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When your forclosed home sells are you responsible for the shortfall?
Wiki User
∙ 14y ago
i live in SD and my home was sold in foreclosure,how long do i have before i have to move out of it.
Wiki User
∙ 14y ago
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When a home is foreclosed on who is responsible for paying property taxes?
Well, if the bank has forclosed they are but can seek the monies from the new buyers. If you bought the tax certificate then you do.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
Will I have to pay the shortfall of my mortgage after a short sale?
In one way or another you will be responsible for and money in a short sale of your home. If you do not have the cash at the sale closing, I doubt you will be able to provide a clean title insurance policy. Without that, you will not be able to sell your home. If this is a different type of sale, other than a conventional mortage by the purchasers, the bank will come after you for any and all short sale. I know this is not good news... but the bank will want it's money... Sotty Addition by Soxos, They have 12 years in England to get the debt from you, and 5 years in Scotland.
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
Who is responsible for the home repairs when in a reverse mortgage?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
Who is responsible if parents die and their home has forclosed?
If you're in the US... Their estate is responsible...meaning that expense (along with others) gets paid before any funds are distributed to their heirs.
When a home is foreclosed on who is responsible for paying property taxes?
Well, if the bank has forclosed they are but can seek the monies from the new buyers. If you bought the tax certificate then you do.
If your primary residence was forclosed and fell short of the balance owed do you have to pay taxes on that shortfall?
Before Bush passed the new law this year, yes, but now NO. Go to the Irs website and read about it. Trust me, I just did a short sale on my home and did a lot of research on it before I did it. This new law is for short sales and foreclosures
What happens if a person moves into a forclosed home without permission?
Moving into a foreclosed home without permission is considered illegal trespassing. The rightful owner or bank can take legal action to evict the person from the property. It's important to obtain proper permission or go through the appropriate channels to occupy a foreclosed home.
Can a parent purchase their child's home if it is going into foreclosure?
As long as it hasen't been forclosed on yet. And they pay all the legal fees to do it.
If your rental property is forclosed, will you loose the house you currently live in ?
there is a possibility that will happen becuase it is a rental property not a leased or buying option where you would have more options to keeping if you were a home owner.
Which home organization product sells the most in a month?
ClosetMaid sells the most.
What happens when you have 2 homes one in your name and one in yours and your wife's name and the first one gets forclosed on?
You lose that home, whoever had their name on the foreclosed home has a blight on their credit, and will be liable for any money not covered by the eventual resale of the home by the lender. Nothing happens to your other home.
What does it mean to have an endowment shortfall?
An endowment shortfall is common issue among people who purchases mortgages in the eighties and nineties. The idea was that people pay a reduced mortgage rate, and contributed a reasonable some of money towards endowments to be invested on the open market. The contract didn't offer protection to the home owners and when the finicial recession of the late eighties and early nineties hit, the money left within the endowment didn't cover the mortgages, creating a shortfall.
If your house in foreclosure and is up for sale can it still be forclosed on by the lender?
Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.
How do you be responsible at home?
You can be responsible at home by completing your chores and tasks in a timely manner, being respectful to other household members, and taking care of your personal belongings and shared spaces. It's also important to communicate openly and help out with household responsibilities when needed.
What home products company sells ready to assemble furniture?
IKEA sells this. Go to them.
