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A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.
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∙ 12y ago
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What happens to your down payment in foreclosure?
The money is gone after foreclosure.
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.
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
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.
What happens when your home is sold in foreclosure due to common charges?
The result is that you lose your home.
What happens when you go into foreclosure in California?
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.
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
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.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
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.
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
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.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
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.
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
In California what is the time limit for moving out of a foreclosure?
what is the time for foreclosure on a home in california?
