0
What else can I help you with?
How far behind do you have to be before a lender can begin foreclosure proceedings on your home?
Forecloseure proceedingsgenerally begin about 90 days after the last mortgage payment is made.
Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
How many payments have to be missed before foreclosure by the mortgage company?
Technically you are eligible for foreclosure the day you miss a payment, but in practice this is never the case. Most lenders will begin the foreclosure process after 3 payments are missed, but that does not mean the home will be foreclosed. Many lenders are required by law to work with the borrower to modify the loan, or otherwise demonstrate significant effort to avoid the foreclosure. Many foreclosures take 6 months to a year to complete. This varies greatly by state, loan type, and investor/owner of the loan.
How far behind in your mortgage can you get before your mortgage company starts foreclosure proceedings?
It usually depends on a Mortgage Bank and also on the individuals previous credit ratings.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
How far behind do you have to be before a lender can begin foreclosure proceedings on your home?
Forecloseure proceedingsgenerally begin about 90 days after the last mortgage payment is made.
Can you make payments before you are 3 months late with you mortgage payment to stop foreclosure?
Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.
What to do when you hold a second mortgage and the people have not paid in 4 months?
Absolutely start the foreclosure process. If the first mortage is also in default, then you run the risk that they start foreclosure before you. If that happens there is a good possibility that your mortgage will be wiped out. The only way to avoid this, in most states, is to purchase the house at foreclosure. For most private mortgage holders this is not a realistic alternative. Typically foreclosure can take several months. By delaying further you insure that your losses will be compounded. Keep in mind that you can always stop the foreclosure process.
How many payments have to be missed before foreclosure by the mortgage company?
Technically you are eligible for foreclosure the day you miss a payment, but in practice this is never the case. Most lenders will begin the foreclosure process after 3 payments are missed, but that does not mean the home will be foreclosed. Many lenders are required by law to work with the borrower to modify the loan, or otherwise demonstrate significant effort to avoid the foreclosure. Many foreclosures take 6 months to a year to complete. This varies greatly by state, loan type, and investor/owner of the loan.
Should you sign a deed in lieu of foreclosure if your husband is the only one whoe signed the mortgage note and you live in a community state property?
You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.You should consult with an attorney before you sign anything. The bank needs your signature to complete the foreclosure but you should have the mortgage reviewed before you sign.
How soon before your prepayment penalty expires should you start the refinance process?
You can start the refinance process before the pre-payment period is up as long as you do not close on the new mortgage until the pre-payment period has expired. I would start the process about 30 days before the prepay is due. Make sure that your mortgage person knows not to close early.
How far behind in your mortgage can you get before your mortgage company starts foreclosure proceedings?
It usually depends on a Mortgage Bank and also on the individuals previous credit ratings.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
What is the advantage of having you name on deed but not resposible for mortgage?
if you acquired your interest be deed after the mortgage was granted:You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor defaults on the mortgage the bank can take possession of the property by foreclosure and you will lose your interest as well.If you acquired your interest before the mortgage was granted but didn't sign the mortgage:You are not responsible for the payment of the mortgage and default will not affect your credit record. In the case of a default the bank can only foreclose on the half interest of the co-owner who signed the mortgage.
What will happen to mortgaged property placed in trust?
The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.
What is the Florida foreclosure process?
Florida is a judicial state. This means that all foreclosures must use the court system for processing. Since banks differ and the courts are involved, the foreclosure process timeline varies slightly between individual cases. The average time frame is five to six months from the beginning steps until the finalization of a foreclosure.Steps Taken to ForeclosureThe first steps fall under the pre-foreclosure period. The mortgage holder is late with payment, but remain in the property while the foreclosure proceedings progress.Notice of DefaultThe Notice of Default is the first indication of late payment. It is a written notice sent to the mortgage holder by the mortgage lender. It will state how much money is owed and how late the payment is. A Notice of Default will state what you need to do in order to become current on your payments and prevent foreclosure from happening.Lis PendesLis Pendes is paperwork filed by the mortgage lender in the county courthouse. It states their intention to sue the property owners if they do not receive the mortgage monies. The court then creates the paperwork that notifies all parties involved about the upcoming lawsuit and the terms.When the Lis Pendis is served it states that a foreclosure law suit has been filed against you. THIS DOES NOT MEAN THAT YOU HAVE TO LEAVE YOUR HOME. You have 20 days to respond to this and when you do so, the judge might give you an extra 60 to 90 days to stay in your home. In any case you will be notified on time, when to leave your home. So DON'T PANIC DON'T LEAVE IN A HURRY.ActionNotice of Action is the next step in the foreclosure process. When a mortgage holder cannot pay the terms stated in the Notice of Default and goes further in delinquency, a Notice of Action is posted in the local newspaper. It states the mortgage lender's written demands to be paid on their loan and their intent to take back the property if the payment is not made.Once the Notice of Action is posted, the formal foreclosure process takes place.Foreclosure ActionA foreclosure action, which is a lawsuit filed under the county where the property is located, is made. This states the intent of the mortgage company to evict the residents and take over ownership of the property. They will post the date and time of the auction where the property will be sold, anywhere from three to six weeks in the future.RedemptionAt any time before the auction of the property, the mortgage holder can take back the property if they can pay off the mortgage in full. If they can pay for the mortgage in full, the proceedings are halted and the mortgage holders can move in and reassume ownership of the property.Sheriff's SaleThe last step of the foreclosure process is the Sheriff's sale. This is where the property is auctioned off to the highest bidder at the county courthouse. The price is low to begin, but can escalate if it is in a hot location. Once another bidder has won the auction and the property, the former mortgage holder has terminated all of their rights to the property. Within ten days of the successful sale, the title is transferred to the winning bidder.
How can you erase a foreclosure before 7 years?
You can't "erase" something off of your credit report. The best solution to not go into foreclosure. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!
