What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
you get kicked out and you live outside instead of inside
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
you get kicked out and you live outside instead of inside
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
When your home goes into foreclosure in California, the courts will give the homeowner a certain amount of time to move out. The homeowner can pay what is owed to keep the home.
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
your lease was with the previous owner. It's gone unless the new owner will honor or best make a new lease if you want it. You may have 30 -60 days to relocate, They can't just move you out tomorrow.
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
Only if you want to keep the items.
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.