Foreclosure

Of course. Until you pay off the mortgage loan, you have to pay payments on the home.

it depends if you used the other house in any way to secure the loan for the second house. Please be more specific in your question so I can help you.

Nothing happens. You still get the money in your account. They just want the house, not your money.

90 days This is not true. we were only 30 days late and our home was foreclosed on.

Lenders are paid after the property is sold. Hopefully they will receive at least the balance of what you owed on mortgage. If not they will be looking to you eventually for any deficient balance if they are not able to clear you debt totally through the sale.

Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month.

The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.

It depend on which state you are in. In some states the judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the "No Power of Sale Foreclosure Guidelines".

Most traditional lenders will consider financing someoneone with a prior foreclosure a few years after discharge. Each lender may have different critieria regarding this time frame. You may want to consider non-traditional sources such as Lease to own or Lease with option to buy from private individuals who may not be as stringent. The most important thing after a foreclosure is to try and keep your credit clean. Create a good rental history by timely payments to help you qualify the next time around.

In most cases a lender will file a notace of default after 3 missed payments.

No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.

With the consent of the property owner and lender, the deed is valid immediately after it is recorded in the county public records. It is a good way to avoid the foreclosure process, but, oddly, many lenders will not accept such a deed and insist on the expensive and tedious foreclosure process.

Whenever the title to the property has been quieted in the name of the purchaser at the foreclosure sale.

A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.

Yes you can, but in most states you have to tell the potential tenant about this foreclosure.

The safest way to get a loan modification is to contact a counselor with a HUD approved counseling agency.

To find a HUD approved counselor in your area search for "HUD housing counselors". This will take you to HUD.Gov. Click on your state and go from there.

A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

All HUD homes are foreclosures but not all foreclosures are HUD.

1-877-836-3040

Have the borrower request in writing to have their file released to --you -your busines name,address, phone ,cell immediately-if they are in the same city-have the borrower go get it or you go to their office After politely seeing if they just got a fax from THEM_and they will be verifying they got the faxed letter--and you will say-Good--can I come and get it ____Xtime--orNOW? and GET IT.

Corporate Advance: a charge made to a borrower's account to protect the lender's / investor's interest in a property (e.g. property inspection, comparative market analysis, attorney fees, etc.). This fee is later recouped by the lender.

England and Wales answer. The bank/building society has to give you the equity after all fees etc. The fees are HUGE, and will eat up about 10% of the sale value. Roughly the same answer for the US. See if you can sell it FAST. It'll save you a lot if you can.

If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).

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.

Generally, no. Foreclosure is the recovery of an asset that has been pledged to secure the mortgage loan so that it can be sold to pay off the loan. It is not a lawsuit for a judgment for the money owed. The reason is that if the property does get sold, the proceeds go to pay off the loan. If there is equity in the house and it is sold for more than the loan amount, the proceeds will be sufficient to pay the loan in full and you will not owe the lender anything. Thus, the lender does not get a money judgment and cannot execute or place a lien on your bank accounts. Sale proceeds over the amount of the loan are given to the debtor. There are two further protections for persons in foreclosure. In general when a mortgage loan is in default, mortgage lenders are precluded from suing for the money owed before they foreclose and sell the property. This ensures that the security is sold first, then if the proceeds of the sale are insufficient to pay the debt, the lender seeks what is called a deficiency judgment. Theoretically, this is the amount of the debt less the proceeds of the foreclosure sale; but it is not that simple, because of the second protection. The second protection is that generally the debtor is given what is called a fair market value credit against the amount of the debt. This means that no matter what the foreclosure sale produces in cash, the debt will be reduced by at least the fair market value of the house. This is very important, because foreclosure sales tend to bring in less than the market value of the house. It would be inequitable to the debtor if a bank or buyer were able to obtain the property on the cheap, then sell it at market value for a quick profit, leaving the debtor with a huge deficiency judgment. Speculators at foreclosure sales would rake in profits when they flip the property all at the expense of the debtor. Sometimes at foreclosure sales no one wants to buy the house no matter what the price. So the bank makes an initial bid of $100.00 and if no one else wants to bid higher, the bank takes it. The bank will not be allowed to sell the house at market value, then sue the debtor for the total debt minus $100.00. Essentially, the bank is not permitted to grab your bank accounts unti it gets a deficiency judgment. The bank cannot get a deficiency judgment until the actual amount of the debt is determined and that can't be determined until after subtracting the fair market value credit from the actual debt. By the way you're probably wondering why wouldn't someone bid $101.00, then keep bidding in small increments hoping to get a steal. This won't happen, because at the start of the sale, the bank attorney will announce to everyone that it is prepared to and will bid up to the amount of the debt. This keeps the speculators from making bids that are so high that it won't be profitable to them when they flip the house later, especially if the loan amount is close to the fair market value amount. The speculators know this is one of the unwritten rules of the foreclosure game and they abide by them. Remember though that legal questions always depend on the laws of the state in which the issue exists, so the answer may vary state to state. You must check your own state's laws to know exactly what will happen.

once you are 90 days down they can start with a foreclosure.