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Does a house go into foreclosure for lack of homeowner payments?
Wiki User
∙ 13y ago
At the discretion of the lender, a house can be foreclosed after a period of missing payments.
Wiki User
∙ 13y ago
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Can you still qualify to buy a house if you have low income?
Yes, possibly. You can buy a house for cash from savings or investment with no income at all, and then keep it as long as you can make the tax payments and other assessments. If your lack of income is "probably temporary" (like you're in prison for a short period, or "between jobs", or "in graduate school"), you may still qualify for a loan. If you cannot afford to pay the interest on a loan to purchase a house, then it is a really bad idea to consider buying a house. You will fail to make the payments and it will be taken away.
Is 84 lumber filing bankruptcy?
you would think with their lack of cash flow AND their insistence on net 90+ day terms they would be near bankrupt. Their reputation amongst their suppliers is poor, at best. THEY like to drag out payments as long as they can. you would think with their lack of cash flow AND their insistence on net 90+ day terms they would be near bankrupt. Their reputation amongst their suppliers is poor, at best. THEY like to drag out payments as long as they can.
Why can't appraisers use foreclosure sales as comparables for determining fair market value for a property heshe is appraising?
Appraisers use sales of homes that were made as arms-length transactions where neither the buyer was desperate to buy nor the seller was desperate to sell as a basis for comparing other similar properties in an area. A foreclosure property does not meet these criteria because of the nature of the legal process that the house is undergoing. Houses in foreclosure are typically classified as distressed properties, which means that there is something wrong with them that induces the owners to sell for less than the fair market value of the property. In some cases, this might mean a condemned house or one that has been severely damaged or fallen into disrepair. In such cases, the buyers of a distressed house are able to offer the sellers less than what the property would sell for if it was in a fairly decent condition. But these types of houses are also difficult to compare to other houses in the geographic area that are in better condition or where the owners have no added reasons to unload the property. Foreclosure cases work slightly different compared to a house that is falling apart or damaged, but the lack of time many people have to sell before losing the home to a county sheriff sale indicates that the buyers have the upper hand in negotiating a beneficial price in order to complete the sale before the eviction. This is one reason that properties in foreclosure often sell for less than their fair market value or the current market value of similar properties, even if there is nothing physically wrong with them. Appraisers know that the sellers may not even have wanted to sell, which can easily skew comparable valuation data. Properties owned by banks after a foreclosure auction has taken place are little different. In these types of cases, banks may not take care of the houses, or vandals may strip them for any useful resources like copper pipes, for instance. Banks also do not want to own these properties and are often willing to entertain lower offers. But again, these types of sales are not between a disinterested buyer and a disinterested seller -- in most instances of foreclosure, the seller is willing to unload the property for just enough to make it worth their while. Owners want to sell to save the house and their credit from foreclosure, while banks just want to unload foreclosure properties from their balance sheets. Thus, foreclosure properties are not good candidates for comparable sales, except for comparing sales of other foreclosed homes. Appraisers would much rather use home sales that were not done under duress, because a certain home was condemned, sales between family members, or foreclosures. The values have too great a tendency to become distorted.
What are the risks involved in a finance department?
1. lack of proper segregation of duties 2. cheque book and bank deposit books not properly safeguarded 3. payments to be made not properly reviewed 4. bank reconciliation not performed regularly
How does foreclosure affect interest rates on loans?
The effects that foreclosure can have on interest rates of other loans needs to be examined from a few different perspectives. From a personal level, homeowners facing the loss of their homes may see an increase in interest rates on loans they already have, as well as any new loans they take out. But, from a macroeconomic point of view, large numbers of foreclosures can have even more detrimental effects to a society's ability to borrow, depending on how the situation is handled. Many credit cards have clauses in them that, if a consumer defaults on any other loan, the credit card company can raise the interest rates. This can happen even if that particular line of credit is completely paid up to date and current. This has been one of the more devious methods by which creditors add in extra fees and bump up interest rates even if their client's account is not behind at all. When homeowners face foreclosure, it is often due to a financial hardship, and the mortgage is the last bill that is defaulted. This means that homeowners may fall behind on on credit card initially, which raises the interest rates on all their other personal loans. Once they are unable to keep up with these any longer and the financial hardship has not ended, they finally fall behind on the house loan. The mortgage interest rate does not adjust higher due to missed payments, but interest begins to accrue on late fees and miscellaneous charges, thereby also increasing the effective rate homeowners would pay over the life of their mortgage. Also, homeowners who face foreclosure will most likely have to deal with higher interest payments for several years after the situation has been resolved. Whether they are able to stop foreclosure before a house is lost or not, numerous late payments on a mortgage loan will drag down their credit scores severely. And the higher interest rates they pay on their existing credit cards will continue long after they have gotten back on track with these credit lines. From a larger economic perspective, foreclosure rates can have a noticeable effect on general interest rates in several ways. Especially with the prevalence of Adjustable Rate Mortgages (ARMs) in the housing market, mortgages that adjust to higher rates have contributed to the high foreclosure rates. As interest rates rose throughout the economy, it became more difficult to qualify for a mortgage at the same time that interest rates were resetting higher on existing mortgages. This had the effect of causing a severe decline in property values and a resulting credit crisis. So many mortgages have gone bad that it has become nearly impossible to figure out who owns these loans and what can be done about them. The Federal Reserve has been lowering interest rates over nearly the past year in an effort to create more liquidity in the financial markets and alleviate some of the burden on homeowners. Interest rates are still resetting and causing mortgage payments to skyrocket, but they are smaller increases than they otherwise would be if interest rates were higher. The already high foreclosure rates are also contributing to higher interest rates for new borrowers applying for mortgages. Lenders now know that giving out mortgages to people who had no income and did not put any money down was not the way to create lasting business. Lending standards have tightened dramatically, and banks are now requiring homeowners to put money down and prove that they can afford the mortgage. But even this is somewhat counterproductive, as tighter lending means fewer people are able to qualify for mortgages, and property values need to decrease even further. Homeowners in foreclosure often find out that they are now underwater, owing more on their homes than they are worth. Borrowers, in order to qualify for loans at higher interest rates, are able to offer sellers less than if interest rates were lower; and the lack of qualified buyers in the market means that more properties will be available for sale. Homeowners who have to sell in this market environment may have to accept less or convince their lenders to accept a short sale. So interest rates on loans can have dramatic effects on homeowners in foreclosure, both on a personal level and a larger economic level. Some of these effects homeowners may be able to avoid, but others will impact their ability to sell their house to avoid foreclosure or even find a buyer in time. They may also have to deal with significantly higher interest rates on their existing loans as well as more difficulties in borrowing again in the future.
Can you have money in the bank and foreclose in Florida?
Yes. Foreclosure is not due to lack of money, but is due to failure to make payments on the debt in a timely manner.
Who desined the Sydney Opera House?
The Sydney Opera House was designed by Danish architect Jorn Utzon. Citing differences with and lack of payments from the new Australia's new Minister of Public Works, Utzon actually resigned from the project 6 years before the Opera House was completed in 1973.
What does it mean when they say order of dismissal for lack of prosecution in regards to a foreclosure court case?
It means that the foreclosure case was dismissed because no progress was made on it by the plaintiff due to inaction or lack of prosecution. This often happens when the plaintiff fails to move the case forward within a certain timeframe set by the court.
Can you still qualify to buy a house if you have low income?
Yes, possibly. You can buy a house for cash from savings or investment with no income at all, and then keep it as long as you can make the tax payments and other assessments. If your lack of income is "probably temporary" (like you're in prison for a short period, or "between jobs", or "in graduate school"), you may still qualify for a loan. If you cannot afford to pay the interest on a loan to purchase a house, then it is a really bad idea to consider buying a house. You will fail to make the payments and it will be taken away.
In The Rocking-Horse Winner what is the cause of anxiety in Paul's house?
There is a lack of money.there is a lack of money.
Do you empty your in ground pool house in foreclosure?
I would definitely leave the water in the pool in order to avoid the actual pool shell from popping out of the ground due to lack of water pressure. The water in the pool acts as a downward force...you don't want your pool shell to pop out of the ground under any circumstances...and any pool going through a foreclosure is going to need a professional cleaning anyway, so leaving in the water is not a problem at all.
Does Home Owners Insurance cover foundation repair?
It depends on how the foundation was damaged and whether or not it was done by a covered cause or not. If a vehicle runs off the road and hits your home then it would be . covered whether or not the person had insurance. If the person did not have insurance, your homeowners policy covers damage caused by a vehicle. If the damage was caused by settling of the home and this caused the foundation to crack then no, the homeowner's insurance will not pay for this repair because it was caused by lack of properly putting in the foundation correctly or a lack of maintenance. Maintenance is never covered by your homeowner's insurance policy. Maintenance is the responsibility of the homeowner and it is never ending.
If homeowner fails to replace a bad roof and it caves in does insurance company pay?
No,, homeowners insurance does not cover normal maintenance costs nor damages that result from lack of maintenance.
Why do dogs pee in the house?
Dogs pee in their house to mark their territory.
How does one calculate their car loan payments?
This depends on several factors. It is rather like calculating a home loan, in that the amount you pay in a downpayment (or lack thereof) can affect your total length of loan and individual payments a great deal.
Was the slaves really apart of building the White House?
Your lack of grammar and severe lack of a grasp of the English language disturbs me...but to answer your question, yes, Slaves did build the White House.
What does White House say trip to India will cost?
Due to a lack in transparency the White House will not estimate the cost.
