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Who is responsible for a property still in the foreclosure process once you vacate the premises?
Wiki User
∙ 15y ago
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Wiki User
∙ 15y ago
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What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
How does foreclosure work?
Foreclosure occurs when a person is unable to make payments on a property. The bank, which owns the rights to your property, can choose to overtake the property and kick you out.
How long does a deed in lieu of foreclosure take to give back the property?
With the consent of the property owner and lender, the deed is valid immediately after it is recorded in the county public records. It is a good way to avoid the foreclosure process, but, oddly, many lenders will not accept such a deed and insist on the expensive and tedious foreclosure process.
Who is responsible for maintaining a property in foreclosure?
For as long as the foreclosure process is going on, the original owners of the property will still have legal possession. This makes them responsible for maintaining the property, paying the real estate taxes, and keeping insurance paid up to date in case of damage or destruction. Since they still own the house, they must keep on top of all of the responsibilities of maintaining the property in good condition. Of course, it is especially important for homeowners to keep up on the maintenance if they are eventually successful in finding a solution to stop foreclosure. Letting a home fall into disrepair and then saving the home but having to clean up afterwards is not a good start to financial recovery. Even if it is just a second home or investment property, homes in foreclosure should be kept in as good of condition as possible. For homeowners who are unable to avoid losing the property, though, they will no longer be responsible for maintaining it when ownership is transferred through the foreclosure legal process. This typically happens once the sheriff sale has been conducted and the winning bid confirmed by the local court system. At this point, the foreclosure victims will no longer have title to the home, and it will be up to the new owner (usually the bank) to make sure the property is kept up.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
How does foreclosure work?
Foreclosure occurs when a person is unable to make payments on a property. The bank, which owns the rights to your property, can choose to overtake the property and kick you out.
How long does a deed in lieu of foreclosure take to give back the property?
With the consent of the property owner and lender, the deed is valid immediately after it is recorded in the county public records. It is a good way to avoid the foreclosure process, but, oddly, many lenders will not accept such a deed and insist on the expensive and tedious foreclosure process.
Who is responsible for maintaining a property in foreclosure?
For as long as the foreclosure process is going on, the original owners of the property will still have legal possession. This makes them responsible for maintaining the property, paying the real estate taxes, and keeping insurance paid up to date in case of damage or destruction. Since they still own the house, they must keep on top of all of the responsibilities of maintaining the property in good condition. Of course, it is especially important for homeowners to keep up on the maintenance if they are eventually successful in finding a solution to stop foreclosure. Letting a home fall into disrepair and then saving the home but having to clean up afterwards is not a good start to financial recovery. Even if it is just a second home or investment property, homes in foreclosure should be kept in as good of condition as possible. For homeowners who are unable to avoid losing the property, though, they will no longer be responsible for maintaining it when ownership is transferred through the foreclosure legal process. This typically happens once the sheriff sale has been conducted and the winning bid confirmed by the local court system. At this point, the foreclosure victims will no longer have title to the home, and it will be up to the new owner (usually the bank) to make sure the property is kept up.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
What is a "foreclosure"?
The legal process by which a lender terminates the owner's right to a property that was pledged as security for a debt.
Can I do a Bankruptcy and foreclosure with a second mortgage at the same time?
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
Who is responsible for property taxes and upkeep of home if the mortgage was discharged in chapter 7 bankruptcy and the foreclosure process has not begun in Florida?
The owner of record is responsible for taxes and upkeep until a deed conveys the property into another name. The owner will be responsible from the Bankruptcy file date until the date of Trustee's Sale- even if the original sale date is postponed.
What is a foreclosure property?
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
Can they foreclose a property if the note is paid and current?
No. Foreclosure is a legal process that can be used in the case of a default only.
