Unless you are willing to give the junior lienholder (the second mortgage lender) some sort of compensation (like a shortfall payoff), it can be difficult. Once a deed in lieu of foreclosure is done, only one bank gets the real estate. Typically, it's the first lienholder. The second mortgage would need to be released in order for that to happen. Banks may be more willing to consider "charging off" the second lien in recent months, since they know that if the loan does go into foreclosure their mortgage is going to be wiped out anyway, but it is often difficult to get them to voluntarily release their lien prior to foreclosure. Often, though, they will take a nominal amount - even $500 - since getting something is better than nothing.
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.
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.
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages.
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.
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
Each lender is different. Contact the lender of your choice for that lender's policy.
There will be serious consequences. The lender you don't pay has the right to take possession of the property by foreclosure.
In Texas they can.
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
Yes. In Massachusetts and other states there is a procedure whereby the mortgagor gives the bank a deed in lieu of foreclosure. You should discuss a "deed in lieu of foreclosure" with the mortgage department of your lender.
Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.Yes, until the foreclosure has been completed and the lender has taken possession of the property.
Yes, you can submit to the lender a document called a deed of foreclosure. no
You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.
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.
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.
That is entirely up to the lender. Generally, a lender sets up the transaction so that it can take the property by foreclosure if the borrower fails to pay. Therefore, an experienced lender requires that all the owners sign the mortgage. If only one joint tenant signs the mortgage the lender would only acquire a half interest by foreclosure. A half interest is hard to sell.Most mortgages that are signed by only one of the owners are errors made by inexperienced lenders.