Visit the lender and find out how to make this happen. It may have tax ramifications, but there should be a process.
That means that the owner had some equity in the property. The bank agreed to give them some of that equity for a clear title.
Bank loans are usually secured on the person's property. If the borrower fails to pay the loan back to the bank - the bank simply 'forecloses' on the loan - and seizes ownership of the property.
The bank had a lien on his property.
You give your car back to the bank after filing bankruptcy, the bank will ask your attorney for the vehicle back and give you a certain amount of time and the location to return it to. Definitely do not give it back before you file you will need to have it discharged legally from your debts.
If you are still making payments to the bank, then legally it is the property of that bank. If you fail to make the payments, the bank reserves the right to take back their property. Property can usually be returned to the purchaser if the the purchaser can make the payment in full, within a certain amount of time set by the bank.
Not per se. A foreclosure proceeding on your landlord is no reason to not pay your rent, as long as he still has control of the property. If this is not the case then the bank or other entity that has control over the property will give you instructions on what to do. Your landlord has to give you your deposit back unless he's keeping it for legitimate reason, and such reason must be listed on the paper he sends you when he intends to keep the deposit.
Yes residential property can be levied to pay back a debt. It is common for a bank to put a levy on a property.
When the bank foreclosed on the house, they took it back. Now it's time to move out.
Grow up. Yes, give them the keys back. If they need them they will ask.....just make sure you get ALL of your personal possesions back before you give them the keys. Well, no. You don't have to give them back. If you choose not to, be prepared to have to pay up to $250.00 for the bank to have a new one made. Cheaper to give them back. Most repo companies won't give personals back until they have the keys. A repo "company" cannot hold your personal property hostage.
There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.
DO NOT give the landlord any money. If the bank has taken possession of the property itmay be your obligation to pay the bank and not the (former) landlord. Call the bank before you pay anybody anything !!!
If a home does not sell at auction it goes back to the trustee....(The bank / Lender). Typically the property transfers back at the starting bid...so in actuality it did indeed sell.