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The foreclosing mortgagee can and usually does bid at the foreclosure sale. If the foreclosing mortgagee is the high bidder, it essentially pays itself up to the amount of its debt by canceling the debt to the extent of its bid. The foreclosing mortgagee only has to come up with cash if it bids more than the amount of its debt.
What else can I help you with?
What does bond approved mean on a foreclosure?
"Bond approved" on a foreclosure indicates that a court has authorized a bond, which is a financial guarantee, typically required to proceed with the foreclosure process. This bond serves to protect the interests of the parties involved, ensuring that any claims or damages arising from the foreclosure can be compensated. It often signifies that the foreclosure is moving forward and that the necessary legal and financial requirements have been met.
Can a lender take possession of the property instead of selling the property he is forclosing?
Yes, a lender can take possession of the property instead of selling it during foreclosure, which is known as "deed in lieu of foreclosure." In this scenario, the borrower voluntarily transfers ownership of the property to the lender to avoid the foreclosure process. However, this typically requires the lender's agreement and may not be available in all situations. The lender may also choose to proceed with a foreclosure sale to recover the owed debt.
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
What happens if the mortgage company wins the motion for relief?
They can proceed with a foreclosure or whatever "cure and remand" action they so choose.
What does bond approved mean on a foreclosure?
"Bond approved" on a foreclosure indicates that a court has authorized a bond, which is a financial guarantee, typically required to proceed with the foreclosure process. This bond serves to protect the interests of the parties involved, ensuring that any claims or damages arising from the foreclosure can be compensated. It often signifies that the foreclosure is moving forward and that the necessary legal and financial requirements have been met.
Stay Motion to stop a deed in lieu of foreclosure by Creditor?
A creditor can petition for a stay motion. If it is granted, then you would not be able to proceed.
Can a lender take possession of the property instead of selling the property he is forclosing?
Yes, a lender can take possession of the property instead of selling it during foreclosure, which is known as "deed in lieu of foreclosure." In this scenario, the borrower voluntarily transfers ownership of the property to the lender to avoid the foreclosure process. However, this typically requires the lender's agreement and may not be available in all situations. The lender may also choose to proceed with a foreclosure sale to recover the owed debt.
How do I proceed in a construction lien foreclosure?
I highly recommend that you see a qualified construction law attorney at once. The process is much to complicated to do pro se (represent yourself). Keep in mind that the statue of limitations of foreclosure of construction liens is 8 months (in WA) so act quickly!
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
What is foreclosure help?
Foreclosure help is advice and help you can get from an organization or service that will help you through a foreclosure or help you stop a foreclosure. Foreclosure Help and Hope is an organization that can help.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
What is the best recommended foreclosure website?
There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate
