0
What happens at a Foreclosure sale when it says bank vs individual and United States of America?
Wiki User
∙ 14y ago
It sounds like you might be referring to a foreclosed home that might have a Veterans Administration loan or some other type of government-backed loan on it.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What happens when you stop making mortgage payments?
The bank takes your house. * After a prescribed period of time the lender will begin foreclosure proceedings. In some US states the lender does not need to go through the court to implement a foreclosure and the action can be rapid. In states that require the lender to use prescribed legal procedure, foreclosure can take several months.
Why America is called US.?
It's the Unites States because it is composed of fifty individual states
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.
Can you rent out your home while home is in foreclosure?
Yes you can, but in most states you have to tell the potential tenant about this foreclosure.
Country nickname Land of the Free?
The United States of America is often referred to as the "Land of the Free" due to its founding principles of liberty and individual freedoms.
What is Americas plant?
There is no 'America's plant (as in the United States of America).' There are, however individual 'state plants,' that are the official plant of a state.
What happens if no one is president in the US?
then there would be madness in the United States of America
What to do when you hold a second mortgage and the people have not paid in 4 months?
Absolutely start the foreclosure process. If the first mortage is also in default, then you run the risk that they start foreclosure before you. If that happens there is a good possibility that your mortgage will be wiped out. The only way to avoid this, in most states, is to purchase the house at foreclosure. For most private mortgage holders this is not a realistic alternative. Typically foreclosure can take several months. By delaying further you insure that your losses will be compounded. Keep in mind that you can always stop the foreclosure process.
How long will my foreclosure stay on my credit report?
A foreclosure remains for a minimum of 7 years. In some states, it can legally remain for longer.
What states have the statutory right of redemption after foreclosure?
Several states have statutory rights of redemption after foreclosure, including Alabama, Connecticut, Delaware, Iowa, Minnesota, Mississippi, Missouri, Tennessee, and Wisconsin. These states allow homeowners a period of time after foreclosure to buy back their property by paying the outstanding mortgage debt.
Who created the first National Government of the 13 individual states in North America?
articles of confederation
The 1766 war treaty in America?
America had no Treaty in 1766 because the United States of America did not exist in 1766.
