Foreclosure

The foreclosure will simply continue as it normally would have if the bankruptcy had not been filed, except for any special provision made in the order allowing the foreclosure to cotinue.

It's better to sign the house back to the financer to save them the trouble of going through foreclosure, just for their convenience. If you keep your credit clean for a few (3 or more) years, you should be able to purchase a house, but be prepared to come up with a 20% down-payment and pay higher interest than others.

Generally speaking a foreclosure will effect your ability to buy another home for around five years. If you are able to do it a short sale would be a better route than being foreclosed on. You can also consult with an experienced bankruptcy attorney if you have questions.

Foreclosure is a very damaging entry on a CR, and will cause problems if the person tries to obtain credit (especially another mortgage), in the future. Foreclosures remain on a CR for seven (7) years. Here is an interesting article I read just today on this topic. Here have a look: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/

Credit reporting requirments means it will be listed for 7 years.

You generally have 30 days, but the bank should give you an exact time. Some banks have been very slow to repossess houses and people have stayed in them for years and months.

You have 30 days until the Mortgage company takes ANY action. You have anywhere 3 months to a year if no further payment is made before you will be forced to vacate. A judges signature is required for ANYTHING to happen.

Credit scores normally range from 330-830. The only way to raise your score positively to continue to pay all bills on time and keep your debt ratio low. With a new credit card/loan it takes about 6 months of positive information to raise your credit score.

Normal financing can take up to 45 days or less if the buyers are ready with a pre-approval and the house is empty. If it is bought thru an auction, then you can take longer. Take note that the longer you take the more money it will cost you. Read all the fine print!!

Unlikely. With few exceptions, 401K/IRAs are exempt from seizure.

It is a disposition option sometimes available to the mortgagor (borrower) to voluntarily deed the property to the mortgagee (lender) thereby avoiding foreclosure action.
When a mortgage is delinquent and loss of the home is inevitable, a borrower may negotiate with the bank to return the home. They hand over the "deed" instead of the bank paying a trustee or attorney to initate foreclosure proceedings. This is slightly less damaging to the borrowers credit and saves the bank money and time.

Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.

No. It is highly doubtful that the bank did not send the notice as it is in their best interest to do so and also it is the law. The debtor could request proof that a 1099C was sent to them and it is almost a certainty that there will be proof.

30 days generally will not cause a foreclosure. If the debt continues to be 30 days in arrears over months are foreclosure will happen at some point.

Your house is in forclosure, this means you do not pay your mortgage. Unlikely a bank would take such a risk!

Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.

The legal term is foreclosure. Anytime a mortgage agreement is defaulted on the lender has the legal right to begin foreclosure procedures to seize the property and sell it for the fair market value. States establish laws that control the way a lender can implement forclosure proceedings. Some states allow the lender to use the self-help method, meaning no court procedure is necessary. Others states require the lender to use the due process through the court as prescribed by state laws.

Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.

There is no legal waiting period, so theoretically you could buy a new home the day after the Chapter 7 is closed. However, every mortgage lender I have asked has said the same thing: 2 years. You could probably get one sooner than 2 years, but your interest rate might be terrible so it may be better to wait. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

Short answer, it depends on the circumstance. Foreclosure just means that they took back their property according to the terms of the loan. You are still responsible for the entire amount of the note that was not satisfied when the property was sold at auction. Since you probably still owe money to the lending institution, they can still report that you are not making payments on the outstanding amount of the debt. At this point, your only option is to either pay off the remaining part of the debt or file bankruptcy.

I believe that you are responsible as the seller for any damage to the property until the papers are signed in the closing . At that time it becomes the new owners responsibility. Check with your realtor and closing attorney. Generally speaking, the seller still owns it and it is therefore his problem.

You are responsible for the property during the foreclosure process up until the property is sold or auctioned.

Yes.