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Why am I getting served on a foreclosure when the loan is in my husband's name in Florida?
Wiki User
∙ 15y ago
You may want to double check the document to see if you were indeed liable on the loan. You may have not been on the loan but on the deed to the property also.
Wiki User
∙ 15y ago
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How long does a foreclosure take in MN?
Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.
How are you notified of foreclosure?
This depends on the state and the type of foreclosure used. In general, there are two different types of foreclosure. In judicial foreclosure, banks are required to bring a lawsuit against the homeowners in the local district court. Homeowners are notified of the foreclosure when they are served with the paperwork including the lawsuit complaint the lender has filed. Notification is often done by a sheriff's deputy hand delivering the paperwork or by the bank sending the paperwork via certified mail. In nonjudicial foreclosure, the bank is able to sell the home at auction without suing the borrowers. Notification is often done by having a sheriff post a Notice of Sale or Notice of Intent to Foreclosure and Sale or similar notice on the property itself. Notices must also be posted in local newspapers, in public gathering places, or at the county courthouse. The specifics vary by state, but these are the two most common methods of foreclosing on a home and how the debtors are notified of the pending loss of their property.
If a home just went into foreclosure and papers were served who would be the one to call for the payoff The mortgage company or the attorney?
The lender will most likely tell you that you need to contact the attorneys for an updated payoff statement. Once the loan is in foreclosure, the attorneys handle most of the little tasks like payoff statements, reinstatement figures, etc. This is because they will have to add their fees to the numbers they quote you. Of course, it will take them at least a week, in most cases, to generate payoff figures. This is because the bank will have to calculate interest, late fees, and other charges, and then the lawyers will add their fees and court costs on top. So, after the foreclosure lawsuit has been filed, it's the attorneys that will have the most information.
What is forced foreclosure?
A forced foreclosure indicates that the homeowners are being foreclosed on because they have not kept up one of the provisions of the mortgage contract that would allow them to stay in their home. Of course, there are relatively few actions that would initiate forced foreclosure proceedings on a property, but it is worth examining them so that borrowers do not fall into one of these traps and find that they are suddenly in foreclosure. The most obvious way to end up in a forced foreclosure is simply for homeowners to stop making the monthly payments to the lender. In a matter of months, regardless of how much they want to save the house, the borrowers will end up being served with the lawsuit paperwork and will have to defend against the bank's attempts to have the house sold. Although the owners may not want to have their home auctioned through the foreclosure process, they may have little other option if they have not made the payments as agreed in the loan contract. Secondly, homeowners may find that the bank has sued them for foreclosure if there is a sudden transfer of ownership. Many mortgages have a "Due on Sale" clause, which stipulates that a change in ownership or a newly recorded deed will trigger the full amount of the loan to be due. This is designed to prevent owners from adding or subtracting different interested parties on the title of the house without the bank approving. Even a quitclaim deed to a third party or simply adding another family member to the deed can trigger this clause. In terms of properties where the mortgage payments have fallen behind, homeowners are often under the impression that they can transfer the title to some other third party or business and escape foreclosure. This is not only not true, but it could also quicken the pace of any foreclosure proceedings. Instead of obtaining a judgment for foreclosure after a lengthy pre-foreclosure stage, the bank may be able to call the entire loan due as of the date of the ownership transfer. These two events, defaulting on the payments or triggering a Due on Sale clause, could initiate forced foreclosure proceedings on a property. Regardless of what the homeowners do, the process will continue unless the loan is paid off or reinstated. In effect, the bank is attempting to force the homeowners to uphold the mortgage contract in some way, either through paying the bank or having the house auctioned off to satisfy the debt. A forced foreclosure may also be considered in comparison to such methods to save a house as a deed in lieu of foreclosure, a commonly used option for homeowners with few other options. Using a deed in lieu, borrowers simply transfer ownership of the house into the bank's name in exchange for not going through the full legal process of losing the home. In this case, borrowers voluntarily admit that they can no longer pay the mortgage and give title to the lender, which the bank accepts as payment in full of the mortgage.
Can you file foreclosure on first and second mortgage?
It is not the homeowners themselves who file foreclosure on a house, nor do they decide when to file the paperwork, nor do they decide how it will be pursued in the local court system. All of these aspects are determined by the lenders and creditors who have liens on the house to begin with. To begin foreclosure, all the homeowner has to do is stop paying the mortgage, whether this is the first mortgage, second mortgage, home equity line of credit, or other lien on the house. So, if homeowners stop sending in the monthly payment to the first mortgage, after a period of time (typically 3-6 months in a row of missed payments), the lender will automatically begin the foreclosure process. It will hire local attorneys to initiate the lawsuit and have the paperwork served on the homeowners. The actual owners themselves do not have to do anything besides miss their mortgage payments -- the mortgage company will begin the foreclosure process with or without any further input from the borrowers. The same works if the homeowners stop paying their second mortgage or any other junior liens. Even if they keep up on the first mortgage payments, the second lien holder will eventually sue the owners for foreclosure and attempt to have the house auctioned off. There may be little chance that the second mortgage company will receive much from the sheriff sale of a house, since properties typically sell for not even enough to pay off the first lien, but the lender will not wait forever for the owners to get back on track. Eventually, it will be better to take the loss, write off the loan, and take any write-offs that are available. In the case of homeowners who stop paying on both or all mortgages at once, it is usually the first mortgage that will file for foreclosure first. If the homeowners do not find a solution to stop foreclosure, then it is likely that the junior lien holders will simply let the house go and write off their loans. In most instances, the sheriff sale will not generate enough proceeds to pay off the first mortgage in full, and other liens will not be paid off at all. There may be a small chance of being sued afterwards for a deficiency judgment, but this is a somewhat remote possibility.
Why would someone get a foreclosure notice?
Foreclosure notices are served on those who have not been able to keep up with their mortgage payments on their home. They are akin to an eviction notice, as the bank is claiming their property.
Who was the Florida Governor that served the shortest term?
Wayne Mixson served as governor of Florida for only 3 days in the late 1980's.
Can a house go into foreclosure while it is tied up in probate?
Yes, a house can go into foreclosure if the mortgage is not being paid, even if the property is tied up in probate. It's important to communicate with the lender and the probate court to address the situation and explore potential solutions.
How long does a foreclosure take in MN?
Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.
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Charles Darwin
What was life like for a Floridian that served in the civil war?
Florida joined the Confederacy and served in the War between the States with the rest of the Confederate states. It was probably doubly hard for the Florida men to leave Florida to deploy to other states
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She served water in a pitcher from a spring nearby and served it to dying soldiers needing water. She participated in the war by fire ring her husbands cannon.
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The whole east coast of Florida,the area still served by the Florida East Coast RR.
What did Georgia serve as?
Georgia served as a military barrier against spanish florida.
