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Is it possible to get a home back in your possession once it has been foreclosed on and sold by the mortgage company?
Wiki User
∙ 2008-12-18 16:09:49
From the desk of R If you have not voluntarily signed the property over to the lender that you were in default with there may be a way. Depending on what state you are in there is a time set called "right of redemption period" The best experts to speak with that can offer you all of the details in your state are attorneys that deal with foreclosure. However, even when that process is available, (and even where applicable it normally only applies to Tax certitifcate foreclosures, not mortgage or creditor ones) it absolutely requires you to pay for the property, and all late fees, accrued interest, costs incurred in the sale and resale, and a, (normally fairly high), interest rate for the period the new buyer has had it plus any costs and imporvements made during the redemption period, in one lump sum. Generally meaning, even if you think you could possibly get a new mortgage for the place (which with a foreclosure claose at hand is unlikely), the amount of that mortgage (or that you would pay for it), is higher than it's value. In California, the only way is to re-purchase the property. If it sold at the foreclousre auction, even back to the lender, it's final. Adding: The proceeds of the foreclosure sale go to the one foreclosing. The title and ownership (making it possible for them to then get possession through eviction or such), go to the successful bidder. (This can be the same party, as in the bank). Only by buying the property back from that party, if they even are interested in selling, for whatever terms they demand (cash/terms/etc.), can one once again own it. Possession, which is the termmyour using but does not equal ownership, is possible if that new owner is interested in renting to you. (Of course, if it is the same lender that foreclosed, considering their last experience in receiving timely payments, they may not want to rent to the one they foreclosed on, if they are interested in renting at all!)
Wiki User
∙ 2008-12-18 16:09:49
Wiki User
∙ 2016-08-01 16:40:48About half of the states in the United States have laws that give a former homeowner a right of redemption after a foreclosure for a period ranging from 30 days to two years. You will need to pay the outstanding mortgage balance or the amount paid at the foreclosure sale, accrued interest, all the costs of the foreclosure, allowable fees and taxes. Generally, the first step is to contact the lender and request a statement of charges required to redeem. Then, you have a short period in which to accept and initiate the redemption. If you decline, your right of redemption is extinguished forever.
You need to consult with an attorney in your particular area who is familiar with the foreclosure laws in your jurisdiction.
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Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
What do foreclosed mean?
The action taken by a bank or loan company to call in a loan or mortgage.
House in discharged bancruptcy not foreclosed yet moving out need to inform mortgage company?
No.
After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
Is it possible to refinance an ARM with a mortgage company given the credit crisis?
It is possible to refinance an ARM. The options available vary by customer and their history with the mortgage company.
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
If a house is foreclosed on that is in my companies name will it affect me personally?
If the title to the property was in your company's name and the mortgage was in your company's name; if your company is incorporated; if you didn't sign any documents in your individual capacity; then it shouldn't affect you personally.
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
Are mortgage companys the fee simple titleholder?
No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.No. A mortgage company holds a conditional title to the property that varies according to state laws. To put it simply, the mortgage company only holds title until the mortgage is paid, and as long as the mortgage payments are up to date the mortgage company cannot take possession of the property, sell it or leave it to its heirs (in the case of an individual mortgagee).The fee simple title holder is the person who acquired the property by deed or by inheritance from a probated estate.
