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Answered 2013-03-13 21:23:28

It depends on whether or not they have already been paid. Some sellers request a partial refund for any taxes already paid. Others will pay them for you. Just depends on what the seller wants to do really.

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What happens during a foreclosure?

After a default by the borrower the bank takes possession of the property and sells it.

Who is responsible for a property still in the foreclosure process once you vacate the premises?

You are responsible for the property during the foreclosure process up until the property is sold or auctioned.

What happens during a property foreclosure?

During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.

What are the foreclosure laws in New Jersey?

At least 30 days before starting the foreclosure process, the lender mails a letter to the borrower warning of the impending foreclosure. During this pre-foreclosure period, the borrower can prevent the foreclosure by paying off the amount in default. The lender initiates the foreclosure through the courts and records a lis pendens (notice of pending lawsuit) with the county clerk. The lender can sue for either the default payments or the entire unpaid principal balance on the loan. The borrower is notified of the foreclosure action in person or by publication if necessary. After being notified, the borrower has at least 35 days to respond or the court will make a ruling. If the court rules against the borrower, a sale date will be scheduled. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

What is the house foreclosure process?

Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.

Are bank accounts safe during a foreclosure?

As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved. From any of the other financial issues your probably dealing with, that may even be allied to the property risk.

Can banks go after spouse if the house is not in her name during a foreclosure?

The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower. The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower. If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.

What is the difference between a loan and a mortgage?

A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.A loan is a sum of money given by one party to another that has to be repaid according to the terms of the loan.A mortgage loan uses real property as collateral to guarantee repayment of the loan. The borrower transfers an interest in their real property to the lender during the life of the loan. When the loan is paid off the lender releases its interest. If the loan is not paid off the lender can take possession of the property by foreclosure.

What happens if the person filing for foreclosure dies?

A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.


Many Americans are facing foreclosure today due to the declining economy. Foreclosure is when a mortgage company terminates the borrowers right to the mortgaged estate. The foreclosure process begins when the borrower fails to make the mortgage payments at the specified time the loan is due. Often this occurs because of divorce, unemployment, medical issues, death, and even being sick of property management.The foreclosure process begins usually with the demand of payment sent out in the form of a written letter. This written letter is known as the Notice Of Default. The process doesn't typically start until the borrower is three months before on the mortgage. This notice is considered to be a threat to sell the borrowers property and evict them from the premises if payment arrangements are not made. If payment arrangements are not made or agreed upon between the borrower and the mortgage company, then the foreclosure process will preside.Foreclosure laws differ from state to state. In some states the borrower could remain within the dwellings for up to a year. In other states the borrower has less than four months to vacant the premises. During the prefilling phase of foreclosure, the mortgage company may still offer options to the borrower so that they can keep their customer and the borrower can keep the property. Some of the options offered is loan modification, refinancing, and forbearance. Forbearance is the agreement to suspend or reduce monthly payments over a period of time. Terms and conditions of the loan do not change and forbearance only last for a year. After that year is over, the borrower must cure the delinquency through a lump sum reinstatement or repayment plan.Foreclosure TimelineBelow is a foreclosure time line showing the complete foreclosure process from start to finish. This gives an individual an idea of what the process is and what happens at various points within the process.Day 1-15Mortgage payments are due generally at the first of the month. If payment is not received by the due date of the loan then the account is seen as delinquent.Day 16-30By this time a late fee is added on the account because payment has not be received. The borrower will get phone calls from the lender and also a late payment notice from the lender.Day 31-45By the 30th day, the loan enters into default. A second notice is then sent to the borrower. The lender then reports to the credit bureau which will have a negative impact on the borrowers credit history.Day 46-90Lender sends letter to the borrower stating a breach in contract and violation of the loan terms. By day 60, the lender may start up the accelerated procedure notifying the borrower that foreclosure is in process. By this time the lender can refuse any partial payments toward the delinquent accounts.Day 91-415Loan is sent to foreclosure office within the lenders establishment. There they hire an attorney, to start the proceedings. Foreclosure can start anytime after the acceleration notice has been sent. This occurs when the loan has reached 90 days past due. House is then sold at an auction.

When a property goes through foreclosure can borrower do a deed in lieu prior to the end date of the redemption period?

When a Property goes into Foreclosure and a Sheriff sale date is posted, or if after the Sheriff sale and is during the redemption period a "Deed in Lieu" is always a possibility. The Mortgage lender must agree to accept this. A"Deed in lieu" is the process in which an owner would be surrendering the title to the lender. Again the Mortgage/lender must agree to this act.

What happens to to second lien if borrower defaults on first lien?

It may be accelerated and payable from the excess proceeds of the auction held by the first lienor in foreclosure, if there is any excess. --- improve the answer: If seond lien is not a superior lien (e.g. Tax lien is superior than MGT lien), when the first lien is foreclosured the second lien will be washed out --- Not exists any more. However, a superior lien, even a second lien, will still survive the foreclosure process which means the property owner (who has bought the property during foreclosure) still needs to pay.

What happens to the owner of a mobile home during a foreclosure?

Real property is not actually owned until the property is paid for in full. A buyer of a mobile home loses all ownership rights to the property when it is foreclosed on. A resident/buyer loses ownership rights to the property and will have to vacate the premises within the length of time specified in the foreclosure action.

Can you remove garage during foreclosure?

No, you cannot remove the garage since it is part of the real property and thus covered by the mortgage.

What is the meaning of reo properties?

A Real-Estate Owned Property, or REO property means that a property is owned by the original lender that was not sold during foreclosure. REO properties are noticeable because usually the upkeep of the property is not the best.

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.

How do you buy a foreclosure property?

Google your county online for foreclosure sales. Be in place time or date of sales. Research properties in advance to see which one you want to buy and have money prepared for purchase during bidding.

Who is responsible for cleanup of a tree that fell in a storm?

Is a neighbour responsible for clearing away large parts of their tree that have fallen on our property during a storm

Can you move during a pending foreclosure?

can you get a life

Can banks try to take other property from you during foreclosure?

No. Generally a bank has obtained a judgment to foreclose on a mortgage covering a specific property with the dwelling or building. They only have the right to take the property covered by the mortgage. They have no right to take any personal property. In some jurisdictions the bank may go back to court for any deficiency if the foreclosure auction brings less than was owed on the mortgage. In that case the bank may win a money judgment that would enable it to take other personal property you own to satisfy the judgment. However, most banks never go that far and are satisfied with the foreclosure.

If a rental property in a lien theory state goes to short sale can it affect a primary residence in a title theory state?

If you are doing the short sale and the lender for the rental property is demanding that you pay the difference between the short sale price and the current principal balance (let's say the current loan balance on the rental property is $100,000, but you short sale the property for $80,000), then yes it is possible they may put a lien or get a judgment in the amount of that $20,000 difference which could be applied to your primary residence as a lien or judgment. Here's some more information: When financing is involved in a real estate purchase, it is important to understand if you will be subject to the title or lien theory of mortgages. The way in which a state will interpret how mortgage law is followed will be determined by which type of theory is practiced in your state. Each type of theory has special considerations on who will hold title and how foreclosure proceedings would take place if they were to become necessary. In title theory states, the borrower does not actually keep title to the property during the loan term. The seller gives the buyer/borrower a deed to the property but when the borrower signs the mortgage for the loan the borrower gives the title back to the mortgage holder. The lender then holds title to the property, as security only, until all loan payments have been made. During that time the borrower has the right to possession of the property, and the lender delivers the deed back to the borrower only after the loan obligation has been satisfied. In a lien theory state, the buyer holds the deed to the property during the mortgage term The buyer promises to make all payments to the lender and the mortgage becomes a lien on the property, but title remains with the buyer. The lender's lien is removed once the payment of all loan payments have been completed. Foreclosure proceedings in a lien theory state may be more difficult for the lender than in a title theory state, due to the fact that the buyer is holding title to the land and not the lender. Sources: Free homeowner assistance with these types of questions: cmcsoa (Consumer Mortgage Counseling Services)

What are the steps for a forclosure?

A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold. Stages of Foreclosure The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder's Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period. The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee's deed to the property. Foreclosure Auction At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender. If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.

Can you sell your house during foreclosure?

Yes. The new owner would take subject to the foreclosure as well as yourself.

What is foreclosure during the great depression?

foreclosure is when a business is shut down because they are not selling their products or they are doing paying the bills.

What is a redemption period?

The redemption period is the legal time period you have to redeem something that has been taken from you by operation of some law. For example, if your property is taken by your municipality for nonpayment of property taxes there is a period during which you can redeem the land by paying all your back taxes, interest and costs. In some cases there is a redemption period during which a property taken by foreclosure can be redeemed by paying all sums due including the costs of the foreclosure. Redemption periods may vary by jurisdiction. You need to check in your jurisdiction for the particular type of taking and its redemption period according to the laws in your jurisdiction. See related link for state by state information regarding foreclosure redemption periods.