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The bank who forecloses becomes the owner of the real estate. They then sell the property as an "REO asset" to try and get the money back to payoff the mortgage. REO stands for "real estate owned."
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∙ 15y ago
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What happens to your down payment in foreclosure?
The money is gone after foreclosure.
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 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.
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.
What happens on eBay if you bid on one item and no one bids against it?
what do you think happens if no one bids on an item
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
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 if a seller on ebay has no bids an time has run out?
If there are no bids, the auction ends, and nothing else happens. The seller can choose to relist the item. There are no fees to pay on items that don't sell.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
Do you get your horse back if it doesn't sell in the game howrse?
Yes, if nobody bids on your horse at the Auction, it will come back to you.
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.
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.
How does a foreclosure proceed?
The foreclosing mortgagee can and usually does bid at the foreclosure sale. If the foreclosing mortgagee is the high bidder, it essentially pays itself up to the amount of its debt by canceling the debt to the extent of its bid. The foreclosing mortgagee only has to come up with cash if it bids more than the amount of its debt.
What happens after a house goes into foreclosure?
you get kicked out and you live outside instead of inside
What happens after foreclosure?
After Foreclosure, One should find a decent, affordable place to live and to start rebuilding credit.The best way to plan the next step, is to learn as much as he can about the rental and home buying options after foreclosure.
