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If your house is foreclosed upon can your bank go after your other house?
Wiki User
∙ 16y ago
No. The money you borrowed was secured by one home; not your other home, not your car, not your furniture. If you still owe money when the house is eventually resold, they will come after you for that money, usually in the form of a judgment.
Wiki User
∙ 16y ago
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What is a contingent offer in real estate?
Yes a "contingent offer" in reference to the status of a property for sale means that the offer received requires additional action to be fully accepted. The purchase contract can be contingent for a number of reasons. Commonly, an offer is contingent because a buyer needs to sell his or her house to buy a new house. Other reasons for a contingent offer are financing or inspections. Note: These sale contingencies are usually not possible with short sales and foreclosures. There may be the rare exception. You almost always have the right to inspection and financing contingencies, even in a short sale or REO purchase. Recently the verbiage of 'contingent' came into question between West coast and East Coast realtors since we use the term differently. Many states in the west consider 'contingent' upon the short sale, foreclosure or REO being accepted by the sellers bank. Something on the East coast we have usually stated waiting for approval. So terminology can be different based upon the state you live in.
What if you don't have homeowners insurance?
If you don't carry homeowners insurance and you have your home financed, you are breaking the contract and your bank will take out a forced place policy to cover their interest in the home and you will have to pay the premium which is far more than a homeowners policy. If it's not financed, you take the entire risk of loss upon yourself.
Is it logical for an owner to allow personal preferences to influence a decision about business location?
Yes. Depending upon his personal knowlege and experience about that particular business;iff other partners doesn't have.
What are other options besides foreclosure?
# Save up money to get current. # Establish a repayment plan or forbearance agreement with the current mortgage company. # Modify the terms of the existing loan through a mortgage modification, agreed upon between homeowners and lender. # Refinance through a traditional or hard money lender and obtain a foreclosure bailout loan, if there is enough equity to qualify. # For FHA loans, obtain a partial claim to get current. This will result in a lien being placed on the property for the amount of arrears, but reinstates the mortgage. # Sell to a private investor or friend/family member who will allow the homeowners to continue living in the property. # File bankruptcy and include the house (Chapter 13), and keep up with the court-ordered repayment plan. # Sell the property for less than what is owed through a short sale. Tax liabilities may be a result of this option. # Sell the property outright for as much as possible, paying off the loan in full. # Offer the bank the deed to the house to avoid going through with the entire process with a deed in lieu of foreclosure. # Just move out, abandon the house, and begin the process of becoming financially stable after foreclosure.
Do companies have to supply life insurance?
No. It depends upon the company' policy. Life insurance can provide your loved ones with the money they need to pay the mortgage, fees and other living expenses. Insurance can also be used effectively as an investment.
How do you buy a bank owned house?
Yes, you can definitely buy a bank owned house. In most cases, these homes are listed as foreclosed upon. If the bank lists it for sale, you can certainly attempt to buy it. Buying a bank owned house can be difficult. These homes are usually a great bargain because the bank wants to recoup its lost loan amount but, because of this, competition is usually high. You need to have your financing in place before you even begin to consider going after a bank owned house, especially since most are put up for auction.
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
When i buy a foreclosed home what am I paying for?
See, when you talk about foreclosed home, then let me tell you that there are 3 categories in which foreclosed homeprocess generally falls 1.Pre-foreclosure 2.Auction 3.Bank OwnedHence, it certainly depends upon the category in which the foreclosed home process is falling, that how much amount you have to pay.In Auction process, you have to bid for the home and if you place the highest bid then home is yours.In Bank or NBFC owned, the Bank like IDBI, ICICI / NBFC like Bajaj Finserv list the home with a real estate agent in the local MLS and you have to contact that person if you want to buy the home. Here you can negotiate on the price of home.
Does the bank owe you the overage amount upon sale on your foreclosed home?
not in any jursidiction that i am aware of but you need to consult a lawyer or advisor who knows about YOUR jurisdiction. they also can't get the amount you are short at the sale unless they file a separate suit and get a judgement, though. generally if the house if worth more than the loan amount, the people SELL the house and pay off the bank rather than let it get to the point of foreclosure.
How can I check to be sure that home rentals are not going to be foreclosed upon anytime soon?
There's no way of really knowing until the foreclosure notice shows up. Your landlord's bank won't talk to you for privacy reasons.
If you own the home and take out Home Equity Loan can you just not make payments and forfeit the house?
This idea sounds like fraud, since you would be signing for a loan that you do not intend to pay. The total of the mortgage and the equity loan together may not exceed the appraised value of the home. In addition, if your house is foreclosed upon and the bank forgives any portion of the amount that is owed, there will be income taxes.
Has president Obama's house in Chicago been foreclosed on?
No, this is a myth that is mainly seen on websites that are identified with Republicans, or from bloggers who dislike the president. The fact-checking website snopes.com looked into the story and found that it was not only false, but it was originally started as a joke on a humor website; unfortunately, some people took it seriously. The house is still standing, it's in excellent condition, and it has not been foreclosed upon.
Who manages the properties that have been foreclosed upon and must now be sold by the servicer?
loss migitation
What are the disadvantages of buying a foreclosed property?
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
Can your PMI go up on a fixed rate loan?
You PMI is an insurance policy that you purchase to protect the bank or mortgage company against the loss of you being foreclosed on. Generally, once you get to the point where you owe 80% or less than the value of the property financed, you will no longer be required to pay for PMI. You will have to question this with your bank continuously as they will not automatically remove this coverage. PMI helps you in absolutely no way possible. If you are foreclosed upon and your home is taken, the PMI company will pay the bank for their losses, take your home, then sue you for their losses. Get out of this asap.
What exactly is scotiabank line of credit?
Scotia Bank is large international bank, and a line of credit is an agreement with this bank that they will loan you money when you ask for it. The loan is based upon equity that you have such as your house.
Can you get an extension for more time if you are tenant and house is being forclosed?
I suppose it can happen, but it's not necessarily likely to happen.If you're renting the house from the person that's being foreclosed upon, you generally automatically get longer to "quit" (leave). It's kind of unlikely that you would get a further extension of that.
