0
Lets say you have two properties and one goes into foreclosure is the bank able to take away your second home away or what will happen if you decide to keep one property?
Wiki User
∙ 16y ago
I'm pretty sure you have to hold the title or hold the mortgage on a property to be the owner, which would be individual for each home. The only entities who can take your home or property (as far as I know) are the gov't (rights-of-way, easements, fed loans)and mortgage holders, who would be paid according to their place in the mortgage hierarcy (1st, 2nd etc) and then there are mechanic's liens (monetary holds placed on properties by contractors who didn't get paid). As long as you keep current on the other property, I don't see a problem. But I am not a realtor: I have just been run over the coals a few times.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
What can happen to a home or farm when the owner fails to pay off loans taken to buy the property?
Foreclosure.
When buying a forclosure home what is the definition of foreclosure?
Foreclosure is a horrible thing to happen to anybody. With economy so bad recently different procedures are being done so then there are not so many homeless families. The definition of foreclosure is when the bank or business takes possession of a mortgaged property, resulting in making a family leave the premises.
What happens in Dallas TX if you stop making your mortgage payments?
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
Does a landlord have to tell you the state of property meaning if it going into foreclosure at the time of signing the lease?
No. Who knows if the foreclosure will actually happen? Besides, the federal Protection of Tenants in Foreclosure Act give the tenants at least 90 days to get out, after the foreclosure sale.
What can happen to a home or farm when the owner fails to pay off loans taken to buy the property?
Foreclosure.
Who would you file paperwork with to file for a foreclose?
I got the impression that the mortgage company does the filing of the foreclosure in California and then takes the property and you just allow this to happen if you can't pay up. I don't think you have to file for a foreclosure.
What happen when you change the chemical property of aluminium?
The chemical properties cannot be changed; only after a chemical reaction the products have new chemical properties.
Foreclosure - when is earliest point it can happen?
A foreclosure can happen according to the contract that you signed. It is usually only after 3 or 4 months of no payment that a bank or mortgage company will begin to think about foreclosure.
Can foreclosure of investment properties result in the selling of your own home?
In theory yes, but in practice I doubt it will happen. The bank will start the foreclosure procedure with your investment properties, ultimately these properties will be sold and the proceedings used to settle the mortgage loan. In most situations the proceedings will be enough to pay off the mortgage and you are entitled to the surplus. However if the proceedings are not enough to pay off the mortgage you can and will be forced to pay it off with other funds and eventually bankruptcy can follow and your home will be taken. And please do not forget that even a foreclosure on investment properties will have a negative impact on your credit score.
How do you stop foreclosure and eviction?
The best way to stop foreclosure is to stop in occurring this event to happen.
When buying a forclosure home what is the definition of foreclosure?
Foreclosure is a horrible thing to happen to anybody. With economy so bad recently different procedures are being done so then there are not so many homeless families. The definition of foreclosure is when the bank or business takes possession of a mortgaged property, resulting in making a family leave the premises.
Can you still stay in a foreclosed home?
Once a property has been foreclosed upon, the new owner takes possession and you generally cannot continue to stay in the home. It is important to vacate the property before any legal action is taken against you.
Is it illegal to rent your house if it is in default IF you properly disclose to the potential tenant that it is a month to month lease because the property is going to be in foreclosure?
The fact that a bank has begun foreclosure proceedings shouldn't have anything to do with signing a lease or month-to-month rental agreement. We can't be certain that the foreclosure will happen, or when. And, it could be that the bank with work with the owner if the place is rented, where they would not if it was empty.
What happens in Dallas TX if you stop making your mortgage payments?
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
