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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

500 Questions

How long after forclosure auction do you have to move out?

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Asked by Wiki User

Short answer, assuming you're just curious: typically anywhere from 3 days to a few months, depending on the exact circumstances and how determined you are to stay until the sheriff drags you out in handcuffs.

If it is vitally important to you personally to know the precise details (because your home is about to be sold at foreclosure auction) you should talk to a local attorney.

What is the difference between a short sale and a foreclosure in real estate matters?

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Asked by Wiki User

When the owner of a home can no longer afford to make payments on their home mortgage, the home may be sold in a short sale before it enters into foreclosure. A short sale is one of a homeowner's last resorts. It occurs when a home is sold for less than the balance remaining on the mortgage. Typically the homeowner and lender strike a deal in which the homeowner agrees to accept less than the amount they owe on their home (making no profit) in exchange for the lender forgiving the remaining amount on the loan. This process may still damage the homeowner's credit, but they will avoid foreclosure.

If a homeowner can't make payments on their mortgage and the home does not sell through a short sale, the lender can take possession of and sell the property by a foreclosure proceeding.

To find out more read the full article on Nestiny.com

What is the process of foreclosure in WI?

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Asked by Wiki User

Wisconsin lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

If Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, in Wisconsin, no sale may be made for one year from the date the judgment is entered unless the lender waives the right to a deficiency, in which case the delay is six months, or two months if the property is abandoned. Sales by consent may be earlier.

If Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

How we could learn more about ourselves through others?

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Asked by Wiki User

"A wise man learns by the mistakes of others, a fool learns by his own mistake!" proves that by studying others, we could alter the way we look at or live, so as not to make the same mistakes.

Why has the bank not seized my house?

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Asked by Wiki User

2 possible reasons- they can't produce clear title so can't foreclose (not likely) or there are so many already, they are in no hurry to get another one they have to pay to maintain but you will have to leave eventually so be prepared

What do you mean by sales-?

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Asked by RaGulgp9811

Sales is a term that is used to refer to a number of transactions made by a company.

How many months before expiration gammca medical?

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Asked by RichardEvangelistagp8952

A gamca is not good after 3 months. This is a condom.