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What happens to the owner of a mobile home during a foreclosure?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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Can you sell your house during foreclosure?
Yes. The new owner would take subject to the foreclosure as well as yourself.
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.
Can the former owner come back to get his belongings after a foreclosure?
Can former owner claim his belongings after foreclosure and the property transfered to new owner,
Landlord says house in foreclosure I want to break lease and move Can I?
The foreclosure sale will function to terminate the lease. However, until the foreclosure sale takes place, the owner is still the owner, and the lease remains in effect.
Who is the owner of karbonn mobile?
Who is the owner of karbon mobile
What happens to property with a mortgage when the owner with a will dies?
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
Why is a foreclosed mobile home still on the property?
There are many reasons why a foreclosed mobile home might not be immediately removed from its location. Often this is pending a resale. If you do not want a home to remain on your property after losing it to foreclosure, you will have to legally notify the repossessing owner to remove it.
What happens to a rental tenant if the owner of the building is losing it in a foreclosure?
Many times the new buyer will want tenants to stay. But sometimes a sold property will be used for other purposes.
What happens if your mobile home is on your own lot and not someone's else?
If it's on your own lot, you are very fortunate. Most mobiles are in parks where the mobile owner pays rent.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
What does resale mean in real estate?
In real estate, there is what they call pre-foreclosure selling of properties - wherein the owner, who is nearing foreclosure - could resell the property to a prospective buyer in cooperation of their lender / bank. This is to save the credit of the owner and avoid foreclosure that may damage their credit record.
What is the importance of a foreclosure of a house?
Houses go into foreclosure when the owner can no longer afford to make the house payments. Many people look to purchase foreclosure homes as they can often be purchased for a low price.
