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After you are late for 3 months they have the right to for-close. Good luck! Answering in generalities only... Most areas no longer actually use mrtgages for home financing..they use something called a note and Deed of Trust, although the old terms stick just for convenience...(and so many peoples inability to deal with seemingly simple legal and financial things). One reason the DOT was gone to is because it takes half the time to foreclose. A mortgage had at least a 1 year period from the time the payment wasn't made until the title could beome the banks, presuming they did everything as quick as possible. Requirements like a period of redemption and time to get the title itself transferred delayed things with a mortgage. With a DOT, there is actually a 3rd party holding the deed, invisibly normally, who when presented with the proof according to the loan agreement, can take the deed and give it to the lender. not a whole lot of court process needed. The minimum time to effect the foreclosure I know of, even in these circumstances, is 6 months from default of payment. In reality, the normal time period is 6 months of defaulted payments and 6 months of process to get ownership, then how long to get the Sherrif to move the people out of the house, if needed, can certainly take several more months. Foreclosure time frames are determined by the state. In Georgia, foreclosures can happen within 37 days of the first delinquency. In North Carolina mortgage companies have to wait about 120 days before initiating a foreclosure.
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∙ 14y ago
Wiki User
∙ 10y agoYour answer depends on the orgainzations and the people involved. There is no standard.
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If you own two homes can you foreclose on one and the bank not take the new one your living in?
The bank will only take the home they foreclose.
How long does it take the bank to foreclose a property when owner dies in California?
2yers later
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
Can a bank take furniture and TV etc in a home foreclose?
in order for the bank to remove your personal property from your home the foreclosure must have taken place and you must being legally evicted first.
If you don't pay can they take your home?
The IRS could get a lien on your home for failing to pay any income taxes that may be due. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
Is a home equity loan considered a refinance?
No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.
If a husband dies will a wife be responsible for the mortgage debt even if she is not on the note?
His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
What can you take from a foreclosed home?
You can take anything that was owned prior moving into the foreclosed home. Foreclose is a hard task and will not benefit anyone.
Can you get a Home Equity Loan on a home held in trust?
The trust (and trustees) might be able to get such a loan, provided the terms of the trust are examined by the bank and found to permit the bank to foreclose (take possession) of the home in case of default. Some lawyers insert restrictions on the type of risks that can be taken with property held in trust for others.
Can contractor foreclose your home once a lien is applied What process would he need to go through Once the lien is in place how long would it take him to foreclose in California?
Foreclosures have been taking six months to two years before they are complete. The banks do not have enough staff to handle all the foreclosures in the nation. Yes, a contractor can proceed with foreclosure through the bank that loaned the money or the courts.
If we have a Joint mortgage one dies no insurance can lender foreclose?
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
