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What else can I help you with?
Is there a Federal Grant Program for homeowners facing foreclosure?
There is no federal grant program for homeowners facing foreclosure. Many states do offer assistance.
Does homeowners insurance cover foreclosure?
No. Homeowners Insurance does not cover the owners default on a mortgage note.
Where can I find information on a foreclosure auction online?
You can find information about foreclosure auctions online by visiting www.auctions.com.
Where would a foreclosure auction be held?
Most foreclosure auctions are held by the county, where the home or property is located. These auctions are generally held in county courthouses, which post the auctions in newspapers, and are also posted in the county courthouse buildings themselves.
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.
Are banks entitled to collect surplus on foreclosure auctions?
No, if there is any surplus of funds from a public foreclosure auction, it goes to the homeowners. This is why banks keep raising fees, interests, charges, costs, and any other monetary items they can impose on an account. The bank wants to be able to collect as much money as possible from the sheriff sale of the home. Not surprisingly, a surplus that goes to the homeowners is very rare. Most homes do not sell for enough to pay off even the first mortgage, let alone any other liens or create a surplus. However, in the rare cases where there is a surplus, the homeowners often have to request it from the court or county clerk. They will not just be sent a check. The government would rather that the homeowners disappear and leave the surplus for the government itself to claim, instead of letting the borrowers know they are entitled to some funds as a result of the sale.
How do you buy foreclosed properties?
Banks and Lending Institutions hold auctions of foreclosed homes. Check for auctions in your area. There are several ways to do this. Check the Legal Advertisements section of local newspapers to find out which properties are in foreclosure or about to be auctioned off after foreclosure. If foreclosure has not gone through, you might be able to buy the property right from the owner. Sometimes an owner gives the lender a deed in lieu of foreclosure so that the lender takes title without foreclosure. You can then buy from the lender itself. Many foreclosures are auctioned off by the local sheriff or similar public official. You can find out about those auctions either through newspapers, the lenders or the offices of the government official that will conduct the auction. There will be rules governing such auctions, so check with that official's office.
Is it possible to buy a foreclosure with no money down?
You can get information on foreclosed home auctions from banks that own mortgages like Bank of America, Wachovia, Chase Manhattan, Wells Fargo, Citibank, and your local credit unions.
Are the banks now keeping foreclosed homeowners personal property?
Banks do not have any legal right to any personal belongings of homeowners in foreclosure cases. The loan is secured by the real estate, and the bank can only take back the real estate property. The only exception is a type of loan that banks occasionally make that includes both the real estate and personal property, but this personal property is listed and specifically detailed. It comes with the original transaction and is covered in the original loan. If a bank gets a deficiency judgment against homeowners, it may be able to seize some assets of the borrowers. However, these are somewhat rare cases, and the specific state foreclosure law procedures must be followed to obtain a deficiency judgment.
Can banks be forced to accept a deed in lieu of foreclosure?
NO.
How can I find upcoming Foreclosure Auctions?
This information can be obtain through the local newspaper or the county courthouse.
Why am I being sued after foreclosure?
If it sold for less than you owe on the mortgage and costs associated with the foreclosure, you can be held responsible in some states for the balance. You might consider seeking advice from an attorney who works with homeowners who face foreclosure.
