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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 else can I help you with?
How does a willing reposession effect your credit?
A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.
Which banks offer good foreclosure refinance services?
There are many different banks out there. The one with the best foreclosure refinance services is Bank of America. If you contact Bank of America and explain your situation, they will try and help you find an alternative. It depends on if you want to stay in your home, or if your willing to sell it.
If I try a short sale and it doesn't sell before foreclosure can I give the deed to the bank and avoid the foreclosure?
AnswerYou can't just give them the deed, no. All you can do is offer it to them and ask them to accept it instead of taking the property all the way through the foreclosure process.The bank doesn't have to accept the deed in lieu of foreclosure, as it's commonly referred to. But they will want to have seen that you have tried to sell the house for a period of time before they will even consider accepting a deed in lieu.If you have run out of all other options, the bank will be more willing to consider taking the property back. So the fact that you're attempting a short sale is good. Don't wait until the last minute before the sheriff sale to offer the deed in lieu, as well, because it will be more cost-effective at that point for the bank just to carry on with the foreclosure and sell the house.But, if the short sale doesn't work, contact the bank and offer the deed in lieu of foreclosure. They'll have more paperwork and procedures for you to do, but it will help you get out of foreclosure a little sooner and won't be as bad on your credit.Lets look at this a bit from the lender's side. It will help to understand some of their issues so you can negotiate a better short sale.Do understand that negotiating a short sale can be difficult and pretty stressful as the lenders are overwhelmed with loans to sort out. How you submit the information, what you say and how you focus their attention on the defects and other things going on matters a great deal.One reason a lender may decline to take the property back without a full foreclosure process can be the junior liens. Many times people in default on one loan are also in default on other loans, have back taxes (property or personal), liens from other creditors and similar. If the lender completes the foreclosure then the junior liens will no long remain on the property though the borrower will still owe the money in most cases.Other things to consider. When a lender accepts the deed in lieu on a property they are missing out on the opportunity to see if the property would sell at auction. A deed in lieu is used to quickly move the process along so that the borrower hands over the property in reasonable condition plus waives their rights of redemption. Redemption can be pretty long in some US states. A short sale is better as the lender settles and there is no need to market the property as an REO like there would be with a deed in lieu.
Why would anybody let a mortgage foreclosure happen why wouldn't they sell the property pay off the mortgage and since real estate usually appreciates in value make a profit?
Sometimes this things happen. Sometimes people enter into hardship and are unable to keep up with their mortgage payments. In some cases the lenders don't want to cooperate with the borrowers for example giving them time to sell the property or make some type of payment arrangement. And eventhough real estate usually appreciates in value, it is not always the case. In some cases borrowers will try to sell the property but the market is too slow or very low. People are simply not buying property and if the lender is not willing to wait, there is no possibility of selling the property before foreclosure happens. Sometimes a short sale maybe a possibility but again it also depends on the lender.
Are you responsible for the mortgage on the property that was left to you as an inheritance?
You are only responsible for the mortgage if you are willing to accept the debt. If you are not willing to accept the debt you simply allow the property to be entered into probate and foreclosed on by the lender. You are not responsible for any monies owed regarding said property even if it was "willed" to you unless you choose to do so.
If you have had a foreclosure can you purchase other property later?
Yes you can purchase property. The problem is finding another lender willing to give you a loan that is affordable.
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
What is willing repossession?
a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com
How do I get a repossession license in Arizona?
all you need is to find a company that is willing to take a chance with you
Where can I find help for a foreclosure in VA?
The first step is to contact the bank that your loan is with. After that their are various non profit organizations that are willing to help people facing foreclosure.
Do you need to file banckruptcy before foreclosure?
No, but if you file bankruptcy you are willing to give up important things. Such as cars , money , boats, or anything value. That would help not having a foreclosure but it would take 2 years to get out the house if you recieve a foreclosure.
Can a creditor take possession of your home or vehicle?
If the creditor is attempting to make a recovery on a secured loan and the property is the security of that loan, then yes, definately; however, to do so the creditor must seek a judgment to secure the repossession or foreclosure. It is possible in some states that a court can order the liquidation of property to cover payment of debts under judgment. If a creditor is attempting to take possession of your property and there has been no ajudication (court proceedings), they may be attempting to act in an illegal manner. Just be very certain that no judgment has been entered before you try to prevent the recovery. Most creditors are willing to work with debtors in the resolution of loans. Contact the creditor and find out the current status of the property.
Can debt be divided if he's not willing to file bankruptcy?
In most cases no, on a joint debt if one party files bankruptcy and is discharged the other party is liable for the entire remaining balance. This makes filing bankruptcy little protection from foreclosure, repossession, and other actions credits would still be able to attempt on the other party.
How are seized homes usually purchased?
It depends who seized them and why. If it was a foreclosure then it will be owned by a bank. Bank owned properties are listed with local realtors. The thing with Bank own property is that there isn't a negotiation process. They list the price at the current market value for that home. You make a bid, if you are the top bid they get for that property and they are willing to let it go at that price then you get it.
Why were the south states willing to count every slave?
They could get more representation in the House that way, even though otherwise slaves were not considered people but were just property.
How does a willing reposession effect your credit?
A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.
Can a loan be taken out on an undivided interest in property?
Theoretically, yes. However, it is unlikely you would find a lender willing to loan you money on less than a full interest such as a one half share in the property. When a lender loans money secured by real estate, it wants to be able to take possession of the the property by foreclosure if the mortgage isn't paid. If only one co-owner signed a mortgage the lender can only take their interest in the property. In order for a lender to be able to foreclose and take possession of the property, all owners must sign the mortgage.
