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Not exactly sure what you're referring to. If you are speaking of your so-called 'equity' in your home, you lose it. The lender takes possession of the house and tries to liquidate it in order to recover their investment. Your equity (which was only on paper anyway) becomes part of his asset.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoAccording to the Federal Protection of Tenants in Foreclosure Act, the bank must give 90 days notice. Some state laws forbid evicting the tenants without a reason.
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Are assets in a 401k in Florida protected from a foreclosure sale?
Yes
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
Can money market be seized in foreclosure?
Not in the forclosure, but if the foreclosure doesn't pay off the entire accumulated debt, then they can go after other assets, like the money market.
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 does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
If a house is in a trust and the person that owns the trust dies and that house goes into foreclosure and there is no assets in the trust prior to foreclosure can they come after anything else?
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.
Is my 401k and IRA protected from foreclosure?
If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, since they are assets you can use to reimburse your creditors.
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.
