Foreclosure

For Short Sale transactions, Lenders typically track the name of the owner of record in public records for 120 days or longer to see if the house was "flipped" to another buyer. This monitoring of title by the lender also reveals if the property is resold to the original defaulting borrower.

I inform my buyers of these kind of purchases not to resell the property for one year after closing. New rules from Freddie Mac and Fannie Mae (on November 1, 2012) will clarify fllipping rules as well as the evaluation of short sale properties.

If the home has been sold to a third party, you cannot keep it. If the home has not been sold, you may be able to keep it, but you will have to pay the mortgage arrears, including legal fees and costs unless a court orders otherwise. You may still have problems paying the mortgage, so think about whether you can afford to keep it.

Someone with sales experience is someone who has been successful in the past in functions that involve selling things.

The estate gets the furnature. The executor of the estate will then distribute it according to the intestacy laws once the debts are resolved.

Yes, it is basically the final step in a foreclosure breore the new paperwork is signed.

legally: ONE

Banks like to try to get you to pay up and continue on but can foreclose as soon as the first payment is late.

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

The answer is, yes, you can sue anyone for any reason. However, if you default on your home loan the bank forecloses, you will probably not win as long as the bank followed all the laws for wherever you are located.

No; property ownership interest and financial liability for any loans on the property are separate. A mortgage loan is the responsibility of the signers on the promissory note, and negative credit information may only be reported on those signers in the case of delinquency or foreclosure. The only way heirs could end up having their credit affected is if they refinance or transfer the debt into their names and sign a new loan note.

Heirs can inherit the property, and therefore be affected by actions taken against the property (an inherited home can still be taken by foreclosure), but they are not legally liable for debts; the estate of the decedent is, and therefore no negative credit reporting will occur for the heirs.

A Sheriff's sale usually is to sell off property that has been seized by a large judgement against someone or a repossession that has taken place.

The fastest way to stop a foreclosure on short notice is to either cure the debt or file for bankruptcy protection.

Deducted from what? If a house is sold at foreclosure, expenses related to preparing the house for a normal sale are not relevant. Generally, expenses to prepare a house for a voluntary sale are not recovered in the sale, except for a few markets where demand for houses exceeds the supply, and even then the seller is better off just cleaning up cluttered rooms and making coffee or baking something chocolate while showing the house.

If, by some chance, your house sells at auction for more than you owe and the fees for the foreclosure, it is unlikely any of the expenses would qualify as increasing the basis (how much you paid for the house), thus lowering your taxable gain.

Strictly speaking, you can move out of state at any time after notice of a foreclosure or after the foreclosure sale (or entry for breach of condition in those states not requiring an auction or sale). It would be nice if you gave the keys to the law firm or other foreclosing entity, but it's not required.

NOD stands for "Notice of Default".

A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.

Mother's home was foreclosed on. Served with court papers in March, and court trial was in November. The court papers said vacate asap. I am assuming one would have until the court date to clear out. But I think during this time one would have the chance to save the home. This one was not worth trying to save. Very , very old and much time and money need to be spent to make it livable.

A squatter can be anywhere they squat. It doesn't matter who owns the house, so long as it's not the squatter.

Yes, unless that is part of the deal.

After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.

After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.

After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.

After the foreclosure of the first mortgage the second mortgage is wiped out as an encumbrance against the property but remains an unpaid debt against the mortgagor. The creditor can sue in civil court.

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.

If you own the home, you should have received several notices that you were going to be foreclosed and then a notice that you were in foreclosure with a specific date and place for the auction. The notices vary from sate to state.

Publication of the auction date is a requirement, usually in a local newspaper.

If you are not the owner, you can look into local newspaper legal ads, local registry of deeds, specialized publications like Banker & Tradesman and local online websites.

3 years

Hud no: 461725-461726

yes