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What else can I help you with?
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
What will happen if you tear a structure down with a mortgage?
You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.
Deficiency judgments on foreclosures in KY does it happen?
Yes, there are deficiency judgements on foreclosures in the state of Kentucky. A person could have a personal judgement for the balance owed. An attorney can help you decide the best course of action.
What are the pros and cons of a short sale verses a foreclosure?
Both a foreclosure and a short sale will ruin your credit for many years. With a foreclosure, it's best to file a Chapter 7 bankruptcy to protect you from the lender. The lender has up to 10 years to come after you for the loan deficiency. For example, if you owed $200,00 on a mortgage, and it cost the lender $75,000 to re-sell your property, you could be liable for that $75,000 deficiency. On a short sale, the lender can still come after you, but the amount that is short can be issued to you on a 1099 as a "loan forgiveness" causing you to pay income tax on that money.
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
What does resale mean in real estate?
In real estate, there is what they call pre-foreclosure selling of properties - wherein the owner, who is nearing foreclosure - could resell the property to a prospective buyer in cooperation of their lender / bank. This is to save the credit of the owner and avoid foreclosure that may damage their credit record.
Can a spouse get a home equity loan without the other spouse's signature?
All the owners of the property must sign in order for the lender to have the authority to take the property by foreclosure in the case of a default. A prudent lender will not loan money on a half interest in real property since they could not take possession of the non-borrower's half interest if the loan wasn't paid.All the owners of the property must sign in order for the lender to have the authority to take the property by foreclosure in the case of a default. A prudent lender will not loan money on a half interest in real property since they could not take possession of the non-borrower's half interest if the loan wasn't paid.All the owners of the property must sign in order for the lender to have the authority to take the property by foreclosure in the case of a default. A prudent lender will not loan money on a half interest in real property since they could not take possession of the non-borrower's half interest if the loan wasn't paid.All the owners of the property must sign in order for the lender to have the authority to take the property by foreclosure in the case of a default. A prudent lender will not loan money on a half interest in real property since they could not take possession of the non-borrower's half interest if the loan wasn't paid.
What are penalties of foreclosure?
You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.
If you default on a mortgage but own other property can that lender take other properties from you?
Yes. The lender will foreclose on the mortgaged property. If you owe more than the property sells for at foreclosure the lender could sue you in civil court and obtain a judgment lien that it could record in the land records. In that case it would affect your other property.
If a court has found a foreclosure illegal and strikes down the Motion to Foreclose with prejudice how do you get the foreclosure off of your credit report?
If the lender does not correct your credit report, then you could send a letter and a copy of the court's decision to the credit agencies. Still, a notice of foreclosure may remain, and I am not sure whether you can make that go away.
Can your landlord evict you if his house is under foreclosure?
Yes. Until the actual foreclosure sale happens, he owns it. I'm not sure what you really mean by 'under foreclosure', anyway. That could be any stage of the process, and you can't be sure that the sale will really happen.
What are the deficiency judgment laws in Minnesota?
Minnesota is both a judicial and non judicial foreclosure state . Foreclosure by action is a judicial foreclosure and foreclosure by advertisement is a non judicial foreclosure . The vast majority of foreclosure than happen in MN are by advertisement. Under foreclosure by advertisement the rule is that however takes the loan to sheriff sale relinquishes their right to a deficiency judgement. As most foreclosures are initiated by a first position mortgage there is still a potential deficiency that could arise from a second position mortgage.
