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That depends on what the outstanding balance of your loan is, the value of your home, and how much the bank will settle for. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
What else can I help you with?
What are the procedures at a real estate auction to determine what liens are paid?
Answer: Liens that were recorded prior to the mortgage must be paid. Taxes and municipal liens must be paid. Liens that were recorded subsequent to the foreclosed mortgage are wiped out by the foreclosure. AND you should have the title checked at least one more owner back to determine what liens are outstanding.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
Do Government foreclosure have liens?
yes
After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?
In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.
Can you put a lien on a house that is in foreclosure?
Yes, a foreclosure will, however, take priority over secondary and other liens, often everything except tax liens.
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.
Can a lender put a lien on your current house for the old house if the old house is foreclosed?
Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.Yes. Most homes that go into foreclosure have liens against the owners.
If two people own home with liens and a judge orders it sold how can he split proceeds if sale does not meet liens?
I am assuming that when you say "sale" you are speaking of a foreclosure or sheriff's sale. Liens are paid in the order of their priority. Usually priority is based on the date and time of filing of the lien. Mechanic's liens are a bit different and, depending on your state, may have priority from the date of the first work on a construction project improving the subject property. Mechanic's lien holders usually all have equal priority among themselves. The Lien with the highest priority is paid first. If there is any money left after the satisfaction of the first lien (if it is in fact satisfied), the second lien in priority is paid and so on. When the money is gone, the money is gone and no other liens are paid. I started this answer by assuming a foreclosure sale because the terms of the foreclosure sale are that the buyer takes the property free and clear of all liens, the unsatisfied lien holders cannot object. In an arms' length sale, the lien holders, if not paid in full, will have to agree to release their liens or the buyer will have to take the property subject to those liens. If your question is "as an owner, do I get any money?" the answer is likely no. The rest of your question may be but I paid more than my co-owner, can I get fmoey from them? The answer if probably Yes. Depending on your state law, you may have a claim for contribution from your co-owner.
What happens if a tax lien is attached to a property that goes into foreclosure does the tax lien get paid off by the lender?
Not really. It gets paid by the proceeds of the one buying the property at the foreclosure auction. It gets paid before the lender. So less is available to pay the lender...and if enough to pay the loan isn't received by the lender from the sale and payment of other liens, the borrower is till iable for the amount remaining. Other assets, garnishments, liens, etc may be used to collect that "deficit" in the future.
Can one property have more than one lien against it?
The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.The liens must be paid before the property can be transferred.
Before foreclosure on a house with a number of liens exceeding the buyer's offer Can you as the former homeowner sell it to prevent it going into foreclosure?
You can sell the house, but you are still on the hook for the remaining amount of money. And the banks may not want to allow the transfer, because they wish to have the property secure the loan balance outstanding. A purchaser wouldn't like to buy such a piece of property, because the danger of foreclosure at the sale might still exist. Without paying the liens, you cannot provide clear title to the property. Most lenders will not lend on a house that is being foreclosed upon. You may be able to reach an agreement with the lender about the sale in view of the foreclosure, but the liens will still need to be paid.
When do liens have to be paid off on property?
Liens must be paid before the property can be mortgaged or sold. They should be paid as soon as possible. In some cases interest accrues until the lien is paid off.
