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The legal term is foreclosure. Anytime a mortgage agreement is defaulted on the lender has the legal right to begin foreclosure procedures to seize the property and sell it for the fair market value. States establish laws that control the way a lender can implement forclosure proceedings. Some states allow the lender to use the self-help method, meaning no court procedure is necessary. Others states require the lender to use the due process through the court as prescribed by state laws.

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โˆ™ 2006-04-05 00:13:28
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Q: How can a house be repossessed?
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Related questions

What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?

You want your house repossessed?

no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(

If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?

Most likely not depending on what financial situation you're in.

What happens if a police officer's house is repossessed?

then theyre out of a home

Can my house be repossessed if my husband is madebankrupt but is not on the deeds?

Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.

Can a house be resolved and the arrears paid after it is repossessed?

It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.

Can you be sued after your house is repossessed?

In general, yes, if you haven't files bankruptcy.

Your house has been repossessed but the land remains in your name?

No. The house is attached to the land, so, the land is included in the repossession.

What happens if your repossessed house is sold for less than what is owed?

You owe the difference I think.

How does a home get repossessed?

A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.

How do you get your car repossessed?

If you don't pay your car payments, people go to your house and take it away.

How many house payments can you miss before it is repossessed?

once you are 90 days down they can start with a foreclosure.

Can furniture be repossessed without a warrant?

Yes your furniture can be repossesed without a warrant, but those who are repossesing your furniture must have permission from a owner or guardian of the house to be in the house.

If your house is repossessed and it sells for less than what is owed are you responsible for the balance?

Usually, yes. The same follows with cars.

Does the state of Texas allow garnishment of wages for a repossessed house?

No In Texas your wages can be garnished by the IRS or Child Support only

What will happen if you refuse to move out of your house that is being repossessed?

The local sheriff will have you moved bodily if necessary. If it comes to that you may be arrested.

If your car is repossessed can they take your house if you do not pay?

NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.

Can they take your house to pay off a lean?

A lean is a deduction on how much you can pocket from the sale of your house or property. Having your house or property repossessed is a different matter. That normally comes from not being able to pay the mortgage.

What is the duration of Repossessed film?

The duration of Repossessed - film - is 1.33 hours.

In Texas if your car was repossessed in 2001 can they do anything to you like file a lien against your house?

Check out this link:

What happens when your house gets repossessed in California?

You should immediately, if not sooner, make plans to move to a more cost effective place.

Can your car be repossessed if you lose your job?

No, but your car can be repossessed if you don't make the payments.

What do you do once your car has been repossessed?

I have a welding machine on the truck they repossessed can they keep that?

How can you locate your repossessed car?

Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.

When would a house be in danger of repossession?

Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.