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If your home is foreclosed through a forced sale, it is auctioned at a public sale usually held on the steps of the county courthouse. One of two things will occur at this auction; either a bidder will win the auction and become the new owner, or there will be no bids and the ownership of the home will revert to the lender.
The next step in the process is the same regardless of who now owns the home, but if it reverted to a lender it may take longer. The next step is to negotiate with the tenant to leave the home. This can be anything from voluntary vacating, to a cash-for-keys deal where a cash payment is exchanged for leaving the home in good condition by a certain date, or it can be an eviction.
Eviction is a time and resource consuming process and can get quite messy for both sides. It begins with a Notice to Quit the premises and can lead to an Unlawful Detainer lawsuit with the tenant becoming liable for costs and rents.
A cash-for-keys arrangement is usually the most amicable and mutually beneficial route. The amount of the cash is negotiable, but many homeowners end up with $1,500-$4,000 depending on the property and the cost of rent in the area.
What else can I help you with?
If I am a cosigner on a car loan and it gets repo is the owner of the car responsible for the remaining balance after it is auctioned or is it the cosigner's responsibility?
Both are responsible until paid in full. It will also be on both credit reports as well.
What can you do if your home gets repossessed?
Get a job
If your car gets repossessed and you choose not to pay for it can they take your tax return?
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
What happens when you invest in a mutual fund?
your money gets loaned out to businesses and companies.
When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
What happens to Bella when she gets home from the movies?
She gets what mike had and falls asleep in the bathroom :-)
Can I sell car parts at auto auctions?
Yes, we can do this in Amazon or eBay sites where it gets auctioned. We have to give the details in eBay and they would help us get the car auctioned.
What happens after your vechicle is auctioned?
If your vehicle is auctioned off you will have to pay the difference from what the vehicle was sold for vs the actual loan amount left over. Plus the towing fees and auction fees.
What happens to Penelope's suitors?
Odysseus and his son slaughter them when Odysseus gets home.
What happens to cars that have been repossessed but not auctioned off yet?
They are impounded until further action is taken
What happens to my paid off car in a bankruptcy?
Owned assets are auctioned off to repay all creditors.
What happens to Bella Swan when she gets home from the movies in new moon?
she feels sick.
What happens to wetland animals when there home gets destroyed?
they will die.
What happens to ponyboy on his way home from the movies?
Ponyboy gets jumped by the Socs and they threaten to kill him.
Who gave the personal articles of mahatma Gandhi in the auctioned house to be auctioned in new york?
who gave the personal articalsof mahatma gandhi in the auctioned house to be auctioned in new york ? /
What happens when your car gets repossessed in the state of New Jersey?
You lose the car ... simple ... it is returned to the company that lent you the money to purchase it ... it then gets cleaned up and at the option of the lender either gets sold to someone else or it gets auctioned off. This is their right to do this - they own the car, not you ... if you don't have the clear title in your hands, you don't own it. If the car is sold for less than what you owe, the lending company can sue you for the balance.
What happens next on home and away?
Belle gets pregnant with Miles baby and Roman marries Colleen
