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What can I do when a property has been left to me in a will after a foreclosure of that same property has been adjudicated?
Wiki User
∙ 14y ago
As I understand your question, you 'inherited' a property that was the subject of a foreclosure. The bank has a superior title and you cannot inherit the property. The bank owns it.
Wiki User
∙ 14y ago
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Can you refinance after forecloser?
After a foreclosure you no longer own your property. You have nothing left to refinance.
My husband left so now who pays the mortgage?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. You should consult with an attorney who can review the title to the property and your situation and explain your legal options.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
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.
Can you get personal property out of foreclosed home?
Yes. However, you should make sure you understand what is NOT personal property. You should not take anything out that is permanently affixed to the real estate such as light fixtures, plumbing fixtures, water heater, furnace, etc. You should also make certain the property is removed well before the foreclosure sale and that the premises are not damaged while you remove your property. The premises should be relatively clean. Many properties that are foreclosed are left in a mess and need to be cleaned out by a professional cleaning service. The service will discard anything left in the house and on the premises. That cost will be added to the costs of the foreclosure. You should do the best you can under the circumstances.
How do you handle a foreclosure?
Foreclosure is a legal process in which a lender like a bank or mortgage company attempts to take over the debtor's property to satisfy an unpaid debt if the property has been kept as a collateral security for securing the debt. The lender may claim ownership of the property or sell the property to pay off the pending debt. There are two ways in which a foreclosure can happen. In the case of a Strict foreclosure the judge sets a specific period called "law days" after which the property owner looses all rights over the property. The number of law days can vary from three weeks to nine months. This period can be used by the property owner for clearing the debt so that the foreclosure can be avoided. If the owner fails to clear the debt, then the next person who is listed as a defendant gets the chance to redeem the debt and take ownership of the property. If none of the defendants clears the debt by the law days set for them, then the bank or company foreclosing is entitled to the property. In case of a foreclosure by sale, the judge sets a sale date. On that date, a "committee for sale" appointed by the court can auction off the property to the highest bidder. This committee is given all the powers to carry out such an auction by the court of law. The auction money is first used to cover auction expenses. From the remaining amount the lender or lenders are paid off and if anything is still left, it goes to the property owner. The foreclosure steps broadly involve receiving the summons which is issued by the plaintiff - which could be a bank or mortgage company - to the defendant - property owner/ borrower. Within two days of the Return Date mentioned in the summons, the defendant has to file an Appearance. Then within fifteen days of the return date, the defendant has to file an answer. This answer has to be sent to all the parties concerned in the case. A signed certificate of service has to be attached. If a foreclosure by sale is desired, a motion for foreclosure by sale has to be filed. And before twenty five days of the return date, the defendant can apply to the court for protection foreclosure. The defendant in such a case has to satisfy the eligibility criteria for protection from foreclosure like being unemployed or underemployed. Subprime foreclosure is similar to any other foreclosure. It is a foreclosure against subprime lending which involves lending at an increased credit risk. This means subprime lending is given to borrowers who are high risk that is who have a high likelihood of not paying their loans. Typically, borrowers are given enough time - longer than the agreed period - to pay off debts. Only when the period exceeds several months do the lenders decide to foreclose. This is because foreclosure is a long drawn process in general and banks and other creditors try to avoid it as much as possible. Hope it works, you can always try http://www.righttocancel.com
If your father and stepmother are both deceased and left their home to you and your siblings are you responsible for the mortgage or foreclosure of the property?
Because the property was not owned outright by the deceased persons being willed the property are responsible for the debt attached as well. If they do not want to take the financial responsibility of paying the debt or selling the property they can allow it to be included in the probate procedure and therefore are not responsible for foreclosure or other litigation connected to it. yes, you are responsible otherwise you lose the house you don not get it free just because someone dies. only the person named as heir to the house has to pay. just did this.
How long do you have left on the property after foreclosure after receiving a letter from an attorney stating the property has been purchased and you had 3 days to vacate does letter serve as eviction?
In many states, after a foreclosure sale, the new owner may start eviction proceedings if the former owner doesn't vacate. The letter from the attorney might serve as a notice to vacate before formal eviction proceedings begin, but the exact timeline can vary by state and local laws. It's important to seek legal advice to understand your rights and obligations in this situation.
Can a co-independent executor lease a property by themselves?
I am a joint executor of a property that has been left to me and my sister in our mothers will. Are we qualified to rent out this property on lease, without the need to transfer ownership.
Who gets money in excess of money owed in foreclosure auction?
In the rare case that there is money left over after payoff of the note, penalties, taxes, and the fees involved in the foreclosure and auction, the second mortgage and other liens can then be paid off, and if there is still money left over, the home owner will receive the excess equity because the banks and lawyers have already been paid what they are owed.
Are you responsible for your mother's mortgage on her house that was left to you by survivorship rights?
If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or just keep paying the mortgage until the debt has been paid in full. If you owned the property as joint tenants with the right of survivorship and only your mother granted a mortgage in the property then you should consult an attorney who is familiar with your state laws regarding real property and mortgage by one co-owner.
Can I disclaim property left to me?
You can disclaim property that is left to you if you feel that it is wrongly assigned. This is possible.
