Foreclosure

During the foreclosure process, auctions often take place for lenders to recover funds initially lent in a quicker manner. Following the auction, the intended purchaser is "assigned a bid" as this is an acknowledgement that the title of the property is changing ownership.

NOTICE OF DROPPING PARTY DEFENDANT

It is when a company employs direct sales representatives to make or help make the initial sale, but then utilize a channel partner to fulfill or implement the product or solution sold.

A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.

not in any jursidiction that i am aware of but you need to consult a lawyer or advisor who knows about YOUR jurisdiction. they also can't get the amount you are short at the sale unless they file a separate suit and get a judgement, though. generally if the house if worth more than the loan amount, the people SELL the house and pay off the bank rather than let it get to the point of foreclosure.

Making less then 100K a year, mortgage can be paid off by age 32...

Unless you are willing to give the junior lienholder (the second mortgage lender) some sort of compensation (like a shortfall payoff), it can be difficult. Once a deed in lieu of foreclosure is done, only one bank gets the real estate. Typically, it's the first lienholder. The second mortgage would need to be released in order for that to happen. Banks may be more willing to consider "charging off" the second lien in recent months, since they know that if the loan does go into foreclosure their mortgage is going to be wiped out anyway, but it is often difficult to get them to voluntarily release their lien prior to foreclosure. Often, though, they will take a nominal amount - even $500 - since getting something is better than nothing.

Anyone staying more than 10 minutes shows interest in the property. Less than 10 of course means no interest. Interested parties have been known to stay over two hours inspecting and discusssing issues with realtor or owner.

They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off

Take it from me and don't do it. I started a business detailing abandoned cars and lost my shirt. The work was satisfying but the pay was horrible - non-existent really. Negative cashflow did me in and I went bankrupt in about 4 weeks.

I'm now painting condemned buildings. Wish me luck!

when it is a farming auction

If the decedent has signed a binding contract to sell the house, then his or her estate must abide by it and sell the house according to the terms of the contract. The executor has no power to simply cancel the contract nor is the contract automatically cancelled by the death of the seller.

According to RealtyTrac, there has been an increase of 54% of home foreclosures in the US from 2007 March to 2008 March Credit: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/

A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.

Stages of Foreclosure

The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder's Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.

If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee's deed to the property.

Foreclosure Auction

At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.

If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.

as long as you pay all of the past due amounts including payments, interest, past due fees, whatever is due. They will not foreclose. If you have gotten to the point that you went into the sheriff sale and you are in your redemption period, if you have one in your state, than you have to pay off the full balance of the mortgage plus whatever fees are do to redeem your property.

A "single family detached home" is a house that isn't connected to any other houses, which is intended for one family to occupy.

Which means:

1. Not a condominium

2. Not a duplex with a shared wall

3. Not an apartment building

4. No boarders or long-term tenants.

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Chase Home Finance, LLC engages in originating and servicing residential mortgage loans. It offers mortgage, home equity, and manufactured housing loans. The company is headquartered in Edison, New Jersey. Chase Home Finance LLC operates as a subsidiary of Chase Home Finance, Inc. 343 Thornall Street Suite 7 Edison, NJ 08837 United States

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Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%.

Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.

Homeowners insurance will continue after an owners death. The Homeowners insurance policy will typically be paid for by the executor of the estate and become his or her responsibility.

This depends on the state and the type of foreclosure used.

In general, there are two different types of foreclosure.

In judicial foreclosure, banks are required to bring a lawsuit against the homeowners in the local district court. Homeowners are notified of the foreclosure when they are served with the paperwork including the lawsuit complaint the lender has filed. Notification is often done by a sheriff's deputy hand delivering the paperwork or by the bank sending the paperwork via certified mail.

In nonjudicial foreclosure, the bank is able to sell the home at auction without suing the borrowers. Notification is often done by having a sheriff post a Notice of Sale or Notice of Intent to Foreclosure and Sale or similar notice on the property itself. Notices must also be posted in local newspapers, in public gathering places, or at the county courthouse.

The specifics vary by state, but these are the two most common methods of foreclosing on a home and how the debtors are notified of the pending loss of their property.

Steven J. Baum, the Foreclosure King of New York, Worth $50 Million. I consider him the foreclosure king. No doubt.

A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

A foreclosure happens when someone who has made a loan with a bank can't pay their loans anymore. The bank will then sell the lenders stuff, such as their house, as compensation.

It could really go either way, depending on the fixture. I would personally say that it's like blinds, the refrigerator, etc., meaning you need to specify if it's staying or going. I would clearly state what's included in any of the sellers disclosures.