Foreclosure

You can go to court and get a judgment, then proceed with repossessing the house. Make sure you document everything that has occurred.

Sometimes this things happen. Sometimes people enter into hardship and are unable to keep up with their mortgage payments. In some cases the lenders don't want to cooperate with the borrowers for example giving them time to sell the property or make some type of payment arrangement. And eventhough real estate usually appreciates in value, it is not always the case. In some cases borrowers will try to sell the property but the market is too slow or very low. People are simply not buying property and if the lender is not willing to wait, there is no possibility of selling the property before foreclosure happens. Sometimes a short sale maybe a possibility but again it also depends on the lender.

what can I do if i don't have all the money they are asking for up front?

I too have had this question. After searching the net and asking some people I know who deal a lot in real estate, I have come to the conclusion of - NO. As long as your name and SS# are not attached to the loan you are not considered responsible because this asset in your spouse's, not yours. I am by no mean an expert but have done a lot of research.

There is no real limit as to when you can begin considering buying a home after a bankruptcy, though it is much more favorable to wait at least two years, while you build your credit back up.

Chapter 13 bankruptcy can remain on your credit report for up to ten years from the date it was filed. However, filing for bankruptcy can actually be somewhat beneficial for rebuilding credit. As bankruptcy eliminates all or most of your debts, your debt to income ratio improves. This means that more creditors will be willing to extend credit offers to you, which will allow you to begin the rebuilding process. Most credit obtained after a bankruptcy will most likely have high interest rates, but if you obtain credit that you can afford to repay, you will begin to see a definite improvement in your credit score.

It is possible to begin the home purchasing process in as few as 18-24 months after filing bankruptcy. To start, you cannot be currently in a bankruptcy proceeding, your case must be decided. To begin the rebuilding process, check your credit report. Make sure that everything that is supposed to be included in the bankruptcy is included. After you've corrected any errors that may be on your credit report, it's time to start rebuilding your credit. Secured credit cards and installment loans are good ways to show creditors that you can again be trusted to pay back money that you owe before trying to jump right into a mortgage payment.

When you are again able to qualify for a home loan, it might come with high interest rates. Don't panic. Try to make a larger down payment to keep the loan smaller, and make sure there are no prepayment penalties. This will offer you the possibility of refinancing at a lower interest rate as your credit improves.

Although it's not an absolute "foolproof" way to hide assets, in general an S-Corporation sets these assets aside from personal assets. A mortgage lender relies on the information at hand during an asset search. Without assets held by a specific Social Security number (S-Corps have their own TIN) the search will not turn up these assets.

I STRONGLY recommend having an attorney draw one up and under NO CIRCUMSTANCES inform him/her of your intent. We have to abide by ethical standards or loose our license.

Your credit will be affected negatively with a possibility of your credit score dropping 200 or more points. Not sure if you are in foreclosure now but if you are not make sure to communicate with your banks regarding your situation to prepare for other options and at least the banks will be aware.

When buying property with a family member, you should be familiar with what the contract says. You should also know the terms of any other legal documents that pertain to the house.

Liability insurance. An irrevocable trust made with the help of an attorney.

You can't. But as long as you pay you bills on time for the next 3-4 years you shouldn't have a problem getting a mortgage

You could buy foreclosed home below market value, ranging from 10%-50%. With this you could save a lot of money and if you decide to sell your newly purchased property you will have huge returns from your investment.

Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.

A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.

As long as you get your share of the money, does it matter how they get it? A mortgage on the property is one way of doing it. In your case you want to be sure that the value of the property is established by an appraiser and you should be paid one third of the price.

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.

You can sell the house, but you are still on the hook for the remaining amount of money. And the banks may not want to allow the transfer, because they wish to have the property secure the loan balance outstanding. A purchaser wouldn't like to buy such a piece of property, because the danger of foreclosure at the sale might still exist.

Without paying the liens, you cannot provide clear title to the property. Most lenders will not lend on a house that is being foreclosed upon. You may be able to reach an agreement with the lender about the sale in view of the foreclosure, but the liens will still need to be paid.

Yes to both.

It would vary depending on which country you are in.

It'ssomewhat dictated in the contract you sign, the fine print. Usually the company sends you numerous late notices before that letter saying your account will be sent to collectioons, arrives in your mailbox.

It Meanns Tew Excnahge

yes...........but you will pay a much higher interest rate and your homeowners insurance will also be much higher Probably not.

Referred means that a loan was unable to be approved by an automated underwriting program based on the information provided on an application. This is different from a denial since the loan application can still be reviewed by a human underwriter.

Foreclosure occurs when a person is unable to make payments on a property. The bank, which owns the rights to your property, can choose to overtake the property and kick you out.

It means that the offer is good until the foreclosure date. This means that the offer cannot be redeemed after that date.