It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
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.
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
you get kicked out and you live outside instead of inside
They will wait until they have you out of their property, then it is just a "for sale" sign. I guess this rule don't vary from state to state and they put the sign when you vacate the property.
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.
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
you get kicked out and you live outside instead of inside
They will wait until they have you out of their property, then it is just a "for sale" sign. I guess this rule don't vary from state to state and they put the sign when you vacate the property.
The executor should be involved. As the estate they have to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Foreclosure laws typically apply based on the location of the property, so in this case, California's foreclosure laws would likely apply to the properties you both purchased in that state. It's important to consult with a legal professional in California to fully understand the implications and processes involved in the foreclosure proceedings.
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
Yes. The home still belongs to the owner until the foreclosure goes through and it is sold to someone else at a foreclosure sale. Of course the renter takes a risk on what might happen if a new owner takes over.
When your home goes into foreclosure in California, the courts will give the homeowner a certain amount of time to move out. The homeowner can pay what is owed to keep the home.