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No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNo. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
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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.
What happens when you go to foreclosure Florida State?
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens)against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. 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.
What is the difference between a mortgage and a mortgage deed?
The main difference between a mortgage and a Deed of Trust is the procedure that is followed if the borrower breaches his or her agreement to pay off the loan. With a mortgage, if a borrower "defaults" -- such as by failing to make monthly payments or meet other conditions of the loan, such as carrying homeowner's insurance and maintaining the house in good repair -- the lender must bring a court action in order to foreclose on the property. With a Deed of Trust, if the homeowner does not pay the loan, the foreclosure process is usually much faster and less complicated than the formal court foreclosure process.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
Mortgage foreclosure dismissed for want of prosecution?
The mortgage company did not go to their own court date and the foreclosure was dismissed. They will be able to refile it if it was without prejudice.
Are foreclosure cases tried in civil court?
Yes, it would be heard in civil court. A foreclosure is an action due to default on a contract (the mortgage), which is a tort, not a crime.
How can homeowners stop foreclosure?
There are a few ways that homeowners can stop foreclosure. If they cannot meat their mortgage commitments, they can try and renegotiate their mortgage with their lender. They can also try to get a court order.
Can the government require a mortgage holder to give up their security to avoid foreclosure?
The government isn't involved in this. The security for a mortgage is title to the property. It is given up in foreclosure. Doing so without the problems and expense of forcing the lender to go to court, is called a friendly foreclosure. The agreement allowing any of this was between the lender and the borrower, when the loan was made. The court or government may be involved in enforcing the agreement, like any other contract. Not paying a debt used to be a criminal thing, and still is in many countries.
What happens to second mortgage in foreclosure?
After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.
What is a foreclosure house?
Foreclosure is a civil lawsuit in which a bank, mortgage company or other lien holder seeks a court order to sell your property to satisfy a debt. If the court awards judgment to the lender, the lender can have the property sold at auction to pay off the mortgage debt.
If you are in foreclosure for your first mortgage are you still responsible for the second mortgage if there is a second mortgage on the property?
If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent interests in the real estate. After the foreclosure the real estate can be sold free and clear of any subsequent mortgages or liens. However, the debtor remains responsible for the second mortgage debt.Any remaining proceeds from the foreclosure sale after the first mortgage is satisfied are paid toward the second mortgage. In some states the second mortgagee can seek a "deficiency judgment" in court against the debtor. However, even when possible it's not often done due to the costs and the slim probability the debtor will have the ability to pay.You should check your state laws.
Can you reinstate a home foreclosure although the court gave the bank judgment?
You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
