What is the difference between a forced foreclosure and a foreclosure?
Foreclosure is the legal process by which the lender takes over and sells the home when the homeowner defaults on the mortgage. A forced foreclosure is slightly different from a general foreclosure. In a forced foreclosure, the house is foreclosed because the homeowner defaulted on any of the terms and conditions of the mortgage that would allow him or her to stay in the home. If you are a homeowner, it is important for you to read and understand the terms and conditions of the mortgage. There may be clauses that would allow the lender to foreclose your home besides a default in the monthly payments.
The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
Pre-foreclosures occur when homeowners are in arrears on their mortgage payments. The pre-foreclosure period is, in effect, a grace period warning a homeowner that foreclosure is the next step if the mortgage is not caught up. Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.
The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale. If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary. The foreclosure…
Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.
It means the bank holding your mortgage will take your house from you and you will be forced to leave. The bank will then try to sell the house. If they don't sell it for enough to cover the balance of your loan, they will probably come after you for the difference. Foreclosure will also badly damage your credit rating making it very difficult to borrow money in the future.
A short closure of contract is typically called a short sale. In a short sale, the owner works with the bank to sell the property at a price less than the market value. The goal is to get as much of the loan paid as possible. The owners owe the bank the difference between the sale price and the loan amount whereas in a foreclosure the buyer just walks away and owes much more.
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure. If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure. If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not…