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== Foreclosure loans== Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home. More opinions from FAQ Farmers: * What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.

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โˆ™ 2010-01-14 09:37:16
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Q: Should you get a foreclosure loan?
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Related questions

Who do you contact when scammed on loan?

Personal loan for foreclosure

What is the Fannie Mae foreclosure law?

how many days delinquent before a loan goes into foreclosure

Could a pending foreclosure cause a bank loan to be declined?

Yes, if one got the loan after foreclosure proceedings began. When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.

What does the term foreclosure mean?

The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.

If my credit score was 750 after a foreclosure why is it?

Either the foreclosure is not reporting for some reason, or you were not on the loan. Many married couples share an ownership interest in the house but do not share legal liability for the mortgage. Immediately after a foreclosure is reported you should not have a 750 score.

Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?

Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.

If a loan was in foreclosure when property was sold how will it report to credit bureaus?

It reports that it was previously in foreclosure and is now paid-in-full.

Is surviving spouse liable for foreclosure in Pennsylvania after death of spouse?

If the loan was in both of your names, yes. That is your foreclosure also.

Does home foreclosure effect your ability to get a federal stafford loan?

No, it does not

What happens if when cosigned mortgage loan goes into foreclosure?

The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.

If our house goes into foreclosure can the banks still get their money from you ?

foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.

What can you take in a foreclosure?

You can only recover what the loan was for--house, land and so on.

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