0
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
The problem is that you haven't really defined your terms. It makes a difference whether "a little behind" means "the next day" or "two months late." It also depends on the precise terms of your loan contract.
In general, the contracts are written so that technically the mortgage company can begin foreclosure proceedings if you're late at all. However, foreclosure is enough of a hassle that most do not until you've missed at least two payments, and even then, making up those payments (along with late fees) is usually sufficient to stop the foreclosure.
What are the forms needed to file a wrongful foreclosure lawsuit?
You need to consult with an attorney.
You need to consult with an attorney.
You need to consult with an attorney.
You need to consult with an attorney.
How would you know if the house is under foreclosure?
The house that is already foreclosed is a public record which means that you'll be able to find the foreclosure at the registry of deeds in your jurisdiction.
If the foreclosure has not been completed you may find a notice to foreclose in the public records. However, in many cases the notice is all you will find. Lenders often hold back on recording a foreclosure until the property has been sold.
How many payments have to be missed before foreclosure by the mortgage company?
Technically you are eligible for foreclosure the day you miss a payment, but in practice this is never the case. Most lenders will begin the foreclosure process after 3 payments are missed, but that does not mean the home will be foreclosed. Many lenders are required by law to work with the borrower to modify the loan, or otherwise demonstrate significant effort to avoid the foreclosure. Many foreclosures take 6 months to a year to complete. This varies greatly by state, loan type, and investor/owner of the loan.
Can a deed in lieu be initiated with a cosigner?
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Should I short sale my house or wait for it to be auctioned?
This depends on your ultimate goal. A short sale is less detrimental to you credit, but will still likely keep you from buying another home for 2-3 years. Often times short sales become foreclosures because the homeowner stopped paying the mortgage loan payments and the short sale took too long. A foreclosure hits your credit harder, but may allow you to stay in the home for just as long or in some cases longer. Additionally, you can negotiate a "cash-for-keys" deal with the lender or new owner where you leave the property in good condition on a specified date in exchange for money for relocating costs.
Weather you can be held responsible is up to the court.
The bright light is that if you are not responsible and the bank was malicious the bank could end up owing you money.
Get A Lawyer!What its the best description of foreclosure?
it ends all legal rights of a homeowner if mortgage payments are not made.
How do you stop foreclosure and eviction?
The best way to stop foreclosure is to stop in occurring this event to happen.
Do you have a legal right to get your property out of the house after a foreclosed house is sold?
Check your mail. You were probably notified of an end date to remove your property. Once the buyer has taken possession of the home the contents are theirs. You could politely ask for them, but do not expect to enter the house or have any particular accommodations to your plight.
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.
Of course you have to give the money to the mortgage company. You own the mobile home subject to the loan you got to pay for it. An intelligent buyer will make certain the loan is paid or they will take possession of the property subject to your lien.
Who owns the house when a foreclosure has been dismissed without prejudice?
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
Are you responsible for the balance once your house is sold under foreclosure?
Yes, if the sale price is less than you borrowed (minus any capital amount you have paid off), you are still responsible for the difference and ongoing interest on the difference. If you are in debt you should seek help from a debt adviser - there are some who will help you for free, they will be able to get the interest frozen and advise you weather you should go bankrupt to free yourself form debt.
How do you reestablish your credit after a foreclosure?
Normally it takes 7 years for a foreclosure to expunge from your credit report. However it that meantime, paying bills early, paying more then minimum on credit card bills. Just managing your money in general. Slowly over time it will improve.
What appliances can you take with you in a foreclosure?
All of them! We are taking our all of our kitchen appliances when we are notified of our move out time. I bought them with my own money. The greedy banker didn't.
What is first preforeclosure or foreclosure?
Pre-Foreclosure is a term the banks use internally to track the property's status. Essentially, what it means is that the home has already gone into default and a Notice of Default has been recorded. Pre-foreclosure is the time between the NOD filing and the Filing of the Notice of Trustee Sale.
Can you move back into your house in foreclosure?
No, but this depends on what state you are in - If you are in CA, then the bank (or private party) will post a 3 Day Notice to vacate the home (after foreclosure) - depending on which bank, it sometimes will take them a couple days to coordinate this. On a more practical matter, they will generally offer you "cash for keys" and give you $1000-$3000 to leave within a certain time frame (7-14 days) and leave the home is "broom clean" condition. They do this because the cost of eviction and risk that the homeowner will steal things from the home or leave the home damaged is much greater then the cash for keys. If its not too late then check the details to stop or avoid foreclosure or contact some professional.
How would you validate chain of title with a MERS loan?
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:
- Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).
- If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).
- You need to follow the same process for any further assignments.
- Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.
- When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:
- Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).
- If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).
- You need to follow the same process for any further assignments.
- Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.
- When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:
- Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).
- If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).
- You need to follow the same process for any further assignments.
- Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.
- When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
If you want to verify the mortgagee's (lender's) chain of title first you need to make certain the original mortgagor (borrower) was the owner of the property. The following steps can be used to verify the lender's chain of title:
- Take note of the exact title of the mortgagee in the recorded mortgage as well as the recording information (book/page or document number depending on the recording system, date of the mortgage, name of the mortgagor). For example it may simply state that MERS is the mortgagee or it may state that MERS is the mortgagee as nominee for Option One (or any other lender).
- If the mortgage is assigned you need to make certain the assignment has been recorded, that the assignor has the same title as recited in the mortgage and the recording information is the same as in the original mortgage (book/page or document number, date, etc.).
- You need to follow the same process for any further assignments.
- Finally, you need to compare the discharge to the last recorded assignment and make certain all the information matches including the name of the mortgagors, recording information and the title of the last recorded assignee. This is a crucial step in the chain of title for a mortgage- making certain it is released by the record holder.
- When examining all the related documents you must verify that the person who signed the various documents has the authority to sign.
How much does used home cost in the 1970's?
I looked at a house in 1969 that was several years old and the selling price was 13,000. That seemed like a lot of money at the time. Housing prices vary from area to area and state to state. Depending on where the house is located the price can be higher or lower. So, it is hard to tell you prices of houses because they vary so much.
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.
