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You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
yes
You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.
A foreclosure does not disappear from the public records section of a credit report. It is much like a judgment that is not satisfied. It stays on the report forever.
Yes. Answer {| |- | This is where you are unable to pay for the house and you voluntarily give the house back to the lender. This is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit. However, you lose your greatest asset, your home. |}
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
Generally not
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
In some cases, a confession of judgment may be disputed by showing that it was obtained through fraud, coercion, or other improper means. It is advisable to seek legal advice to explore the options available based on the specific circumstances surrounding the confession of judgment.
This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.
That means that the cross claimant in the lawsuit was granted a judgment against the cross defendant(s). If the judgment is not satisfied in full immediately, the property in jeopardy will be foreclosed upon.
Yes.
No, adeficiency judgment may not be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures.
Confessions of judgment are typically recorded in a written agreement signed by both parties, where one party confesses to a specified judgment amount. This agreement may be filed with the court or a public entity for enforcement purposes. Additionally, the terms of the confession of judgment may be included in the final judgment issued by the court.
While any judgment can attach against real property, only a judgment and decree of foreclosure can result in the foreclosure of real property. Decrees of foreclosure are only added to judgments as a result of non-payment of a mortgage or deed of trust, or other security instrument.
You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
Yes, but whomever buys at the second foreclosure will own the property subject to the first lienholder's debt. The first lienholder can still foreclose and wipe out the second.