Foreclosure

One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage.

Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early.

This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.

Yes. Escrow and PMI all factor into your mortgage payment. If the payments are short, its as if they are not being made at all.

How soon former homeowners can qualify for another mortgage after foreclosure will depend on many different variables, all of which relate to their financial condition following the loss of the home. In some cases, borrowers may escape foreclosure with their credit in somewhat decent shape, while other homeowners will have numerous charge-offs, collection accounts, and severe delinquencies that will make it much more difficult to qualify for any new credit for years.

The most important aspect of being able to get a mortgage after experiencing the loss of a house is for homeowners to begin a savings plan. With enough of a down payment, they will be able to qualify for any loan that they want, even for another home purchase within months of the original foreclosure. Of course, many banks will want a 35% down payment, but if the borrowers have the financial means to put down such a large amount, they will have a good chance of qualifying for a new loan despite poor credit.

Realistically, however, putting down 35% when buying a home may not be in the realm of possibility for most borrowers. Savings, though, should be the first priority for any family after foreclosure, because the larger the amount they are able to put down, the better the interest rate will be and the more likely they will be to qualify for the loan in the first place. But while they are saving up for the next purchase, it is also important to work on the credit history.

Credit repair and debt validation/consolidation programs can be started as soon as the owners have recovered from their financial hardship, and will have a positive impact on the ability to borrow money in the future. In fact, homeowners facing foreclosure should begin working on their credit as soon as they can, because the process can take from several months to over a year to remove some old inquiries and inaccurate or closed account information. The more accounts the owners have to resolve, the longer the process may take.

Although it will be difficult, if not impossible, to remove the foreclosure from the credit report, former homeowners can focus on all of their other debts to create a more consistently positive record of credit use. Having numerous late payments, dozens of inquiries, and charged-off accounts assigned to collection agencies can drag down a score dramatically, but these may be the easiest records to remove. Even better, depending on the situation, if a creditor or collection agency breaks the law, borrowers can often sue for at least $1,000 per violation, which can always be put towards the down payment savings plan.

But, if loan applicants have access to a 35% down payment, they can often qualify for a new mortgage anytime after foreclosure. The bank will not be so concerned with the credit history, as they are sure that they can sell the house for enough to make up any losses they would experience as a result of the homeowners defaulting. It is only when former homeowners do not have much money that they will need to work on credit repair or simply wait until they can get a new home purchase loan again.

With a serious effort at clearing up their credit histories, it may take from one year to 18 months for the repairs to make a difference, after which the borrowers can apply for a new loan. The terms may not be the best, and they may be required to put down a significant part of the purchase price, but it will most likely be quite a bit less than 35%. Although it will cost a few hundred dollars of materials and postage to dispute and remove credit records, the savings on the new mortgage will far outweigh these small expenses.

However, if the foreclosure victims simply wait and do no credit repair, they may be able to qualify for a new mortgage within three years after the foreclosure. Again, they may be required to put down at least 15-20% of the purchase price, and the interest rate will be somewhat high, but losing a home does not preclude borrowers from qualifying for a loan for the full 7-10 years a foreclosure stays on the credit report. Obviously, this is the easiest and least costly way to qualify for a new home again, but it takes the longest amount of time and the owners will be doing themselves no favors in terms of payment and interest terms.

It is possible for homeowners to get a loan after foreclosure, but it will not be easy to qualify for a new mortgage right away. The best strategy may be for former foreclosure victims to work on improving the credit they still have open, then taking out new small loans, and finally working up to qualifying for a new home loan.

Just after a foreclosure, homeowners may have severely damaged credit, depending on how far behind they were in the mortgage and if they missed payment on other open credit lines. Borrowers who missed payments on credit cards, car loans, and other debt will have a more difficult time improving their credit than homeowners who fell behind only on their mortgage.

There are numerous resources for homeowners to begin improving their credit scores, either through a third party that specializes in credit repair, or on their own through the use of self-help websites. A few common tips include keeping on time with all other bill payments, making small purchases every month and paying off nearly the entire balance (but carrying a small amount from month to month), and disputing old or inaccurate data that is still listed on the credit report.

It may take upwards of 1-2 years for debtors to improve their credit scores significantly after a foreclosure has taken place, but this time should also be used to begin a savings plan. When the time comes to apply for a new mortgage, it will be important to have some sort of down payment to offset the relatively recent foreclosure.

But another step former homeowners should take is to open up small lines of credit even after the foreclosure. Rates and payment terms may not be great, but if they are able to keep these new lines open and on time, this will reflect well on their credit histories. Of course, this is not to say that borrowers should take out dozens of loans, but paying off a few old accounts and opening up new ones and keeping them up to date can impact the credit score.

Within a few years after the foreclosure, a family may be able to qualify for a new loan to purchase a home again. The most relevant factors will be how credit has been used since the financial hardship, and how much the borrowers are willing to put down on their new home. In fact, banks may not loan anymore than 75-80% of the purchase price of the house with a foreclosure on the applicant's credit reports. So the savings plan may be the deciding factor.

But a consistent plan of credit repair, maintaining a good history of credit use, and saving up for a down payment can have remarkably positive effects for people who faced foreclosure just a few years ago. A foreclosure does not indicate that it is impossible to get another mortgage, but it does mean that it will take more work than usual on the part of the borrowers to prove they are credit worthy and deserve a second chance to be given a loan to purchase a house.

Yes, No, Maybe...YES if you can afford to own 2 homes...NO if you can't afford them both. MAYBE if you can pay cash or qualify for a mortgage. Do you have a mortgage on the 1st home? What's your debt to income ratio with owning the home you have now? and What's your debt to income ratio if you owned the second home? If you need a mortgage...call your bank or mortgage broker, if they can help, they will. You can own as many homes/houses as you want...it's a matter of can you afford them? What is your purpose for a 2nd, 3rd home...rental, vacation home, etc...?

It seems like it's saying that the loan was in foreclosure but it was closed due to being paid before it could go through. That's how that statement on your credit report should be read. Without seeing it right in front of me, though, I can't be 100% sure, but that's what it sounds like.

The time is going to vary depending on your lender. Chances are that they will contact you before doing so and will try to help you catch up. The best thing for you to do now if you see the foreclosure coming is to obtain financial advice such as credit counseling to help you navigate the situation. Starting to solve the problem now will reap rewards later.

A foreclosure bailout is the term commonly applied to mortgage loans that homeowners can take out when they are facing foreclosure. Although the loan terms and costs are similar to loans that can be used in other situations, these particular mortgages are marketed to homeowners who have fallen behind in their monthly housing payments.

There are two common sources for foreclosure bailout loans, both of which offer somewhat similar programs. The first source is the small number of banks, either state or federally chartered, that specialize in loans based on equity. The second source is hard money lenders, which are essentially private sources of funding that make investments in real estate.

The main reason that homeowners consider these types of mortgages is that there is often no credit score requirement. Lenders offering loans to stop foreclosure are aware that late mortgage payments and a defaulted loan can drag down a credit score to below-500. This score would make it almost impossible for homeowners to get a loan through a traditional lender, so foreclosure bailout firms do not rely on credit scoring to quality a homeowner.

Closing costs and interest rates are often very high on foreclosure bailout loans. The lenders attempt to front-load the mortgages by charging several points at closing; this allows them to recoup many direct costs when the loan closes, instead of trusting that the homeowners will be able to pay them off through the monthly payments. Interest rates can range from 12%-20%, depending on the lender used, so homeowners may not be able to afford this type of loan if their financial situation has not stabilized.

The strict requirements of most foreclosure bailout loans make them somewhat uncommon as an option to save a house. Equity requirements can be quite high, with lenders refusing to go higher than 70% loan-to-value (LTV) on a property, and many will not go above 65% LTV. This requirement prices many homeowners facing foreclosure out of the market for a foreclosure loan, unless they have the equity to qualify or can obtain funds to pay down their mortgage.

Income requirements for foreclosure bailout loans are often relatively easy to meet, compared to the equity needed to qualify. Homeowners may be able to use up to 55% of their monthly before-tax (gross) income to meet debt payments (housing and all other debt combined). This is quite a bit higher than many traditional banks or mortgage companies, which require debt-to-income (DTI) ratios to be much lower.

As a Realtor in Iowa, my personal and professional experience has found a foreclosure to anywhere from as little as 90 days up to 12 months. Why the difference? It depends mostly on the communication between the mortgagee and the mortgagor. Talk can usually forestall a foreclsoure. If one is finding themselves behind in their mortgage and cannot catch up, much less make even partial payments, (some lenders will not accept partial payments), they should contract a REALTOR and arrange for a "short sale." A short sale is less harmful to your credit rating, whereas a foreclosure is devastating and will take years to repair one's credit. Bob "BOBERT" Bembenek, REALTOR CLASSIC REALTY Cedar Rapids, IA

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The person who prescribed the Progynova is the only one who knows your medical historyand can answer this question.

If a bank is on the brink of taking possession of a company, chances are the company is in financial trouble. When the bank does take possession it usually means that the company has gone into foreclosure. They will then sell the property and the company owners will need to settle their financial issues.

Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.

My parents went through this a few years ago. Nobody does. It's usually the party who wants the fence repaired/replaced. My parents were fine with the old fence and told our neighbors "No" they will not help with the cost. Neighbors could do nothing about it. They replaced the fence anyways.

Yes, if the promise of collateral can be documented. For example, if the lender has obtained a signed title as a "pledge", then the new title can be recorded when the payment agreement is breached, and the car sold to cover the remaining payments.

You need to check your "state" and "local" statutes, since the USA is (thanks to "states rights") perhaps the only major nation lacking a uniform, consistent legal (civil and criminal) code; try "find law" on the internet, and query your local library for assistance.

Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.

You credit score would likely be so bad no financial institutions would be willing to loan you money.

This really depends on many factors -- how far into the foreclosure process are you...1, 2 or 10 months late on the mortgage? If you have only missed 2 payments, you can most definitely avoid foreclosure when you make a payment for the 2 late payments , plus any late fees, etc. However, if you are 3 months late and the bank has already issued a notice of trustee sale to sell your home on a particular date and you can only make a payment for one month, then most likely than not, your home will be sold at the auction. In this scenario, you may have to make a payment for the past 3 months, plus any late and attorney feesm in order to get current on your loan. However, every bank is different and therefore your bank may have a program available to help you catch up on the late payments. Call your bank and ask them to help you keep your home by offering you a payment plan. Good luck.

Foreclosure is, without question, very damaging to your credit report. All item on your credit report stay there for 7 years, so consider looking into other options. 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.

What your asking isn't entirely clear: If it something like: If you owe $100 on a $100,000 house, do they still take the entire property? Yes. The foreclosure process and results itself are essentially the same regardless of the amount owed. The amount owed is increased by all the costs of the foreclosure, accumulated interest and late fee's. The property being sold is done so at an auction (or process) that because of the questions regarding the property, and general requirement for cash, is attractive mainly to bargain seekers. Hence less money is generally produced, to pay off more of a debt, than had the troubled party done so themselves. Just like any amounts that are not paid off by the sale remain owing and the debt may still be pursued by the lender, it is generally true that if the foreclosure produces more than enough to pay off that now escalated amount of debt, it will be returned to the one who lost the property.

Real estate laws are established by the state in which the property is located. The foreclosure notice will contain all information concerning the property being vacated, sold, and whether or not the borrower has redemption rights to the property.