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What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
How long does a mortgage company have to give you to move once your home is in foreclosure?
Obtain legal help immediately. *That decision is not made by the lender, but rather by the laws of the state in which the property is located.
What its the best description of foreclosure?
it ends all legal rights of a homeowner if mortgage payments are not made.
Can a home owners association foreclose on a home in Florida without informing the mortgage company?
Foreclosure is a legal process whereby all interested parties are included, or the foreclosure procedure cannot be completed. If you believe that your association is foreclosing on your title, and you believe that your mortgage lender has not been informed, you can inform your lender, since the mortgage is in your name, not the association's name, and your responsibility is to protect your name.
If the deed of the house is in your husbands and your name and you are paying the original owners mortgage what are your legal rights to the home?
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
What are the consequences of defaulting on a mortgage?
Defaulting on a mortgage can lead to serious consequences, such as foreclosure, damage to credit score, loss of the property, and potential legal action by the lender.
What are the consequences of having a mortgage in default?
Having a mortgage in default can lead to serious consequences such as foreclosure, damage to credit score, loss of the property, and legal action by the lender.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
If my credit score was 750 after a foreclosure why is it?
Either the foreclosure is not reporting for some reason, or you were not on the loan. Many married couples share an ownership interest in the house but do not share legal liability for the mortgage. Immediately after a foreclosure is reported you should not have a 750 score.
What is the difference between pre foreclosure and foreclosure?
Pre-foreclosures occur when homeowners are in arrears on their mortgage payments. The pre-foreclosure period is, in effect, a grace period warning a homeowner that foreclosure is the next step if the mortgage is not caught up.Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.
How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
What causes a mortgage foreclosure?
A mortgage foreclosure occurs when a borrower fails to make the required mortgage payments, leading the lender to take legal action to reclaim the property. This typically happens after a series of missed payments, which can result from financial hardships such as job loss, illness, or other unforeseen circumstances. Once the borrower is in default, the lender can initiate foreclosure proceedings to sell the property and recover the outstanding loan amount. Foreclosure laws and processes vary by state, affecting the timeline and methods used.
