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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.
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What is the difference between a tax foreclosure auction and a bank foreclosure auction?
One is done by the IRS, and the other is done by your bank.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?
the lender can seek a deficiency judgment against the homeowner in court
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.
What is the difference between a foreclosure and a repossession?
They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.
What is the difference between a sheriff sale and a 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.
What is the time frame between foreclosure and sheriff sale?
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 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 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 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.
What is the difference between pre foreclosure and foreclosure?
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.
What is the difference between a HUD home and a foreclosure?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. All HUD homes are foreclosures but not all foreclosures are HUD.
What is difference between foreclosure and short closure of contract?
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.
Can you be sued for a foreclosure deficit?
Yes you can be sued for the difference or the lender can issue you a 1099 for the amount still owed then you will owe taxes on the difference
After foreclosure can the bank garnishee your wages for the difference of what you owe and what the house sells for?
If they can get the court to allow this. Consult with an Attorney.
