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When a house is up for foreclosure auction can the missed payments and interest be added to the principal balance owed?
Wiki User
∙ 15y ago
Yes. My neighbor is going through a foreclosure. When she got the notice of the sheriff sale, in MN, it had all the late fees, interest owing and the amount past due plus attorneys fees. So it can add up quite a bit.
Wiki User
∙ 15y ago
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Are there any legitimate foreclosure auction websites?
prlog.org is one of the legitimate foreclosure auction websites.
Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
What is the difference between a tax foreclosure auction and a bank foreclosure auction?
One is done by the IRS, and the other is done by your bank.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
Where can I find information on a foreclosure auction online?
You can find information about foreclosure auctions online by visiting www.auctions.com.
Do I have to pay to see foreclosure auction listings?
Not usually. Most local governments have foreclosure sale listings on their websites.
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
how do i find a foreclosure auction in my area?
www.foreclosurelistings.com is one place to look
Do you have to have 'cash only' at a foreclosure auction?
No, a cashier's check will work, too.
You stop making payments and they come get the car can they take you to jail for not making the payments?
No, once the car is repossed by the seller, you will not be arrested but the company will often resale the car at auction and can sue you for the remainder of what you owe including interest.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
