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Any heir wishing to keep the house must pay off the debt. However, if no heirs desire to keep the property, then the estate will not be liable for a deficiency if the house is being sold under a trustee's sale. If the foreclosure is court ordered, then the estate and heirs can be held liable for a deficiency.
What else can I help you with?
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
When your forclosed home sells are you responsible for the shortfall?
i live in SD and my home was sold in foreclosure,how long do i have before i have to move out of it.
Who is responsible for medical bills after divorce is in process?
the one responsible for medical bills, i think its the one who was responsible before the divorce process commenced......
What to do when you hold a second mortgage and the people have not paid in 4 months?
Absolutely start the foreclosure process. If the first mortage is also in default, then you run the risk that they start foreclosure before you. If that happens there is a good possibility that your mortgage will be wiped out. The only way to avoid this, in most states, is to purchase the house at foreclosure. For most private mortgage holders this is not a realistic alternative. Typically foreclosure can take several months. By delaying further you insure that your losses will be compounded. Keep in mind that you can always stop the foreclosure process.
How do you stop or postpone foreclosure?
There are several ways to stop foreclosure. Following are the most common ways: 1- Apply for a home loan modification 2- Sell your home using the short sale process 3- File Bankruptcy 4- File an emergency bankruptcy 5- Hire a company to legally stop and postopne the foreclosure sale by challenging the trustee about the legitimacy of the foreclosure process. Ulitmately, always seek the advice of an attorney, credit, and tax professional before you decide what avenue to take to avoid foreclosure.
How may days delinquent before foreclosure is initiated?
The number of days delinquent before foreclosure is initiated can vary by state and lender, but it typically ranges from 90 to 120 days. After a borrower misses several mortgage payments, lenders usually initiate the foreclosure process, which involves filing legal documents. However, some lenders may offer alternatives or payment plans before proceeding with foreclosure. It's important for borrowers to communicate with their lender as soon as they foresee difficulty in making payments.
How long does it take to foreclose in the state of Massachusetts?
In Massachusetts, the foreclosure process typically takes between 6 months to over a year, depending on various factors such as the type of foreclosure (judicial or non-judicial) and any legal challenges that may arise. The timeline can be extended if the borrower contests the foreclosure or if there are delays in the court system. Additionally, Massachusetts law requires a 90-day pre-foreclosure notice before initiating the process, which adds to the overall timeline.
What is the Fannie Mae foreclosure law?
how many days delinquent before a loan goes into foreclosure
How many points will a foreclosure reduce your credit score?
Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.
How long does it take to go into foreclosure after lis penden in Florida?
In Florida, the foreclosure process can begin after a lender files a lis pendens, which is a notice of pending legal action. Typically, it can take anywhere from a few months to over a year for a foreclosure to be completed, depending on various factors such as court schedules, whether the borrower contests the foreclosure, and any potential delays. Once the lis pendens is filed, the borrower usually has a grace period to address the default before the foreclosure process accelerates. However, the exact timeline can vary significantly based on individual circumstances.
How many days can a loan be delinquent before foreclosure?
The timeline for foreclosure can vary significantly by state and lender, but generally, a loan can become delinquent after 30 days of missed payments. After 90 days of delinquency, the lender typically begins the foreclosure process. However, the entire process can take several months to years, depending on state laws and the specific circumstances of the case. Always check with local regulations for precise timelines.
Is it possible to stall foreclosure and how long can it be stalled for?
It is possible to stall foreclosure for up to two years using bankruptcy and a variety of other tactics. Getting what is called a Stay is a process of fighting back against the bank, and fighting for your right to stay in your home. Stalling foreclosure is not the simplest process but it can be done, and should be done if you are upside down in your mortgage, and thinking of filing bankruptcy. I have been going through foreclosure, and besides using an attorney, I found this book pretty helpful called the Stall Foreclosures E-Book. You can get this book, and read through it before you start the process to sort of give you a background on how to manage to stall foreclosure and stay in your home while fighting back. It is at www.StallForeclosures.com
