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What else can I help you with?
Do I have to pay to see foreclosure auction listings?
Not usually. Most local governments have foreclosure sale listings on their websites.
Do you have to pay something in a home foreclosure?
no
Do you continue to pay rent when a foreclosure sale has been postponed?
Yes. The tenant owes the rent to the landlord, right up until the foreclosure sale happens.
When your house forecloses and it doesn't sell do you owe the difference?
If you're in the US and assuming you mean the home doesn't sell at the foreclosure sale… The lien holder will market the property and eventually it will sale, but it may take some time if the market is bad. If the property does not sell for enough to pay off the entire balance (which will include the loan balance, the foreclosure legal expenses, attorney fees, etc), the lien holder will seek a deficiency judgment against you for the remaining balance (if the state allows it and most states do).
In a preforeclosure does the end buyer have to pay off the unpaid balance of the mortgage?
The buyer at a foreclosure sale pays to the bank the amount they bid at the sale. The foreclosure process nullifies the outstanding (or foreclosed) mortgage as it affects the property. However, a buyer at a foreclosure sale should have the title examined by a professional in order to disclose any other liens and encumbrances that affected the property prior to the recording of the mortgage that was foreclosed. A person who plans to bid at a foreclosure sale should always work closely with an attorney.
Do you have to pay off your mortgage before selling your home?
No, you do not have to pay off your mortgage before selling your home. When you sell your home, the proceeds from the sale can be used to pay off the remaining balance of your mortgage.
How can you save your home from foreclosure?
You can try to find a local agency that helps people to renegotiate their mortgages to make the payments more affordable. You can pay your past due balance. You can ask the bank to take a deed in lieu of foreclosure.
Where the money go after a foreclosure?
After a foreclosure, the proceeds from the sale of the property are typically used to pay off the outstanding mortgage and any other liens on the property. If the sale price exceeds the total debt, the remaining funds may go to the former homeowner. However, if the sale does not cover the debt, the lender may pursue a deficiency judgment against the homeowner for the remaining balance. Ultimately, the distribution of funds depends on local laws and the specifics of the foreclosure process.
What happens when your home is in foreclosure and you have an equity line of credit on this home?
The line of credit is no longer usable and the bank that gave you the line of equity will be asking you to pay the balance. The mortgage holder will also be asking for the deficiency after the foreclosure auction. Alternatively, the banks may send you a 1099 early next year so you will owe taxes on the "forgiven" balance. Get a good bankruptcy lawyer. The law may change in this area when Congress comes back into session.
Do you pay income tax on the money forgiven on a home foreclosure or short sale or key turnover?
Yes. You will receive a form 1099-C for debt cancellation on a home foreclosure, credit card debt cancellation, auto loan failure to pay, etc. Just because you get a form does not mean you will have to pay taxes on the money. You just have to complete extra forms and possibly pay taxes on any gain you had from the cancellation.
How do you sell motorhome with a loan balance?
You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.
Can a real estate broker refuse to pay an agent's commission?
A short sale is a process by which a homeowner who cannot keep up with mortgage payments may avoid a foreclosure. In a short sale, the homeowner allows his lender to market and sell the home.
