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After a foreclosure is completed and it show the balance amount if you owe anything would it be put in the past due amount.?
Wiki User
∙ 11y ago
t is very possible that the amount owed on a previous foreclosed house will be put in the past due amount. This depends on the state the house is located and their laws concerning such. It is becoming more and more common that mortgage companies, banks, etc are pursuing the difference of what was owed on that property and what that property actually sold for.
Wiki User
∙ 11y ago
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What amount of time would be needed to complete a foreclosure?
To complete an foreclosure it depends on the amount of information you give over at the start, and if there is anything else that needs to be added as soon as the foreclosure gets put into the system.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
Is there still a past due amount on your credit report after foreclosure?
The foreclosure will be on your credit report indefinitely.
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
Do you have to pay anything back when you loose an investment property through foreclosure?
Yes you are responsible for all outstanding debt . That is if the sale of the property does not cover the amount owed you are up for the remainder.
Can a borrower continue to market a home in foreclosure?
The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.
In a preforeclosure does the end buyer have to pay off the unpaid balance of the mortgage?
The buyer at a foreclosure sale pays to the bank the amount they bid at the sale. The foreclosure process nullifies the outstanding (or foreclosed) mortgage as it affects the property. However, a buyer at a foreclosure sale should have the title examined by a professional in order to disclose any other liens and encumbrances that affected the property prior to the recording of the mortgage that was foreclosed. A person who plans to bid at a foreclosure sale should always work closely with an attorney.
When a house is up for foreclosure auction can the missed payments and interest be added to the principal balance owed?
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.
What is true about balance?
The amount on one side of the '=' must balance the amount on the other.
What are the deficiency judgment laws in Minnesota?
In Minnesota, the lender can seek a deficiency judgment after a foreclosure sale if the sale proceeds are not sufficient to cover the outstanding loan balance. However, there are certain limitations on when and how deficiency judgments can be pursued, such as restrictions on the amount that can be collected. It's advisable for borrowers facing foreclosure in Minnesota to consult with a legal professional to understand their rights and options regarding deficiency judgments.
What happens to a tax lien on a property lost in foreclosure?
Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.
What does Margin Balance mean?
A positive margin balance is the amount owed to you by the brokerage. A negative margin balance is the amount owed to the brokerage by you.
