0
How much time are you given for moving out when the lender forecloses on your home?
Wiki User
∙ 12y ago
You may have up to a month depending on the speed of the legal system. You will receive a notice of default then a foreclosure notice. This whole process can sometimes drag out 6 months.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
Do the same rules apply to the voluntary repo of a mobile home?
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
When your home forecloses will your wages be garnished?
That would depend on garnishment laws from state to state. In Texas, no.
Are you responsible for the loan balance if you foreclose on your home?
Yes, of course. The lender forecloses on the dishonored promise to pay, takes possession of the home, auctions it to the public, and you still owe whatever amount they were not able to obtain at the auction to satisfy your loan obligation. If the home has more equity in it than you owe, then the extra proceeds of the auction will go back to you, but you'll need a new home, unless you won the auction.
How soon can you get a home loan after you have had a foreclosure?
Each lender is different. Contact the lender of your choice for that lender's policy.
Can a lien be put against a home for a vehicle repossession?
Yes. That means in the event you try and sell your home, any monies received from the home their portion is given to them first. YES, IF the lender has a JUDGMENT against you.
How can I get a home equity loan?
A home equity loan is similar to a mortgage but your money is given to you not to your home lender. There are many websites that offer information on this process the best being www.federalreserve.gov/pubs/equity/equity_english.htm.
If the same lender holds both mortgages and only second goes to foreclosure what happens in Delaware will both go into foreclosure even though the first is current can we stay in home?
No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.
Can a lender sue if you do not have a job?
I lost my job and I have to foreclose on my home. can I be sued by the lender.
What is financially qualified to buy a home?
There is no "exactly". Qualification will vary from lender to lender.
When purchasing a home or condo in Florida are you required to get life insurance if it's financed through a bank?
Your lender may require insurance to insure that in case of your death, the mortgage is paid. Your lender can explain this requirement to you given your specific situation.
