sold, goes bankrupt, traded, merged) the loan goes to whatever new bank or mortgage company buys it out.





There is no free lunch here. Let's hope Dad has saved up these back payments to bring the loan current, or else plan to move to an apartment. Usually when someone else comes in to buy these loans, they move very aggressively to cure (pay up or get out) old loans.
Dream on!





NOPE





It's FAR more complicated than that. However, if they have not completed foreclosure, title is still in dad's name. He bettter make sure he's paying insurance and real estate taxes, or it could be sold for back taxes. Because if lender is in disarray, they probably aren't being paid. Dad has had 2 years of free housing and better pay the taxes or he's out!
no. plain and simple. the ';paper'; is sold to another lender.
No, not a chance.
No....the mortgage will be passed on/sold to another lender. He is way WRONG!!!!!!!!!!!!!!!!!!!!!!