While it certainly is possible to represent yourself (pro se) it is generally not a good idea to tackle a foreclosure filing without professional advice. You may find a law firm who will work with you and give you only the assistance you need for reasonable fees, such as answering specific questions. However, as a general rule, representing yourself in a court action, especially one which MAY become contentious (such as a foreclosure) is not necessarily a good idea.
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
property foreclosure and debtor's prison.
The time frame for foreclosure proceedings can vary depending on the state and the specific circumstances of the case. Typically, once a docket number is established, the foreclosure process can move forward relatively quickly, usually within a few months. It is important to consult with a local attorney or foreclosure expert to understand the specific timeline in your area.
I'm not entirely sure what you mean, so I'm taking a stab in the dark here. It's possible for a lender to begin to foreclose on a property, decide for whatever reason (such as the debtor bringing the loan current, or reaching an agreement with the debtor to halt the process) not to complete the foreclosure, and then later go ahead and start the foreclosure again if the debtor misses additional payments or fails to comply with the terms of the agreement.
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
Yes. The debtor can take either action voluntarily, but that will not relieve the debtor of the original contract agreements. In the case of a vehicle the borrower/debtor would still be responsible for any deficiency between the price the vehicle was sold for and the loan amount. A voluntary foreclosed or the submission of the deed in lieu of foreclosure is a complicated matter and the extent of the debtor's financial responsibility would be stated in the terms of the loan agreement.
Yea by not paying your mortgage. but seriosly not likely unless you initiate it be claiming B.K.
When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process. The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax foreclosure.
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.
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.
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.