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What else can I help you with?
Can the bank come after me for money after a foreclosure?
Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
Whenyour home is in foreclosure can a bank auction it off at any price and leave you with the difference or are laws in place stating how much they can auction it for I live in Ohio?
They can sell it for $1.00 if it is a auction and you can be libel for a deficiency judgment.
What does the real estate foreclosure action determine?
Just like other real estate auctions, it is also a normal auction. When the borrower didn't pay a bank loan then the bank sends a notice to him to pay EMI's within 60 days, but if he didn't pay then the bank seizes his property. banknilami also runs auctions daily on their portal for properties in India.
What is a reo property?
REO (Real Estate Owned) is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO, and is categorized as an asset (non-performing).
What is the difference between a sheriff sale and a foreclosure?
Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.
How long until im evicted in repossesion?
The new owner or bank can evict you 24 hours after taking possession of the property (usually the foreclosure auction).
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
After foreclosure can the bank garnishee your wages for the difference of what you owe and what the house sells for?
If they can get the court to allow this. Consult with an Attorney.
How do you know if a foreclosure proceeding on your home has been initiated?
Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
What is difference between foreclosure and short closure of contract?
A short closure of contract is typically called a short sale. In a short sale, the owner works with the bank to sell the property at a price less than the market value. The goal is to get as much of the loan paid as possible. The owners owe the bank the difference between the sale price and the loan amount whereas in a foreclosure the buyer just walks away and owes much more.
