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WILL the borrower BE hELD responsible for property taxes during foreclosure?
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∙ 11y ago
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Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
Are bank accounts safe during a foreclosure?
As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved. From any of the other financial issues your probably dealing with, that may even be allied to the property foreclosure.....at risk.
Can banks go after spouse if the house is not in her name during a foreclosure?
The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower. The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower. If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.
What happens during a foreclosure?
After a default by the borrower the bank takes possession of the property and sells it.
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
What are the foreclosure laws in New Jersey?
At least 30 days before starting the foreclosure process, the lender mails a letter to the borrower warning of the impending foreclosure. During this pre-foreclosure period, the borrower can prevent the foreclosure by paying off the amount in default. The lender initiates the foreclosure through the courts and records a lis pendens (notice of pending lawsuit) with the county clerk. The lender can sue for either the default payments or the entire unpaid principal balance on the loan. The borrower is notified of the foreclosure action in person or by publication if necessary. After being notified, the borrower has at least 35 days to respond or the court will make a ruling. If the court rules against the borrower, a sale date will be scheduled. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Are bank accounts safe during a foreclosure?
As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved. From any of the other financial issues your probably dealing with, that may even be allied to the property foreclosure.....at risk.
Can banks go after spouse if the house is not in her name during a foreclosure?
The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower. The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower. If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.
When a property goes through foreclosure can borrower do a deed in lieu prior to the end date of the redemption period?
When a Property goes into Foreclosure and a Sheriff sale date is posted, or if after the Sheriff sale and is during the redemption period a "Deed in Lieu" is always a possibility. The Mortgage lender must agree to accept this. A"Deed in lieu" is the process in which an owner would be surrendering the title to the lender. Again the Mortgage/lender must agree to this act.
What happens if the person filing for foreclosure dies?
A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.
Foreclosure?
Many Americans are facing foreclosure today due to the declining economy. Foreclosure is when a mortgage company terminates the borrowers right to the mortgaged estate. The foreclosure process begins when the borrower fails to make the mortgage payments at the specified time the loan is due. Often this occurs because of divorce, unemployment, medical issues, death, and even being sick of property management.The foreclosure process begins usually with the demand of payment sent out in the form of a written letter. This written letter is known as the Notice Of Default. The process doesn't typically start until the borrower is three months before on the mortgage. This notice is considered to be a threat to sell the borrowers property and evict them from the premises if payment arrangements are not made. If payment arrangements are not made or agreed upon between the borrower and the mortgage company, then the foreclosure process will preside.Foreclosure laws differ from state to state. In some states the borrower could remain within the dwellings for up to a year. In other states the borrower has less than four months to vacant the premises. During the prefilling phase of foreclosure, the mortgage company may still offer options to the borrower so that they can keep their customer and the borrower can keep the property. Some of the options offered is loan modification, refinancing, and forbearance. Forbearance is the agreement to suspend or reduce monthly payments over a period of time. Terms and conditions of the loan do not change and forbearance only last for a year. After that year is over, the borrower must cure the delinquency through a lump sum reinstatement or repayment plan.Foreclosure TimelineBelow is a foreclosure time line showing the complete foreclosure process from start to finish. This gives an individual an idea of what the process is and what happens at various points within the process.Day 1-15Mortgage payments are due generally at the first of the month. If payment is not received by the due date of the loan then the account is seen as delinquent.Day 16-30By this time a late fee is added on the account because payment has not be received. The borrower will get phone calls from the lender and also a late payment notice from the lender.Day 31-45By the 30th day, the loan enters into default. A second notice is then sent to the borrower. The lender then reports to the credit bureau which will have a negative impact on the borrowers credit history.Day 46-90Lender sends letter to the borrower stating a breach in contract and violation of the loan terms. By day 60, the lender may start up the accelerated procedure notifying the borrower that foreclosure is in process. By this time the lender can refuse any partial payments toward the delinquent accounts.Day 91-415Loan is sent to foreclosure office within the lenders establishment. There they hire an attorney, to start the proceedings. Foreclosure can start anytime after the acceleration notice has been sent. This occurs when the loan has reached 90 days past due. House is then sold at an auction.
What happens to the owner of a mobile home during a foreclosure?
Real property is not actually owned until the property is paid for in full. A buyer of a mobile home loses all ownership rights to the property when it is foreclosed on. A resident/buyer loses ownership rights to the property and will have to vacate the premises within the length of time specified in the foreclosure action.
Can you remove garage during foreclosure?
No, you cannot remove the garage since it is part of the real property and thus covered by the mortgage.
