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If your condo goes into foreclosure do you still owe the condo fees?
Wiki User
∙ 11y ago
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
Wiki User
∙ 11y ago
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Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
When your home goes through foreclosure do you still have to pay the loan off from the bank?
no...the note goes back with the bank...your credit is ruined for five years
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
Is equity lost after a home goes into foreclosure?
Yes
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
What nicknames does Eleonore Condo go by?
Eleonore Condo goes by Elle.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
When your home goes through foreclosure do you still have to pay the loan off from the bank?
no...the note goes back with the bank...your credit is ruined for five years
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
What is the Fannie Mae foreclosure law?
how many days delinquent before a loan goes into foreclosure
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
Is equity lost after a home goes into foreclosure?
Yes
Can a room be rented in a house that is being foreclosed on?
Yes. The home still belongs to the owner until the foreclosure goes through and it is sold to someone else at a foreclosure sale. Of course the renter takes a risk on what might happen if a new owner takes over.
Do you still have to pay the loan after foreclosure?
When a house or car goes through foreclosure it is normally sold at an auction. Let's say that you owed $40,000 on your house when it went through foreclosure. It sold at auction for $30,000. You then would still owe the bank $10,000 plus some fees they will certainly tack on. If you can't pay then they may turn it over to a collection agency. Those folks may say "Hey if you pay us $5,000 we'll be square". So you pay them. Next thing you know, the IRS is on you because the remaining $5,000 is now income to YOU and you will be taxed on it. Bottom line? Yes you are still responsible for the remaining balance after the property is sold to its new owner. Cars, homes....same thing. Bankruptcy would be easier. That way you are absolved of any debts. Since you are in foreclosure your credit is in the crapper anyway.
After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?
In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.
