Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
The money is gone after foreclosure.
Unfortunately, foreclosure happens.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
The money is gone after foreclosure.
Unfortunately, foreclosure happens.
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
you get kicked out and you live outside instead of inside
After Foreclosure, One should find a decent, affordable place to live and to start rebuilding credit.The best way to plan the next step, is to learn as much as he can about the rental and home buying options after foreclosure.
Yes. The tenant owes the rent to the landlord, right up until the foreclosure sale happens.
After a default by the borrower the bank takes possession of the property and sells it.
The result is that you lose your home.
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.