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If foreclosure becomes definite what will happen to your credit?
Wiki User
∙ 14y ago
your credit rating will drop
Wiki User
∙ 14y ago
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Foreclosure - when is earliest point it can happen?
A foreclosure can happen according to the contract that you signed. It is usually only after 3 or 4 months of no payment that a bank or mortgage company will begin to think about foreclosure.
How do you stop foreclosure and eviction?
The best way to stop foreclosure is to stop in occurring this event to happen.
Are condo or homeowners dues in arrears discharged after the bank forecloses?
Only items reported to the credit bureau (s) can be "charged off" after a foreclosure and that is up to the creditors descretion. Items are discharged after a bankruptcy, not foreclosure (two separate things -- although a foreclosure can happen within a bankruptcy) Usually what happens in a foreclosure is that the assoc. dues that are in arrears are paid from proceeds at sale closing and the new owners will start fresh.
What happen to second loan after foreclosure?
They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
Does a landlord have to tell you the state of property meaning if it going into foreclosure at the time of signing the lease?
No. Who knows if the foreclosure will actually happen? Besides, the federal Protection of Tenants in Foreclosure Act give the tenants at least 90 days to get out, after the foreclosure sale.
When did Operation Definite Victory happen?
Operation Definite Victory happened on 2007-01-04.
What is the meaning of the Punjabi word nischit?
"Nischit" in Punjabi means certain or definite.
What will happen to a police officer with a foreclosure?
Be off probation first... I'm in the same boat
What are the judgment laws in Minnesota?
Minnesota is both a judicial and non judicial foreclosure state . Foreclosure by action is a judicial foreclosure and foreclosure by advertisement is a non judicial foreclosure . The vast majority of foreclosure than happen in MN are by advertisement. Under foreclosure by advertisement the rule is that however takes the loan to sheriff sale relinquishes their right to a deficiency judgement. As most foreclosures are initiated by a first position mortgage there is still a potential deficiency that could arise from a second position mortgage.
Can your landlord evict you if his house is under foreclosure?
Yes. Until the actual foreclosure sale happens, he owns it. I'm not sure what you really mean by 'under foreclosure', anyway. That could be any stage of the process, and you can't be sure that the sale will really happen.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
