Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.
no
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
The only way to buy a foreclosure is through the bank. If you want to save money you can try to pay in cash.
If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.
It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.
Then you still owe money to the bank.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
It means the bank holding your mortgage will take your house from you and you will be forced to leave. The bank will then try to sell the house. If they don't sell it for enough to cover the balance of your loan, they will probably come after you for the difference. Foreclosure will also badly damage your credit rating making it very difficult to borrow money in the future.
Yes. Foreclosure is not due to lack of money, but is due to failure to make payments on the debt in a timely manner.
Yes, you can submit to the lender a document called a deed of foreclosure. no
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
One is done by the IRS, and the other is done by your bank.