0
A bank may prefer to foreclose on a home rather than refinance it because foreclosure allows them to recover the outstanding loan amount more quickly, especially if the borrower is significantly delinquent on payments. Refinancing often involves additional costs and risks, such as potential further defaults or the need to renegotiate terms. Additionally, in a declining housing market, the bank may believe that the value of the property will continue to decrease, making foreclosure a more prudent option. Ultimately, it's a decision based on minimizing financial losses and maximizing asset recovery.
What else can I help you with?
Can you get back money from the bank that sold my foreclose home?
Not very likely
How can one buy bank owned homes in the US?
If one cannot pay on their house, a bank will often foreclose on them. If one wishes to purchase a "bank owned home," one would best begin looking at their bank of choice's foreclosures page on their website.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
Can a bank take furniture and TV etc in a home foreclose?
in order for the bank to remove your personal property from your home the foreclosure must have taken place and you must being legally evicted first.
What happens if you do not pay your property taxes while getting ready to have house foreclosed?
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
If you own two homes can you foreclose on one and the bank not take the new one your living in?
The bank will only take the home they foreclose.
Can bank come after your savings account if you foreclose on your home?
no, not if it is a 1st mortgage. because of the mortgage tax relief act of 2007
Can you get back money from the bank that sold my foreclose home?
Not very likely
Can the bank foreclose on your home while you are still in the modification process?
yes
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
Can you buy a home and then foreclose?
no that would be wrong
How can one buy bank owned homes in the US?
If one cannot pay on their house, a bank will often foreclose on them. If one wishes to purchase a "bank owned home," one would best begin looking at their bank of choice's foreclosures page on their website.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
If you don't pay can they take your home?
The IRS could get a lien on your home for failing to pay any income taxes that may be due. If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
Can a bank take furniture and TV etc in a home foreclose?
in order for the bank to remove your personal property from your home the foreclosure must have taken place and you must being legally evicted first.
Why would a homeowner need to hire a foreclosure attorney?
A homeowner may need to hire a foreclosure attorney if they are being foreclosed upon by the bank or lender, or person who provided the mortgage. If a person owes more on his home than the home is worth, the bank may try to foreclose on the home, in which case, one would need a foreclosure attorney.
