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Foreclosure
The process by which the holder of a mortgage sells a property after the debtor defaults on their loan for it
2,433 Questions
You lost your home to foreclosure how do you get it back?
The best way to get your home back is to have the foreclosure documents analyzed. That's what i did. My house was foreclosed on and I heard that judges awarding foreclosures without the homeowners having much defense. I live in a Trustee state which is even worse for homeowners because there is no judge involved. It's simply a court recording. So, a friend told me to contact Lighthouse Consulting Group, i did, and they looked over my foreclosure documents and preformed a Trust Deed Verification audit and it turned out the the Foreclosure process was not done incorrectly. My sale was reversed. Then, I went one step further and had Lighthouse perform a securitization audit and that turned-out that the foreclosing party didn't have the legal right to even begin the foreclosure. This whole foreclosure situation is a mess and if your on the verge of losing or have lost your home call Lighthouse Consulting Group 800-678-0419
What happens if you let you house go into foreclosure in the state of Colorado?
These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.
In those states, generally, when they foreclose on you, they cannot pursue you for their financial losses.
Many, such as California, do in theory allow a lender to choose judicial foreclosure but in those cases the lenders only do so if a borrower has significant other assets. This is the "one action" rule that lets the lender either pursue non-judicial foreclosure, at lower cost and less time, or judicial foreclosure that costs more money and takes more time but lets them go after you for their financial losses.
Alaska
Arizona
Arkansas
California
Colorado
District of Columbia (Washington DC)
Georgia
Hawaii
Idaho
Mississippi
Missouri
Montana (as long as non-judicial foreclosure is used)
Nevada - note that the lender CAN get a deficiency judgment (See below)
New Hampshire
Oregon
Tennessee
Texas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)
Virginia
Washington
West Virginia
These are states that also allow non-judicial foreclosure, and/or where non-judicial foreclosure is more common and deficiency judgments can be obtained more easily:
Michigan
Minnesota
North Carolina
Rhode Island
South Dakota
Utah
Wyoming
How can you receive forgiveness of debt?
I agree with the less harsh answer... Things happen and I think if you are a person who can't forgive people for their bad luck then you should take a look at your own.
I think that is a pretty arrogant response. For example, someone has a good job and is a responsible person. Purchases something on credit that might take them a couple years to pay off. In the meantime, they lose their job. Are they now a thief? I don't think so. Just a thought.
AnswerBy paying it off. Debt is debt - it is something that a person owes ... it should never be forgiven as whomever incurred the debt had use of something that they never paid for or intended to pay for - that is theft, and illegal.the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
The bank has accepted my offer in a short sale. How long until the sellers move out?
Once the bank has accepted your offer, the bank really wants to move things along. Usually, it is agreed to close within 30 days. It is really up to what you and the seller agree upon and what was in your contract. Hope it goes well!
If you own two homes can you foreclose on one and the bank not take the new one your living in?
The bank will only take the home they foreclose.
How long do you have to move out on a foreclosure?
That is usually determined by the laws of the state in which the residential property is located. In some instances the mortgage holder will refer to the terms of the original contract, but the homeowner can, ask assistance fromt he court if the alloted times greatly differ.
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
How long does a title transfer take?
Most States require that the process take place in less than 30 days. I some areas title transfer must happen in 10 days.
Who pays remaining principal on foreclosure?
Remaining principal (and interest on remaining principal unpaid) is the responsibility of the borrower, of course. The lender whose foreclosure sale did not net the full outstanding amount can place a lien on any other property of the borrower and sue to liquidate those possessions or receivables to satisfy the debt.
How do you get a list of foreclosures?
Search for a directory of free foreclosure listing sites There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
There are many companies/websites that offer access to foreclosure listings. The majority of these places will offer trial periods for you to take advantage of. Just pay close attention to the terms of service.
In addition, are you looking for listings because you are interested in purchasing foreclosure properties? Or are you just looking to see what's going on in your area?
If you are looking to purchase, please note that there are other properties available for which you can get a deeper discount than a foreclosure. Pre foreclosure properties (aka motivated sellers) need to sell and sell quickly, often times giving you the upper hand on the price you pay.
Also, if you already have a trusted realtor agent working with, perhaps you can both work together in obtaining a list of properties under foreclosure which your agent can ask from banks.
What does it mean second sale?
Answer
Second sale is when a properity has already been sold once, and is now being sold for the second time.
Often a person who is a commissioned sales person will receive their commissions on a monthly basis. In the interim, they might receive a weekly advance or "sales draw" against their next monthly commission check. So, if there was four weeks in the month, they might receive 3 checks for, say $500 each. Then, when their actual commissions were calculated for the month, the $1,500 draw would be deducted from the commission check.
Is it legal for a straw buyer to buy a house for another person who is not qualified?
It is absolutely illegal. All you need to verify this is an Internet search using the string "real estate straw buyer", then start reading.
What does it mean when a cheque is returned for reason account closed?
It means the account that the check was drwan on has been closed. Whoever wrote the check went to the bank, closed the account without providing a list of outstanding checks, and took whatever cash was left in the account. Unfortunately it makes the check you're holding worthless... but if you are located in the US (not sure about other countries) it is considered bank fraud and is a federal offense. Contact an attorney.
A foreclosure deed is the deed required to be filed by the winning bidder at the auction, usually within 30 days, assuming the bidder is able to complete whatever s/he needs to actually pay for the property.
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
You can't just give them the deed, no. All you can do is offer it to them and ask them to accept it instead of taking the property all the way through the foreclosure process.
The bank doesn't have to accept the deed in lieu of foreclosure, as it's commonly referred to. But they will want to have seen that you have tried to sell the house for a period of time before they will even consider accepting a deed in lieu.
If you have run out of all other options, the bank will be more willing to consider taking the property back. So the fact that you're attempting a short sale is good. Don't wait until the last minute before the sheriff sale to offer the deed in lieu, as well, because it will be more cost-effective at that point for the bank just to carry on with the foreclosure and sell the house.
But, if the short sale doesn't work, contact the bank and offer the deed in lieu of foreclosure. They'll have more paperwork and procedures for you to do, but it will help you get out of foreclosure a little sooner and won't be as bad on your credit.
Lets look at this a bit from the lender's side. It will help to understand some of their issues so you can negotiate a better short sale.
Do understand that negotiating a short sale can be difficult and pretty stressful as the lenders are overwhelmed with loans to sort out. How you submit the information, what you say and how you focus their attention on the defects and other things going on matters a great deal.
One reason a lender may decline to take the property back without a full foreclosure process can be the junior liens. Many times people in default on one loan are also in default on other loans, have back taxes (property or personal), liens from other creditors and similar. If the lender completes the foreclosure then the junior liens will no long remain on the property though the borrower will still owe the money in most cases.
Other things to consider. When a lender accepts the deed in lieu on a property they are missing out on the opportunity to see if the property would sell at auction. A deed in lieu is used to quickly move the process along so that the borrower hands over the property in reasonable condition plus waives their rights of redemption. Redemption can be pretty long in some US states. A short sale is better as the lender settles and there is no need to market the property as an REO like there would be with a deed in lieu.
What are the foreclosure laws of Kentucky?
Check out this website. It is the short answer to your question. The KRS is confusing. http://www.foreclosurelaw.org/Kentucky_Foreclosure_Law.htm
What happens to the liens on a property if it is lost to foreclosures?
The liens are usually in place when the bank or loan company takes possession of the property. The company/bank can pay off all liens and clear the title for resale or it can be put to auction with leins in place. Monies from sale are first used to clear title before new owner can take legal possession. Regulations can be different depending on type of property and state.
How long is a foreclosure on your record?
That depends on the state that your foreclosure is filed in. 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. Try http://www.speedyrealestate.info. Good luck!
