0
In very broad terms, the judgment creditor can apply to the court for a writ of sale and have the sheriff sell the property at a public auction. The exact time line will vary by state and will depend on whether or not you are entitled to a deficiency judgment. For example, California has two different time lines. If a deficiency judgment is not available or the creditor waives the right to get a deficiency judgment, then the sheriff gives 120 days notice of levy and 20 days notice of sale. if there is the right to have a deficiency judgment, the sale occurs after 30 days but the owner has a 90-day right of redemption.
What else can I help you with?
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?
yes
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
Can you reinstate a home foreclosure although the court gave the bank judgment?
You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
Can there be a deficiency judgment on a mortgage foreclosure in West Virginia?
No, adeficiency judgment may not be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures.
What is personal deficiency judgment foreclosure?
This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?
yes
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
Can you reinstate a home foreclosure although the court gave the bank judgment?
You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?
What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?
What is a consent judgment in a foreclosure?
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
What happens to the first mortgage if the second mortgage is in foreclosure?
nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage
Judgments - can they take your house?
While any judgment can attach against real property, only a judgment and decree of foreclosure can result in the foreclosure of real property. Decrees of foreclosure are only added to judgments as a result of non-payment of a mortgage or deed of trust, or other security instrument.
What happens if you don't pay the mortgage?
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
