That is up to the lender. You need to contact the lender.
That is up to the lender. You need to contact the lender.
That is up to the lender. You need to contact the lender.
That is up to the lender. You need to contact the lender.
That is up to the lender. You need to contact the lender.
The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.The title to the property was transferred to the new owner at below market price. The difference between the transfer price and the fair market value is called a gift of equity and some lenders will allow the borrower to use that amount as a down payment. If there is a default in paying the mortgage the lender will take possession of the property by foreclosure. As with any cash down payment, in the case of a foreclosure the gift of equity is gone. You don't get the down payment back.
The difference between what is still owed on the mortgage and what the property was sold for at the foreclosure sale is called a "deficiency". The ability of a lender to collect the amount of the deficiency is governed by state law. You need to check the laws of your state for a definitive answer. See the discussion at the link provided below for more information.
If you just went through a foreclosure I know of no one that will give you a mortgage for a number of years. I tell people to sell the home before it goes to auction.
Mortgage loans are the loans that are obtained by keeping a security against the amount of loan opted for. Most of the population that opt for mortgage loans try to apply for the home mortgage loan. For more information, see Related Links, below.
It depend on which state you are in. In some states the judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the "No Power of Sale Foreclosure Guidelines".
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
If your planning on selling your home, talk to your mortgage company. A lot of times they have programs where you can drop the price of your home below market value to get out of it. Its called a hardship.
You can find information at the link below.
The entire legal procedure for foreclosure is too long to reproduce here. You can review the procedure for Florida at the link below.
Share discount refers to the amount by which a given market value of a share drops below its par value.
Non-judicial procedures are used by states that use deeds of trust as the security instrument for purchasing real property. This procedure is in contrast to states that use a judicial procedure when a mortgage is the security instrument for a loan to purchase real property. See link provided below. Additional Information Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) - the lender can start the foreclosure process very quickly. Then the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the mortgage lender then can come in and auction off the home to the highest bidder.
It means you're getting a mortgage. For the definition of mortgage, see the related link below.