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If our house goes into foreclosure can the banks still get their money from you ?
Wiki User
∙ 14y ago
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Wiki User
∙ 14y ago
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What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
Before foreclosure on a house with a number of liens exceeding the buyer's offer Can you as the former homeowner sell it to prevent it going into foreclosure?
You can sell the house, but you are still on the hook for the remaining amount of money. And the banks may not want to allow the transfer, because they wish to have the property secure the loan balance outstanding. A purchaser wouldn't like to buy such a piece of property, because the danger of foreclosure at the sale might still exist. Without paying the liens, you cannot provide clear title to the property. Most lenders will not lend on a house that is being foreclosed upon. You may be able to reach an agreement with the lender about the sale in view of the foreclosure, but the liens will still need to be paid.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
Can you still sell house if in foreclosure?
Not under normal circumstances. It would be worth na consultation with a realtor.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
Before foreclosure on a house with a number of liens exceeding the buyer's offer Can you as the former homeowner sell it to prevent it going into foreclosure?
You can sell the house, but you are still on the hook for the remaining amount of money. And the banks may not want to allow the transfer, because they wish to have the property secure the loan balance outstanding. A purchaser wouldn't like to buy such a piece of property, because the danger of foreclosure at the sale might still exist. Without paying the liens, you cannot provide clear title to the property. Most lenders will not lend on a house that is being foreclosed upon. You may be able to reach an agreement with the lender about the sale in view of the foreclosure, but the liens will still need to be paid.
Who gets money in excess of money owed in foreclosure auction?
In the rare case that there is money left over after payoff of the note, penalties, taxes, and the fees involved in the foreclosure and auction, the second mortgage and other liens can then be paid off, and if there is still money left over, the home owner will receive the excess equity because the banks and lawyers have already been paid what they are owed.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
Landlord says house in foreclosure I want to break lease and move Can I?
The foreclosure sale will function to terminate the lease. However, until the foreclosure sale takes place, the owner is still the owner, and the lease remains in effect.
Can you still sell house if in foreclosure?
Not under normal circumstances. It would be worth na consultation with a realtor.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
In Florida can you have a home equity line of credit and still file a deed in lieu of foreclosure?
You will not be able to keep your home equity line of credit if your house is in foreclosure or anything similar to it. This is standard across the United States.
How long will bankruptcy prevent a foreclosure?
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
Which new deal program still exists to insure money in banks?
The FDIC
Do you still have coverage if i am in foreclosure?
Probaly not.
