Foreclosure

HAMP is Home Affordable Modification Program which was started in 2009. It's for people who have more than 31% of their gross income devoted to paying their mortgage. Home owner may be eligible to receive a discounted interest rate, mortgage principal or payments.

There are several possible ways to save your house, at least until it is sold to a third party. Call or go online with your area legal services office or attorney general's officce and ask/look for foreclosure assistance offices. You may be able to find it through your are United Way or Community Action Council. Make sure the entity you use is approved by a state or federal agency.

99.9% unless you are in prison or otherwise known to be completely incapable of paying.

Then they just report you to the credit bureau

3 years after first delinquency

The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower.

The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower.

If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.

in order for the bank to remove your personal property from your home the foreclosure must have taken place and you must being legally evicted first.

Finding foreclosures is fairly easy in depressed markets, but it's also simple to find foreclosures in strong real estate markets. You can find foreclosures through a real estate agent, see real estate signs they put up on foreclosed properties, Check out major bank websites, Check asset management and government agencies. Also check out some Internet foreclosure companies.

There are many resources to help you with foreclosure prevention. You may have heard of HAMP which is a government based free resource to help you prevent foreclosure on your home through a loan mod. However having to prevent foreclosure on my own home I have found that the best resource for this is to educate yourself on the foreclosure process. I really helps to understand your rights as a homeowners and what the mortgage lender can and cannot do.

That depends on whose name was on the deed when the mortgage was executed.

The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.

A foreclosure really has nothing to do with the amount of equity in a property. Banks foreclose on properties because the borrower has failed to pay on the mortgage note for 90 days or more. Most properties that are foreclosed on today usually have negative equity in them due to decreased property values.

The main reason why banks generally are not doing loan mods is because of money. Banks make more money by foreclosing on a property then by approving a loan mod . Also, banks have an obligation to their investors to get the most return on investments for their investors. A loan mod reduces the return on investment.

Now if a bank sold the note and is offering a loan mod when they they are not the holder of the note in do course then they really have no authority to do so.

If you mean when the house was sold at auction, check the local Registry of Deeds.

If you mean the date the house is to be sold, it usually must be published in a local newspaper to attract bidders. Usually a written notice is given to the debtor. If you're not the debtor and you don't read the legal notices regularly, call the mortgage company.

In a judicial foreclosure state the answer as always is it depends. However, in general terms a traditional lender, bank/mortgage company, will wait approximately 90 days after the last regular payment before they put the loan in a litigation posture. After the 90 days they will usually ship the "file" to a foreclosure attorney to start the litigation process also known as the foreclosure. Depending upon the case load of that particular law firm you should expect to see a summons or complaint, which is the start of the lawsuit between 14 and 30 days. These time tables are only general observations but should give you a conservative estimate.

Yes. The USDA have some modifications and actions done to prevent and stop foreclosures.

Ok I looked this up on google and it said about six months or so.

If the foreclosure hasn't been recorded then look for the name of the lender on the notices that were sent to you.

If the foreclosure has taken place, you can also visit the land records office in your jurisdiction, look for your name in the grantor index and look for the recently recorded foreclosure deed. The staff will assist you. The name of the foreclosing lender will appear as a party to the foreclosure deed.

The owner can remove it and must do so promptly. Your possessions must be out prior to the day of the sale. As soon as the property is sold you have no right to enter the premises.

If your property is not removed the new owner usually has a service with a dump truck take everything away.

Here are some pointers that can help you survive a foreclosure situation:

Find out whether your state implements a redemption period. After the foreclosure sale, homeowners are given the period of a few days to a month or even longer. During this period, you cannot be evicted from the house even if the property already has new owners. You are given the chance to get your foreclosed property back provided that you pay your mortgage liabilities completely. The buyer of your home will be given a refund of the amount he paid during the auction.

In case no one buys your property during the auction, your home will end up in the possession of the bank. This can prove to be more advantageous than when the foreclosed home is bought at auction. Banks are big companies and transactions in such huge organizations tend to move at very slow pace. That means another few months for you to stay in your home especially since evicting you is not among the top priorities of the bank.

Evictions undergo legal processes. In almost all cases, the court is involved in eviction. That gives room to more delays of a few days to a couple of weeks. However, you still have to act fast as you would not have much time after the eviction is permitted.

The moment your foreclosed house is sold during the auction, immediately find a new place. Things happen faster after the eviction is approved. Notices last for only one to three days. If you do not want to find yourself in the streets, you have to make plans fast.

Additionally, you can always seek help from HOA and their accredited legal counsels to further help you out in facing foreclosure.

Sure this happens all the time. You can probably get a great deal on a foreclosure, make sure you get a home inspection and find out if there are any back taxes owed on the property, Happy Hunting

Absolutely. Mortgage defaults are not the only trigger for a foreclosure. Even though the outstanding debt or mortgage has been paid off, taxes are levied against the property yearly. Delinquent property taxes may trigger the tax title foreclosure process. In addition, Homeowners Associations can initiate foreclosure in the attempt to collect overdue fees. The federal government may also initiate the foreclosure process to collect taxes owed to Uncle Sam. There may be other instances, but for the most part, these are the most common.

Yes, definitely there is a life after foreclosure, you should find a reasonable place to live, and clear all your debt under your name. Remember that the foreclosure is an outcome of whatever underlying crisis is going on in your life that either impacted your income or caused expenses that made your mortgage unaffordable.

Yes. The bank would ask for proof that you are the deceased persons spouse and also proof that the person is actually deceased (death certificate). Once you provide these two items, the bank will cash the check for you. Without them the bank will not take up the request.

I served (1) the civil process clerk for the United States Attorney for the state (there is a federal civil procedure rule for guidance here) and according to the state laws for service as well, with a copy sent directly to the headquarters in Washington DC.

FNMA might not need service upon the civil process clerk but FHFA has taken conservatorship, plus the FNMA has a special position with its own federal charter.