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After a default by the borrower the bank takes possession of the property and sells it.
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∙ 12y ago
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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 happens to your down payment in foreclosure?
The money is gone after 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.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
What happens during a foreclosure to the other homes around it?
When homes start to forclose, the homes around it loose value only if a lot are being forclosed
Can you move during a pending foreclosure?
can you get a life
There is insurance money for home repairs being held by the mortgage company what happens to this money during a foreclosure?
I really recommend calling your mortgage company to ask.
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
Can you sell your house during foreclosure?
Yes. The new owner would take subject to the foreclosure as well as yourself.
What happens to the first Deed of Trust when the second is in foreclosure?
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
