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Forclosure only affects the specific property that is under contract. If you have other assets they are not in jeopardy during forclosure. On the other hand, a lending institution may initiate a lawsuit to capture remaining loss. Banks are in the business of LENDING money, not giving it away. By law, they are to seek whatever means available to recover the money they loan to you. They have an obligation to repay THEIR lenders, which are the people who deposit money to the bank in hopes of getting an investment type return. So, back to your question: The bank will complete forclosure first to get the property back. You'll have an opportunity to move your personal property out of the "Real" property before forclosure, but if you wait too long they will dispose of your personal property in a way that is most efficient for them. Then they will sell the property in hopes of recovering whatever money is owned on the original loan. If they don't recover enough to pay back the money that you borrowed they may initiate a lawsuit to get the REST of that money, depening on whether they perceive that such a lawsuit might be effective.
What else can I help you with?
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.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
How many points will a foreclosure reduce your credit score?
Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.
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.
Are assets in a 401k in Florida protected from a foreclosure sale?
Yes
What steps should be taken to protect divorce assets acquired before marriage?
To protect divorce assets acquired before marriage, it is important to keep them separate from marital assets. This can be done by maintaining clear documentation of ownership, such as prenuptial agreements or keeping assets in individual accounts. It is also advisable to consult with a legal professional to ensure that these assets are properly protected in the event of a divorce.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Who is the saint that protect homes from foreclosure?
Saint Bankruptcy
How long do you have to be separated before your spouse can't get your assets?
Separation does not protect assets. In order to protect your assets you must obtain a divorce. The court will divide the marital assets at that time and each party will be free from the claims of the other from that time on. However, if you continue to put the divorce off, any assets you continue to acquire will be vulnerable to division. Also, if you die while still married, your spouse will inherit your assets.
What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
How can foreclosures attorneys help someone who is facing foreclosure?
Attorneys can often help negotiate alternatives to foreclosure on your behalf. If the foreclosure proceeds, an attorney can help advise you on how best to protect your rights and credit.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
What is the Fannie Mae foreclosure law?
how many days delinquent before a loan goes into foreclosure
Are adult children responsible for paying foreclosure debts of deceased parents?
They are not directly required to pay any debts. If you are the executor of the estate, yes, if there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
