Foreclosure

According to the news, Kruse International has not filed bankruptcy. Whether there is any money left is anyones guess.

You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.

You would go through a title company who would manage the sale. That would include making sure there is a clean title, assertaining how much you are paying and then arranging for your money (cash or your own loan from a bank) to be paid on the remainder of his mortgage. Otherwise, you could pay into his mortgage loan and get no credit or ownership in the home, which would be a scam. Most mortgages are not transferable these days.

A cloud on titlle is any claim to the title on a property that puts another claim into question. That is, one may own a property that another person claims with some (though by no means clear) legal justification.

Example would include an easement that hasn't been recorded. Another example is if the originating bank puts a Lien against the property, but then sells the loan and the new bank, instead of buying the NOTE and putting a Lien on the property, instead is merely a Servicer,not a Lender, and records the Lien in MERS, an electronic registration system for ability to trade Mortgage Backed Securities, but not in the County Tax Records. In order to be a trustee and a beneficiary party in interest, the party must have put money up to the game in order to have legal standing. MERS is merely a recordation system and is not an assignee as no Deed of Trust has ever been assigned to it, nor has it ever put any cent in any real estate transaction.

It gets very complicated as a result of Pooling and Servicing Agreements, that hold a collection of NOTES together, for the purpose of selling on the secondary market as Mortgage Backed Securities. Once a NOTE changes form from a NOTE to a STOCK, it changes form irrevocably. Therefore, the chain of title is broken and a broken chain of title can not be fixed. Once it is broken, it is broken.

To answer your question,no a LIEN is not a cloud on the TITLE in any way. Clear and marketable title is not necessarily a title free of LIENS. A title can indeed have a lien against it. That by itself is not a cloud on title. Instead, if there is a broken chain of assignment of the NOTE and the LIEN, than that is instead a cloud on title. A cloud on title makes a property very un-marketable, as the property can not be conveyed with clear and marketable title, to a new buyer and therefore, any previous claims against the title have to be paid by the new owner, whether or not they were part of the situation that caused it.

In other words, once a property becomes bank owned, a foreclosure, the foreclosing bank pays off all Junior Lien holders, such as a Home Equity Loan or a Mechanics Lien, so that all legal issues of the previous home owner don't fall upon the new home owner.

net income

I would hope they wouldn't! If your house is being taken away because you are not paing them back, they are owed the money, not you. A bank would not assist in that theft of money. I would believe that there would be criminal issues involved if you cashed that check anyway. Their name is on the check for a reason, they are protecting their money that is not being paid back.

what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland

No. You never agreed to pay the debt, therefore cannot be held responsible.

I had a house for 8 years and the when my husband got sick, I was the sole person paying the bills by my self. I was on chapter 13 at first to pay the bills right by paying each pay period. But the end of the 5 years i was not caught up with the bills. So i went to chapter 7. I was out of so much money in chapter 13. But i never missed a payment. I was all ways on time. My questions is I am renting a house right now, and I pay 875.00 a month. The rental will be up in November of this year. Can I buy another house after all of this?

Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you. Generally, true mobile homes are not real estate, they are personal property. A mobile home can become real estate if it is built after the 1970s, has a HUD sticker, is on a foundation and the owner pays property taxes. If this occured and was owned by person who defaulted on the loan, it might be part of defaulted loan. There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information

Typically the modification is for five years. After five years the interest rate goes up by 1 percent until it tops out at 5.###. Fair market rate.

Is tithing an acceptable monthly expense when being considered for mortgage loan modification?

You always have the option of simply ceasing to make payments. Of course, at some point the bank will foreclose. If you want to keep the house but you do not want to pay the mortgage, talk to your bank and see if they can offer any alternatives.

The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.

Are you late on your monthly car loan or lease payment? Are you facing financial hardship or struggling to make your monthly payments? Are you upside down or feel you may have been taken advantage of by the dealer who sold you your vehicle?

If so, we are the Nations Leader on Car Loan and Lease Modifications. We have a program for consumers who may be experiencing hardship and/or having difficulty making their monthly car payment.

Please visit www.VehicleLoanModification.com for more details.

We also have an affiliate program for firms that want to offer assistance to their existing clientele.

its where your home was foreclosed on and whatever it sold for was less then what you owed you could have to pay the remaining balance

Actually, the home owner pays the home owner's insurance. The lender has an escrow account. This is in additional to the payment of interest and repayment of principal. The escrow account pays the taxes and insurance. The escrow account pays the taxes so the government does not seize the property. The homeowners insurance pays in case the house burns down. So, you pay into the escrow account, and if your house burns down, the lender gets the insurance money. You would not pay a mortgage on a burned down house and the bank knows that, so they have you pay into the escrow account and they pay for the insurance.

This depends on what kind of loans you had on the home. The law in non-recourse states such as California states:

1)The lender may only take one action against any borrower to satisfy or collect on a debt when that debt is a real estate loan. This means they can sue you or foreclose or take a settlement offer, but whatever they choose is the only thing they can do.

2)The lender must act against the property first. This means a mortgage company can not sue you instead of foreclosing.

This is assuming it was a non-judicial foreclosure (which most are) where they invoked the right to sell the house at auction and did not take you to court to posses the home.

The tricky part comes up when there is a second mortgage involved. Lets say you have a first mortgage of $200k and a second of $50k and your home is now worth $100k. If you stop paying both loans, the second will likely NOT foreclose on you because they would have to pay off the first from the proceeds of the sale. This means the first would loose $100k when the house sells for $100k (ignoring costs and commissions), and the second would have gone to all the time and money to take the house and received no money for their efforts. They can NOT take another action against you because they have to act against the property first. Now say the 1st mortgage decides to foreclose. They auction the house and you no longer own it. They took a loss, but the second lost everything. Now there is no home to take an action against, so the second mortgage company is free to attempt to collect the debt.

Now we have to think of this from their perspective. They've lost a lot of money. They don't want to let that go, but they also want to stop loosing money. Suing someone takes time and money, and they can't be sure you'll ever pay. So, they may sue you, may send the file to collections and have an agency try and get money from you, they may wait until they have a large batch of such loans and send them off at once, or they may decide to cut their losses and do nothing. They are less likely to haunt someone over $5,000 than $75,000, and less likely if the person is unemployed or retired....there are quite a few variables.

At the end of the year any debtor that charged off a loss will send you a 1099c form for forgiven debt that you theoretically have to pay taxes on. Check with your CPA, you may have a "negative net worth" (liabilities totaling more than assets) and may be able to get out of paying those taxes by claiming insolvency.

So the short answer is: after a normal foreclosure the 1st mortgage company can NOT persue you for money in a "one action" state. A second mortgage company can. They will both send you a 1099c and you may have to wotk with a CPA to avoid paying taxes on that amount as income.

I would contact mortgage company and send them copy of Death Certificate and see if they will hold off on foreclosure ( if it has gone that far 3-4 mos with no payments). If it is a HUD/FHA loan contact them and see what you can do. Go to www.hud.gov. and get your local HUD office number. The other solution would be to rent the house out until it sells. As long as your tenant knows you are selling and is willing to show the house when you need it...that's what I would do. I just went thru this in November 08...my dad died. He had a VA loan but luckily the house sold in 2 mos. Good luck to you.

Yes if this is a "trial modification". Once the modification is finalized and you make the agreed upon payments on time, it will report as paid on time.

No. Once a deck is installed it is "real property" and becomes part of the real estate. If it were just "lumber" & blocks it would be personal property but once built and attached to the land or house it becomes part of the property.

YES...

Typically, staying in a house that is being foreclosed upon is not recommended as it can complicate the foreclosure process and could result in legal consequences. It is best to consult with a legal professional about your specific situation and options.

In Georgia, homeowners typically have about 30 days to vacate their home after a foreclosure sale. It's important to check the specific timeline outlined in the foreclosure notice received from the lender to understand the exact timeframe.

Foreclosure laws typically apply based on the location of the property, so in this case, California's foreclosure laws would likely apply to the properties you both purchased in that state. It's important to consult with a legal professional in California to fully understand the implications and processes involved in the foreclosure proceedings.