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There is a rule of thumb that says lenders can face losses from the loan default and subsequent foreclosure that equal up to 40% of the loan amount. The actual costs will vary based on the type of home, the state where it is located, the process the lender uses and other factors. Hence the costs can vary a lot from one lender to another and from one property to another. In some states the lender can come after the borrower for any losses (deficiency judgment) while in other states the lender more or less is blocked from doing so. It is mostly decided at the point the loan is taken out as the loan documents will state what a lender can and cannot do unless there was fraud when the loan was applied for. That is why a borrower really should read the loan documents.
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∙ 16y ago
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Can a bank take your money from bank after foreclosure?
no
Who initiates a foreclosure?
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
Should I buy a foreclosure from a bank?
The only way to buy a foreclosure is through the bank. If you want to save money you can try to pay in cash.
What is the process of a bank foreclosure?
Bank foreclosure will first give the customer several months to remove their mortgage. When it cannot be done, the customer loses their asset and it is auctioned off.
What are the costs of using a Sperm bank?
It costs money
Can banks attach savings when in house foreclosure?
If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.
If your house is in foreclosure but you hold the deed can the bank sell it?
Yes, that process will be completed by the foreclosure proceedings. The bank is foreclosing (or recovering its interest in the loan) on the mortgage which is "guaranteed" by the property, to put it in simple terms. The foreclosure process will only allow the mortgage holder to recover the amout of its loan and associated fees, etc.
What is a bank foreclosure?
It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.
Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?
Yes, you can submit to the lender a document called a deed of foreclosure. no
What are the legal ways to stop foreclosure quickly?
You can first get in writing from the bank that they are agreeable to stop the foreclosing process. Once you are armed with this information you can present it to the process servers who are trying to begin the foreclosure proedure.
Can I do a Bankruptcy and foreclosure with a second mortgage at the same time?
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
How can chase bank foreclose when they did not respond to qualified written request?
Your request does not stop the foreclosure process.
