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Mechanics lien on your house that is included in a Chapter 13 Can the lien holder start foreclosure on your house?
Wiki User
∙ 14y ago
Yes they can, you will need to file a demurrer to inform the court that the house is involved in a bankruptcy - that may not avoid foreclosure however, it may only delay it.
Wiki User
∙ 14y ago
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What to do if you mortgage holder sends your payment back and because they did it puts you in foreclosure?
get an attorney.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What happens if the mortgage was defaulted and the bank foreclosed but the mortgage was held by investment bankers who bought your loan as part of security investment?
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
That is true
How does chapter 13 affect deficiency of judgment if foreclosure is emminent and house is unwanted?
Surrender the asset (house) to the mortgage holder. Any deficiency will be added to the chapter 13 plan to the same extent as other unsecured debt. You may want to convert to a 7 if the 13 was to try to save the house.
In Minnesota does a mechanics lien supersede a first lien holder?
A first lien holder is usually the lender or mortgage holder. Mechanics or Construction Liens do not supercede any lien placed before them or mortgage recorded after the lien is filed. In Minnesota mechanics liens are only enforceable for one year after the last day of service. Any lien holder, regardless of where they are in priority, can file to enforce their lien at anytime during that one year period.
Who do you contact to get the excess money after foreclosure auction?
You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.
If the first mortgage holder is being paid can a 2nd mortgage holder attach the bank account of an individual living on a modest SS and retirement or file foreclosure on the home?
Yes to both.
Does it count as a foreclosure if you already filed bankruptcy?
Yes, a BK does not negate foreclosure action it simply delays it. For the homeowner to avoid such action they must reach a solution such as reaffirmation of the lending contract with the mortgage holder.
What does foreclosure mean?
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.Foreclosure means that you didn't keep your end of the bargain to pay back a loan and the loan holder is in the process of taking the car or house back.
What happens to second mortgage during foreclosure?
If you're in the US and assuming it's the 1st that foreclosures… The 2nd lien hold is notified of the foreclosure and has the option of bidding on the property at the foreclosure sale (normally they don't). After the property is sold (which can take a while if they have to market it and the market is bad), the 1st lien holder gets paid first. Then if there are excess funds (which is not common), those funds go to the 2nd lien holder to apply toward their balance. The mortgagor is still responsible to the 2nd lien holder for any balance left due to them.
Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
