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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
2,433 Questions
Are the surviving children responsible for a deceased parent's debts?
The estate is responsible for paying the debts of the decedent. No distribution can be made until the debts are paid. If there is not enough to pay the debts the court will declare the estate to be insolvent and the creditors are out of luck.
Why does it take 30 years to buy a house and only 5 years to pay off a car?
Because houses cost considerably more than cars. You can pay off a house in 5 years, but your mortgage payments during that time would be astronomical.
Is a new deed issued in a loan modification?
No. Deeds affect ownership of the property. A new deed isn't necessary for a loan modification.
If two people own property together they are each entitled to 50% of the proceeds. The buyer would be obligated to pay each owner 50% unless there is some other written evidence or court order to the contrary. You should consult with an attorney ASAP who can review your situation and explain your options.
My bank is threatening foreclosure are they willing to accept a payoff lower than the amount owed?
Maybe, but no homeowner knows in advance how much a bank will accept or even whether it will consider an offer for less than the total amount owed. The best idea is to speak with the bank about getting the principal reduced in a loan modification or allowing the borrowers to pay less than what is owed in order to sell the house in a short sale.
What does it mean Foreclosure hold state?
Foreclosure Hold State signifies the ability to place a foreclosure action on hold. Meaning if there is a typical borrower forebearance review, litigation/contested action, the foreclosure is placed on hold to allow time for forebearance or contested action to be reviewed.
Saves both borrower (if attempting to reinstate/payoff loan) and Servicer, with avoidance of fees/costs accumulating due to foreclosure actions.
If it is a regular sale negotiation, the potential buyers will not know for sure what other potential buyers have offered for the property. Offers can be kept confidential between the buyer and lender, unless either party wants to disclose to another person the amount of the offer.
Thus, there is no way to know for sure if the bank has another, higher offer for the same property in foreclosure. Either call the bluff by walking away, or submit a better offer if it is still within your price range.
In a foreclosure public auction, where properties are bid on for the highest price, the bids are usually taken out loud or read aloud by the county sheriff, and the highest bidder wins -- there are no other negotiations.
In a foreclosure can a lender sue you for heloc?
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure.
The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
She'll let only 9 of the children out of the very, very large jar.
Does the 3 day right of rescission rule apply to home loans in Michigan?
The three-day right of rescission rule applies to all loans covered under the federal Truth in Lending Act. This is a federal law that applies to loans in all 50 states that fall under the guidelines set in the act. The majority of types of typical loans that homeowners take out on residential properties will be covered by the TILA, and have a three-day right or rescission, including loans in Michigan.
Most banks will give potential borrowers a loan commitment, even if the title is not clear because the banks reserve the right to deny final approval and funding of the loan if the title is not cleared by the time of the closing.
A loan commitment does not mean much else than that the bank is willing to lend money to the borrowers based on their credit history and financial status -- not that the home is ready to be transferred and the bank will participate in it.
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Can your work find out about your foreclosure?
Your work can find out about your foreclosure in some of the following ways:
- They check your credit report for some reason and see your mortgage loan is in a state of foreclosure.
- They pull public records on the piece of real estate that you own and find the foreclosure lawsuit or lis pendens.
- They do a background check on you and the foreclosure litigation shows up.
- Your house is listed for auction in the paper and your coworkers or boss reads about it.
One quick way to check the status on a foreclosure is to call the attorney hired by the bank to get a status on the foreclosure sale. You should have received a foreclosure notice which lists the attorney who is hired by the bank to handle the foreclosure proceedings. I would call them.
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Can money be paid to a borrower after foreclosure sale?
Yes, if there is enough in proceeds to pay off all of the liens on the home, any remaining funds are paid to the borrower.
Liens are paid off in the following order:
- Local real estate taxes.
- The first mortgage.
- All other mortgages and liens paid in order of when they were first recorded.
Any funds after these are paid will go to the borrowers. Unfortunately, this is usually not the case, as most sheriff sales do not generate enough money to pay off even the real estate taxes and first mortgage in full.
