According to answer.Yahoo.com, "Once the new guy owns it you will be served an eviction notice that says you have three days to get out. If you ignore that (and if the new owner obeys the law) the new owner would need to go to the local Justice of Peace court and file for eviction. You will get a notice to appear. If you appear or if you don't you will lose because you have no right to be there anymore so you will get another notice- this time form the JP court. If you ignore that then a constable will show up to set your things out by the curb."
They can sell it for $1.00 if it is a auction and you can be libel for a deficiency judgment.
That tenant may be able to sue you if they can demonstrate that as a result of your actions (or in this case-inaction to pay the mortgage) they incurred financial damages. However, if this occurred after the termination of the lease, they may not have much of a claim, unless you failed to evict the tenant properly, and now they're being evicted due to the foreclosure.
Deducted from what? If a house is sold at foreclosure, expenses related to preparing the house for a normal sale are not relevant. Generally, expenses to prepare a house for a voluntary sale are not recovered in the sale, except for a few markets where demand for houses exceeds the supply, and even then the seller is better off just cleaning up cluttered rooms and making coffee or baking something chocolate while showing the house. If, by some chance, your house sells at auction for more than you owe and the fees for the foreclosure, it is unlikely any of the expenses would qualify as increasing the basis (how much you paid for the house), thus lowering your taxable gain.
Yes. Foreclosure includes a forced sale, usually at auction, which runs up the legal expenses and other costs in a hurry (survey, appraisal, publication, auctioneer's fees, etc). A surrender is much less complicated.
Legally how much time for eviction after foreclosure in arkansas?
Realm specific question.
You can usually stay at least 30 days in your house. Some banks or companies may extend much more time to you than this.
In almost all cases, you should receive a notice from the county sheriff's department at least a few days before the scheduled eviction. However, it is never a good idea to trust government bureaucrats to be efficient, as that is one thing they almost never are. There are numerous other ways to find out how much time you have, other than trusting in someone from the sheriff to come and post a notice on the door. First of all, you should know when the county foreclosure auction took place. That will give you a good idea of when your ownership interest in the property was transferred to the high bidder at the auction. Then, you should look up the state foreclosure laws to determine how much time homeowners have to stay in the home after the sheriff sale. Some states allow for a redemption period where the foreclosure victims are given more time even after the sale in order to pay back the amount they owed on the house. Redemption periods differ widely by state, with some having just a few weeks to others having up to a year after the foreclosure auction. Of course, other states do not have a redemption period at all. This is why it is essential to look up the state laws, so you do not move out the property too soon or too late. But the court, after the sheriff sale is over, should send you a notice to appear for the eviction hearing. At this hearing, the bank will be given possession of the house and an order will be given to the county sheriff to evict the former homeowners. However, the most important reason to go to this hearing is simply to get more time to save the home or move out of the property. The judge can grant you a few extra days or weeks to obtain a new apartment and begin moving out. This can't be done, though, if no one shows up for the hearing in the first place. The lender will just be given possession and the order will go out to the sheriff to evict as soon as possible.
Either or both of the companies that hold your mortgages have apparently started foreclosure proceedings. You need to contact whichever ones are now processing the foreclosure (which may be both of them) and see if you can make arrangements to halt the foreclosure. This can be done in a number of ways, including rolling a payment back to the end of the loan period or paying the late payments up to date (which I imagine will require a loan), declaring a Chapter 13 bankruptcy (or possibly Chapter 7 bakruptcy -- 13 is more likely to keep the bankruptcy court from selling off the house anyway), or placing the house on the market and selling it yourself. If you don't stop the foreclosure, they'll evict anyone living there (about 33 days if properly conducted and unopposed), and eventually auction off the house on the courthouse steps. With the proceeds from the auction, the holder of your first mortgage will be paid off first. If sufficient funds remain after this, the second mortgage is paid off, and if money still remains, you'll be paid the difference. If the auction doesn't yield enough to pay off both mortgages, you'll still owe the difference. Houses selling at courthouse auctions typically don't bring nearly as much money as a regular sale so, if you can, stopping the foreclosure is likely the best course. If you have sufficient equity in the house, you can sometimes get the creditors to halt a foreclosure if you immediately place the house up for sale. If you go this route, be prepared to evacuate the house, get it in saleable condition, and get it listed FAST. In any case, foreclosure is usually the worst of all your options. Besides typically costing a lot of money, it puts a nasty hit on your credit that takes a very long time to time out. Most important, the worst thing you can do is to do nothing, sit back, and let this happen. Creditors usually select foreclosure as the last option -- it's a troublesome procedure and unlikley to end well for anyone. Talking to them will at least show good will. You should also consider getting some legal council. There are a few no-cost legal advice services that will answer questions about foreclosures for you. In most states, a properly run and unopposed foreclosure takes roughly between 2 and 3 months from the time you are served with foreclosure papers until the auction commences. NOTE: This is not presented as legal or investment advice. I am not a professional in these fields and I may well be wrong, so don't do anything that puts you at risk in any way based on this commentary. Please also note that answers offered over the Internet from well-meaning strangers in no way takes the place of consultation with an attorney or financial professional.
Yes, you can lose as much property and wages as it takes for the lender to recover all of the value you promised to repay.
Locally, your best bet is to follow the foreclosure posts in your local newspapers- foreclosures have to be posted by law. If you can get an in with a credit company or bank, so much the better for you. There are TONS of listings online, but you have to pay for most- most low end buyers who profit from "flipping" haunt their registry of deeds, local court, and the newspapers.
Falling behind on your house payments can be a very scary thing, especially if you don’t know what to expect during the bank foreclosure process. The details may differ from state to state, but the basic process is the same pretty much everywhere. Here is a brief overview of the basic steps that the foreclosure process takes. The foreclosure process usually starts with the homeowner being served with a foreclosure notice. Depending on where you live, the notice can be sent in the mail, published in the newspaper or tacked to the door of the house. The amount of time that passes between when you fall behind on your payments to when you are served with the foreclosure notice mostly depends on your lender. However, in some states the mortgage must be in arrears for a certain amount of time before the lender starts the process. Once you receive the foreclosure notice, it is usually very difficult to work out payment arrangements with the lender. However, it may still be possible. At this point, they usually want the loan paid off in full in order to stop the foreclosure. There is usually a waiting period after the foreclosure notice is served to allow the borrower a chance to pay off the debt before the house is sold. The waiting period varies from one state to another but it is usually just a few weeks so don’t waste time if you want to try to save your home. The next step in the bank foreclosure process is the sale of the home. This is usually done by auction, either at the courthouse or in front of the home. The bank usually sets a minimum bid equal to the amount that was owed, plus legal costs that have been incurred up to that point. The winner of the auction (or the bank, if no one bids) assumes ownership of the home following the redemption period, if there is one. In many states, homeowners are given a chance to redeem their properties following the sale. The redemption period is often a few months, during which time the borrower can reclaim ownership of the home if they repay the full amount owed, plus legal costs and any costs incurred by the lender in preparing for the auction. This is the last step in the bank foreclosure process and the homeowner’s last chance to save the home from 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.
After foreclosure, your top priority should be to find a decent, affordable place to live and to start rebuilding your credit. The best way to plan your next steps is to learn as much as you can about your rental and home buying options after foreclosure.
form_title=Auction Event form_header=Hold an auction event to generate revenue for your company. Approximately, how much money do you estimate will be generated from this auction event?=_ When would you like to hold the auction event?=_ What types of items would you like to auction off? =_ How many items will be up for auction? =_
After foreclosure you yahe 72 hours to get out of the house. If you think that you are going to foreclose soon, start packing ahead of time. The police will be called out to evict you as you are now on private property of (bank/lendor firm) TIP::::::::: Make small payments toward the Mortgage (enough to shut the bank up, usually 25% of total payment would be good enough) which will prolong the foreclosure as "you are making the effort to pay" By doing this, foreclosure may take up to a year to occur TIP::::::::: If you are in foreclosure mode try to get as much credit as possible ONLY IN YOUR NAME NOT WITH SPOUSE. Cash this credit as much as you can and keep it as cash. Then separate from spouse (you will not really do this) and after of few moths of creditor calls (declare bankruptcy this way you are broke as hell with CASH and your spouse still has good credit. You were loosing the house anyway so you will not buy a home for a while so it doesn't matter of your credit will be bad for 7 years usually 2-3 years really) as for other major purchases like cars one person can get loans for cars you don't need two........By dong this i was able to walk away form my house (foreclose) with 23,000$ cash, which was a nice bonus for a fresh start... my bad credit lasted almost 3 years as i was approved for a 20,000$ car loan no problem Good luck....
Here are some pointers that can help you survive a foreclosure situation: Find out whether your state implements a redemption period. After the foreclosure sale, homeowners are given the period of a few days to a month or even longer. During this period, you cannot be evicted from the house even if the property already has new owners. You are given the chance to get your foreclosed property back provided that you pay your mortgage liabilities completely. The buyer of your home will be given a refund of the amount he paid during the auction. In case no one buys your property during the auction, your home will end up in the possession of the bank. This can prove to be more advantageous than when the foreclosed home is bought at auction. Banks are big companies and transactions in such huge organizations tend to move at very slow pace. That means another few months for you to stay in your home especially since evicting you is not among the top priorities of the bank. Evictions undergo legal processes. In almost all cases, the court is involved in eviction. That gives room to more delays of a few days to a couple of weeks. However, you still have to act fast as you would not have much time after the eviction is permitted. The moment your foreclosed house is sold during the auction, immediately find a new place. Things happen faster after the eviction is approved. Notices last for only one to three days. If you do not want to find yourself in the streets, you have to make plans fast. Additionally, you can always seek help from HOA and their accredited legal counsels to further help you out in facing foreclosure.
How much did it sell for at auction was $120000
Each auction puts out a list of cars they sold and the price they sold for.
Depends on your home and the condition it's in.
Do you mean equity?. You could lose all or part of it depending on how much revenue the house brings at auction. Talk to your mortgage lender and make arrangements to try and keep your house. Good luck. PS. they don't want the house they want MONEY! .
== Foreclosure loans== Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home. More opinions from FAQ Farmers: * What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.
Your question isn't answerable here. A three bedroom house might be bought for a dollar at auction, or may cost several hundred thousand dollars. This is a much better question for a real estate agent in the area where you wish to buy.
At an auction, it will be worth whatever the highest bidder bids.