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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.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
If my house goes into foreclosure will they put up a foreclosure sign?
They will wait until they have you out of their property, then it is just a "for sale" sign. I guess this rule don't vary from state to state and they put the sign when you vacate the property.
What happens to equity in a foreclosure process?
In a foreclosure process, equity refers to the difference between the value of the property and the amount owed on the mortgage. If the property is sold in foreclosure for more than the amount owed, the remaining equity goes to the homeowner. If the property is sold for less than the amount owed, the equity is lost.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
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.
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
What is the Fannie Mae foreclosure law?
how many days delinquent before a loan goes into foreclosure
If my house goes into foreclosure will they put up a foreclosure sign?
They will wait until they have you out of their property, then it is just a "for sale" sign. I guess this rule don't vary from state to state and they put the sign when you vacate the property.
How long after delinquent property taxes are due can they make you move?
The process and timeline for property tax foreclosure varies by location, but typically, property owners have a grace period of several months to years to pay delinquent property taxes before facing foreclosure. Once the property goes into foreclosure, the timeline for having to move out can vary but is usually anywhere from a few months to over a year, depending on the specific foreclosure laws in the area. It is important to consult with a local real estate attorney for precise information regarding your situation.
What happens to equity in a foreclosure process?
In a foreclosure process, equity refers to the difference between the value of the property and the amount owed on the mortgage. If the property is sold in foreclosure for more than the amount owed, the remaining equity goes to the homeowner. If the property is sold for less than the amount owed, the equity is lost.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
My husband and I each purchased land in California. We live in another state. The properties are about to go into foreclosure. Which states foreclosure laws will apply?
Foreclosure laws typically apply based on the location of the property, so in this case, California's foreclosure laws would likely apply to the properties you both purchased in that state. It's important to consult with a legal professional in California to fully understand the implications and processes involved in the foreclosure proceedings.
What does ppr mean in real estste?
PPR in real estate means Preliminary Property Report. This is usually a report on the property before it is filed into foreclosure . Sometimes it is just a drive by viewing or an internal inspection. Realtors usually get this report before a property preservation goes in to restore or repair and the property preservation company can do this PPR for the realtor if requested.
What happens to my primary residence when I can't find a tenant for my rental property and it goes into forclosure?
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
What happens to my credit score when my investment property goes into foreclosure?
Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
