Is it possible to get a home back in your possession once it has been foreclosed on and sold by the mortgage company?
About 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.
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!)
Answer The 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…
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
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…
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.
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments. The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
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…
Can you sell a mobile home before it goes to foreclosure and do you have to give that money to the mortgage co?
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien. Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for…
Can a secound mortgage company make you pay for the mortgage if the owners my parents both past away?
No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the mortgages. No. They cannot "make" you pay the mortgage. However, if the mortgage isn't paid the lender can take possession of the property by foreclosure. If you want to keep the premises you must arrange to pay the…
If your landlord forecloses on his own home does it affect another piece of property and home he owns that you are renting from him?
An owner doesn't foreclose on his own property. He gets foreclosed on by his mortgage company for a property. His being foreclosed may effect more than the specific property being foreclosed. It depends on several factors, including how much the initial property sells for compared to the debt he has on it, and if less than the debt, what other assets he has to satisfy the deficiency.
Does the grant deed already provide what a quitclaim deed would your mortgage company is asking for a quitclaim deed but you already have a grant deed Is it possible to get both?
A lien holder is the finance company, bank, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car or real property, as collateral. You cannot sell that asset until the loan is paid. If you don't pay the loan, the lien holder can take possession of the property. For example: You signed a contract with a finance company when you purchased your car. The finance company…
Your husband plans to foreclose on a condo can the mortgage co take money out of his checking acctsocial security and retirement?
I don't believe this question is worded correctly. Do you mean that your husband is about to LOSE the condo due to his being foreclosed on? If so: The mortgage company cannot seize money from his checking, Social Security, or Retirement accounts. However, they can being suit against him for the money he legally owes them by virtue of the real estate contract and mortgage.
The answers on this depend greatly on the state the home is in, whether or not the home that was foreclosed was an investment or primary residence, and what type of mortgage debt you're referring to. If you can clarify these points I will be better able to answer your question. No matter what the answer, no lien can be placed on your other property without a court judgment. Whether or not the mortgage company…
A property can be foreclosed on for nonpayment of a water bill, but the water company cannot do it. Here's how it works: Foreclosure can only be done by someone with a vested interest in the property--specifically, the mortgage company, anyone with a second mortgage on the place, sometimes a home improvement company like a roofer, and the tax authorities. If you don't pay those guys what they want when they want it, they can…
The easiest way is by working with a credible mortgage company; this will not only provide you with the best financial solution possible, but will also take a lot of the stress off of buying a house. A mortgage company will look at your income and credit information, as well into the nature of the house you are looking to buy itself, to determine if you are eligible to receive any type of loans. Once…
Can a mortgage company come back on the estate of a deceased person when the survivor - who is not an heir with JTWROS defaults on the loan?
If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid. Whether the lender can sue the estate for any deficiency depends on several factors including the law in your jurisdiction. You should ask the attorney who is handling the estate. If the decedent signed the mortgage the lender can take possession of the property by foreclosure if the mortgage isn't paid. Whether the lender…
In the state of Florida your name is on the deed but not the mortgage of your deceased husbands condo left to you in his will can the mortgage Co foreclose?
In any state, the title to the unit (deed) is held as collateral for repayment of the mortgage. This means that the mortgage company can sell the property in order to recover the amount of the loan (foreclosure). Because your name is on the title, it's possible that you can negotiate a repayment plan that is acceptable to the mortgage company, in order to retain your name on the title. Once the lender is paid…
It depends on if your mortgage company is willing to work with you. Our attorney advised us to work with the mortgage company directly. This was the process we went through: 1. Call mortgage company and speak to specialist. 2. Fill out questionnaire sent by mortgage company to home owner. 3. Gather & send in paperwork requested by mortgage company. 4. Receive response from mortgage company. 5. Receive, sign and send back loan modification paperwork.
Generally no, all the owners of a property (and in many states their spouses) must sign a deed of trust or mortgage. The purpose of the mortgage is to give the lender the authority to take possession of the property by foreclosure in case of a default. When all the owners haven't signed, it's usually because someone (at a bank, title company or law firm) has made an error. If a mortgagor defaults following a…
My mortgage company is asking for explanation on two things that show up on credit report How come three that I know about did not show up on credit report they pulled?
It's possible that you have done business with a company somehow connected with the mortgage company. This being said, they may have some sort of inside information on your payment history in their internal system. Your credit report as you view it is the same as the mortgage company's view so this is the only explanation I can think of.
If a bank is on the brink of taking possession of a company, chances are the company is in financial trouble. When the bank does take possession it usually means that the company has gone into foreclosure. They will then sell the property and the company owners will need to settle their financial issues.
What happens when two foreclosures are filed on a property one by the lender and one by the Homeowners Association several months later. Which one takes priority?
The answer depends on the laws in your state. Some states give HOA liens special priority (super lien status) and places them before a mortgage that was recorded first. In that case, the mortgage company will generally pay the overdue fees if the HOA threatens to foreclose on its lien. If you are not in a super lien jurisdiction and the first mortgage is foreclosed, the HOA lien would be wiped out.
There are many reasons why you would sue your mortgage company. Each reason would be because the mortgage company wronged you in some way (for example, not putting enough of your monthly payment toward principal). If you feel you have been wronged by your mortgage company, please contact your state attorney generals office.
What if your husband died now mortgage company in Georgia has changed mortgage to your name even though you are not on the warranty deed at the courthouse and now going into foreclosure Help?
Help with what, exactly? I'm honestly not sure what you expected to happen. Did you think the mortgage company was just going to say "shoot, the guy on the mortgage died, I guess we're just out several hundred thousand dollars"? No. They're legally entitled to seek to recover the balance due on the mortgage from your husband's estate (which may effectively be "you"). The first step would be to contact the mortgage company and find…