Foreclosure

The Elkins Act was imposed to stop the practice of rebates from railroad companies. It was supported as a way to end the influence of certain organizations that used railroads to transport goods. The organizations often sought out rebates from railroad companies after travel was completed.

In order to get a loan modification you need to have a job. Lenders will have difficulty agreeing to any kind of reduction in your mortgage if you are unable to make payments.

No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.

The Toleration Act was passed in 1649 in Maryland. The purpose of the act was to commission religious tolerance towards Christians who were Trinitarians.

Yes.

The mortgage secures the debt. The note is simply a promise that you repay the money.

If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed.

If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.

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If you can buy, definitely do that. That way instead of paying rent, you're paying off your mortgage.

It depends on the relative cost of buying versus renting in your area. In many places it costs less on a monthly basis to buy a home than to rent one, but in some locales rent is very cheap compared to buying a house. In those places you might be better off renting and saving the additional money that would have gone towards the costs of buying. That money saved could be used to buy a better home at some point, perhaps in a cheaper city.

Yes, deficiency judgments are allowed in the state of Florida.

When the lawsuit is filed, homeowners have the right to a jury trial to hear the deficiency case.

Also, the bank must have in-hand service of the lawsuit paperwork on homeowners in order to include a deficiency judgment action in the original case.

A real estate short sale is where property is sold less than market value in an effort to recover monies owed from the borrower's mortgage.

Not very likely

No, having her listed as an authorized user will have no impact on your credit score.

The bottom line is that yes they are. In many cases you can find a very excellent home for a lot less than its market value if you checked out a foreclosure auction. You just have to wary about the back taxes. If I were you I would check out a site like GovernmentAuctions.org - they not only have foreclosure listings but they also have a tutorial explaining the dos and don'ts for first time buyers.

1. Know how much your house is worth compared to what you owe. You want to know comps for your neighborhood, ask a local agent, or you use sources like Zillow online. Don't go by asking prices, look for sales data! Check your latest statement to see the remaining balance on your loan. If you have an outstanding home equity loan or line of credit add that to the mortgage balance.
Take the combined debt (mortgage plus any other liens) and divide that by the value of the home. This is your 'loan to value".
2. If you owe more than the home is worth, your next call should be to your mortgage servicer. You want to see if you are eligible under the Home Affordable Refinance Program (HARP).
If your loan to value is 90% or less, most lenders and mortgage brokers will help you. Check out Bankrate for some good local options.
If you are the middle of that? Start with your current lender and work from there.

The easiest way would be to make all the payments on time to the mortgage company or bank.

No, the tax credit only applies if you purchase your first home in the specified time period. A refi or modification would not count as a purchase.

Lawyers don't do foreclosure cleanups. Make sure your state laws don't require you to store items belonging to the mortgagor. The cleanup charges will depend on how much cleaning up is required and how many items of usable personal property you find that can be sold.

Don't trust foreclosure attorneys for legal advice. Their duty is to the bank or mortgage holder, not to you.

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.

You do not have the option of not paying off the home equity mortgage when you sell your home. The buyer's attorney has the legal obligation of clearing any liens on the property prior to the buyer taking title. Any unpaid mortgages will be paid from the proceeds of the sale before the net proceeds are paid over to you. If you owe more than the selling price that will impact the sale and must be resolved before the sale can take place.

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Yes, the act of listing your home for sale will not stop or stall the foreclosure proceedings. Homes can be listed for sale for months and even years.

Only if they cannot provide services to you that were paid for.

After the sale it is the property of the new owner. Of you have anythingthat you really treasure and didn't get out, you should ask the new owner. While he probably will ot give you anything of real value, they do not want your pictures and stuff. Perhaps offering to help clean up would be a fair trade for some possesions?

They have no obligation to allow you access to anything you did not get out prior to the sale.

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