answersLogoWhite

0

The liens are usually in place when the bank or loan company takes possession of the property. The company/bank can pay off all liens and clear the title for resale or it can be put to auction with leins in place. Monies from sale are first used to clear title before new owner can take legal possession. Regulations can be different depending on type of property and state.

User Avatar

Wiki User

17y ago

What else can I help you with?

Continue Learning about Finance

What happens in a foreclosure, do you lose everything?

In a foreclosure, the lender takes possession of a property due to the borrower's failure to make mortgage payments. The borrower may lose the property, but the extent of what is lost depends on the specific circumstances and laws in place.


What happens to the equity in a foreclosure process?

In a foreclosure process, the equity in a property is typically lost as the property is sold to pay off the outstanding mortgage debt. Any remaining equity after the debt is settled may be returned to the homeowner, but this is not always the case.


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.


What happens to equity in a foreclosure situation?

In a foreclosure situation, equity refers to the difference between the value of the property and the amount owed on the mortgage. If the property is sold for more than the outstanding mortgage balance, the homeowner may receive the remaining equity. However, if the property is sold for less than the mortgage balance, the equity is lost and the lender typically keeps the proceeds from the sale to cover the debt.


Is money received from property damage taxable?

Generally, money received as compensation for property damage is not taxable if it is meant to replace the lost or damaged property. However, if the compensation exceeds the property's adjusted basis, the excess may be taxable as a capital gain. Additionally, any compensation received for lost rental income or other income-related losses may be subject to taxation. It's advisable to consult a tax professional for specific situations.

Related Questions

What happens to a tax lien on a property lost in foreclosure?

Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.


When was Heaven's Lost Property created?

Heaven's Lost Property was created on 2010-10-01.


How many episodes does the Heaven's Lost Property has?

Sora no Otoshimono or Heaven's Lost Property has 13 episodes and the second series Heaven's Lost Property Forte has 12 episodes .There's also a movie titled Heaven's Lost Property the Movie : The Angeloid of Clockwork .


Can you register insure and inspect a motorcycle in PA without having the title if you know it has no liens on it just a lost title?

You will need to get a duplicate title. The states will require proof positive that there are no liens against it before registering same.


What actors and actresses appeared in Lost Property - 2009?

The cast of Lost Property - 2009 includes: Pete Edmunds as The Gardener


What happens in a foreclosure, do you lose everything?

In a foreclosure, the lender takes possession of a property due to the borrower's failure to make mortgage payments. The borrower may lose the property, but the extent of what is lost depends on the specific circumstances and laws in place.


How much property was lost due to fire in 2000?

In 2000, there was more than $5 billion in lost property due to fire


What happens to the equity in a foreclosure process?

In a foreclosure process, the equity in a property is typically lost as the property is sold to pay off the outstanding mortgage debt. Any remaining equity after the debt is settled may be returned to the homeowner, but this is not always the case.


What happens to the containers that are lost at sea?

they are just that- lost.


What are the ratings and certificates for Lost Property Hong Kong - 2007?

Lost Property Hong Kong - 2007 is rated/received certificates of: Germany:o.Al.


What actors and actresses appeared in Lost Property - 2011?

The cast of Lost Property - 2011 includes: Michael Farrugia as The Man Aenea Himbury as The Witch


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.