Foreclosure

Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.

no do you still have the house?

A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.

My house is going through foreclosure. My biggest need is money to move and finding a place to rent.

For me, it has taken 4 years. Have a sale date set in December, but bank has finally offered a trial modification. It took MUCH persistence and refaxing and resubmitting documents, updating financials and what not. I think they have it more together now, so you should get all your ducks in a row. Best of luck to you.

It is very easy to buy foreclosed property in the Philippines. The major banks advertise in the major newspapers and on their websites. The rural banks offer the better bargains because they don't have the marketing depts behind them. Better if you have a local GF to negotiate for you so do you don't pay too much. My GF got a lot for P2700/m2 in a subdivision when the market rate is P5000/m2. Great to flip.

The foreclosed market makes less sense now unless you see a strategic buy opportunity in rural areas. The banks are simply prepared to carry these properties since they go up in value, and many properties are simply not 'saleable' because they have issues like being a 80-degree vertical slope, or land conflicts, or uncertain title. There are however opportunities in rural banks because they have cashflow issues; but also some reticence to write down loss-making loans. i.e. Like the 80-degree property (slope) I saw. Nice view though. lol.

There are a lot of agents, but they are poorly trained so do your own research. Its getting to a point when foreclosed properties will make sense again, particularly as a lot of the banks are still carrying a lot of acquired assets. We are not there yet....but interest rates will eventually rise...property prices will get to bubble levels.

You can also attend public auctions conducted by some banks, others post their foreclosed properties for negotiated sale. Foreclosed properties that are for negotiated sale can give a buyer better prices because he can submit an offer that can be below the minimum bid price, subject to bank evaluation and approval of course.

Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.

You may: 1. Work with the lender and negotiate to end the foreclosure. While I recommend this method, you need to be prepared to enter into a payment plan with the lender. Be persistent--if the lender says no initially, ask to speak to a supervisor, as banks don't like foreclosures. Remember that foreclosure costs the bank money too. 2. Sue to stop the sale. You can do this, but you will likely need an attorney. And the relief is only temporary. 3. Refinance and pay off the debt in full.

Notice is required in all states.

Foreclosure takes care of your loan with the bank, so unless you owe more than your home is worth, you shouldn't have to worry about them coming after your other assets. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

There's no hard and fast answer to this. It depends on the mortgage holder and what's specified in your actual loan documents. Most of the time mortgage holders don't really want to foreclose, since it's a hassle for them, and late payments... as long as they're within a month of the due date... probably will just get penalties in the form of a late payment fee rather than trigger a foreclosure, but check your contract.

If you have to ask this question i can see why your home was forclosed, Of course it does, If you buy a brand new car and dont pay for ot and it gets repo'd dosent that effect your credit? Yes. Ok now how many cars can you buy for the price of a house 3-4. Okay so a forclosure is like 3-4 reposessions. Make sence???

A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.

Doubtful ... at best, you would have to accept a really absurdly high interest rate, which would mean more financial doom in the long run.

A foreclosure remains on your credit report for up to 15 years.

Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.

You probably will need to follow up with the three reporting agencies to be sure the paid notation shows up. The foreclosure notice and late payments will stay on the record for several years. Obtain a paid letter from the lender and send copies to each of the credit reporting agencies--it still will take some time, but your action will help move things in the right direction.

Non-judicial procedures are used by states that use deeds of trust as the security instrument for purchasing real property. This procedure is in contrast to states that use a judicial procedure when a mortgage is the security instrument for a loan to purchase real property. See link provided below. Additional Information Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) - the lender can start the foreclosure process very quickly. Then the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the mortgage lender then can come in and auction off the home to the highest bidder.

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

There are a few general rules about what appliances and items may be taken out of a house when homeowners either sell or are foreclosed on. With the large number of homeowners facing foreclosure right now, news stories have been reporting that many former owners essentially strip their properties of anything useful or salable, including copper pipes, furnaces, kitchen sinks, ovens, and so on. But not all of these can be taken in not all circumstances, and to prevent lawsuits for damage to the property, homeowners should be aware of what they can and can not take.

The most general rule on what may be taken after a sale or foreclosure of a property involves the distinction between fixtures and personal property. In many cases, aspects of these types of items can overlap, making it somewhat difficult for homeowners to decide on if an item belongs to one or the other category. Especially for items with sentimental value that are affixed to the house, determining whether they can be moved or must remain is not a simple process.

However, if removing an item from the house would cause damage to the property or make it unlivable, then the item is most likely a fixture. Laundry machines are often just hooked up to a few vents and power outlets, making them personal items, for instance. They can safely be removed from the house. On the other hand, furnaces, ovens, air conditioners, and the like would make the house unlivable or cause damage to the property, and they are often considered as fixtures.

The size of items or the work put into them do not automatically determine whether an item is a fixture, either. Just because an item is small or natural does not mean it can always be taken. The keys to the house, for example, as always considered fixtures, and trees or bushes can not be easily removed from a property without causing damage to the ground. Both are integrally related to the functioning or current use of the property and will most often count as fixtures.

A second issue in determining what can be taken after foreclosure is the original intent of an item: was it installed to be a permanent part of the house or not? Items installed as permanently attached to the property are most often considered fixtures, such as the furnace, copper pipes, faucets, doorknobs, and so on. A house without these items would not be livable without expenditures to repair or replace these items.

Related to both of these previous issues is if an item is attached to the property in some way. Items that are attached are often considered fixtures, whereas items not attached may be considered personal property. A bookcase built into the walls of the house, for instance, will most likely be considered an attached, permanent fixture; but a bookcase the owners purchase and put together themselves that is not attached or built in can easily be moved and counts as personal property. Similarly, pipes and faucets and some appliances will also count as fixtures, since they are attached to gas lines, water pipes, or other items that make the house livable.

Items that the homeowners deem to be fixtures must be left in the house, but these items can be replaced with ones of a similar or lesser value. If antique doorknobs were installed on the outside doors, these would count as fixtures, but the owners could replace these with cheaper (although working) knobs and take the ones they previously installed. If they put in a new oven but still have the old one, they can take the new one if they reattach the original. This gives homeowners some leeway in deciding what they would like to take, especially for items with sentimental value. The heirloom fan or chandelier may be taken if the damage to the property is repaired and other items are substituted.

Simply, as soon as someone will agree to give it to you.

With todays heightened credit requirements, a recent foreclosure is a major turnoff.

That it normally occurs along with additional and continuing credit payment problems, makes it worse.

You would likely need a substantial downpayment at least, and expect to pay a high interest rate. And of course, the more verifyable and steady income you have, the better.

But how long and how much the previous foreclosure will effect you is each lenders decision. Some, will never grant you a loan again.

The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.

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