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What happens to the property if a property does not sell at the auction or Trustee's Sale?
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.
After deed in lieu what happens to the property?
Your lender bank obtains the title of the property and appoint a real estate agent to sell it.
Can the bank legally sell a home in forclosure for more than What is its legally worth?
The bank can sell the property for any price they can get for it. No one is going to be willing to pay more than it is worth.
Why would a bank hold a property for 5 years and not try to sell it?
The market may be bad for getting a good offer to purchase. There may be problems with the property. You would need to ask the bank.
In Real estate what does the term deed instead of foreclosure mean?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street.
Can a person who owes on property to a bank divide that property and sell to family member but then default on original loan and be able to still keep that small piece of property that was split?
No. The mortgage follows the whole property and it would all be foreclosed for non-payment. The bank would need to agree to release it lien on the property being transferred for you scenario to take place.
Does the bank still collect from a deceased co signers estate if the property was sold?
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
How will a Deed in lieu of foreclosure effect your credit?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street. You do not have any record of having a foreclosure on your credit record. There is no indication on any credit record that you are a deadbeat and did not pay your bills.
How do you sell bank account?
As a customer you cannot sell your bank account. It is an individual's property that can only be closed per his/her request but cannot be transferred or sold. On the other hand, if you are a bank salesman who is selling bank accounts to prospective customers, you can outline the best features and benefits of the account and try to woo customers to open one account with you.
In the game of monopoly can you mortgage property when you have houses on other properties you own.Or do you have to sell back houses and hotels to the bank before you can mortgage any property?
no you just keep the houses and mortage your property its in the offical rules of monoply menual
Is it mandatory for trustee to sell principal residence?
If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.
What are the short sale ramifications?
A short sale incurs a loss for the bank or other institution that extended the loan to the homeowner. Therefore, the homeowner must negotiate the terms of the sale with the bank before attempting to sell the property. There are a variety of consequences for the owner of a short-sale property.
