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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

What is the average lot size for a single family home in Canada?

Are the all Canadians so ignorant ??

do you know how long we have a metric system ??

Go back to school you idiots

How do you file a lawsuit for a wrongful foreclosure?

what are the forms needed to file a wrongful foreclosure lawsuit There are no forms. A foreclosure is not filed in a small claims court, so strict rules of civil procedure apply. In other words, you will need to act like a lawyer and will be held to the same standard in all rules of court as a licensed lawyer would. Normally, any defense you would have to the foreclosure, would be expected to be pleaded in the original foreclosure suite. If based upon facts that were only discovered after the final judgment, you might be able to sue but, again, you would need an attorney.

How long does it take to foreclose on your house after you stop making your monthy payments?

I stopped paying mine in November. They served me at the end of February. My lawyer says it will take AT LEAST another 4 months before a sheriff knocks on my door. I will be filing bankruptcy so I could delay it an additional 4 months as well.

As a financial planner will you lose your licenses insurance investment etc if you foreclose on your house?

Even if you don't lose your license, etc. I sure as heck wouldn't use a financial planner who had his or her house foreclosed on!

How does a five-one ARM mortgage work?

The interest rate is fixed for five years, and then changes every year afterward.

How does interest in a mortgage work?

the interest on a mortgage works as follows it either accumulates every X amounts of months (depends on your mortgage) for the example its monthly. If your annual mortage is 7 percent. Every month the add on (7/12) of a percent of what you owe back onto what you owe. Say you owe 100,000$ that would be 583$ added every month. so if you pay off 1000$ you still owe 99,583 and your next months interest will be 581$ and this will continue till you pay it all off

My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?

No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.

Who can do loan modification in Alabama?

Generally, you will need to contact your lender directly.

You can get free help by contacting a HUD housing counselor. There is no charge for this help. Both the agency helping you and also the person helping you will be HUD approved.

What does foreclosure in a house mean?

its like when you cant pay your rent in an apartment. the people that own it kick you out. or, in this case, the bank does it means that someone cannot afford to pay for their house. therefore the bank forecloses it or in other words takes it away and sells it for the remaining balance of the loan.

Can you do a loan modification after a foreclosure?

Have you just received a notice of default or has the house actually been foreclosed on? Loan modifications are something you do to try to avoid foreclosure. Depending on your situation, you may want to consult a loan attorney who specializes in loan mods. I've heard The Castle Law Group is supposed to be excellent. Their website is http://www.castlelawgroup.com. It's actually really informative and explains what loan modifications are and how they work.

How much does sperm sale for?

sperm is sold for 30 dollars a pound to drink

How do Sheriff sales work?

How do i pay

What are the requirements

What do i do at a sheriff sale . What can i expect.

What did some people agree to do when a foreclosed farm was auctioned?

Some people agreed to keep bids low when a foreclosed farm was auctioned.

What is an after sale?

mom shilonda clemens,brotha akie,daquan,camerin,dad paul williams,sister kira sakeena

Short sale tax liability?

Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.

Can a lender refuse a payment on a mortgage if you are 90 days past due?

Yes, the lender can refuse payment if it is not enough to cure the entire past due amount.

How does point of sale work?

Your POS software can help out in many different aspects of the business, one of them being increasing profit by controlling prices of your items. With all prices controlled from one place, all your employees will have the correct up to date price to give your customers, mark ups or downs can be fixed for any department easily and instantly, pricing errors will be reduced and special prices can be computed automatically. The POS Software also makes it easier and quicker to print price tags at receiving rather than keying or writing, set items discount prices for a certain amount of time then they go back to normal price automatically and avoid price negotiations since customers can't haggle with a computer. Large Inventories that need price adjustments is very difficult and time consuming without a POS Software in place. You'll know which items sell the most and the least and from there you'll make more money by knowing what to keep more of and what to get rid of. Reducing price mistakes, hitting price points, and making small adjustments; these are simple tasks for a POS software that can add 1 to 5% to your profit margins, and when you convert that percentage to cash, it's well worth it. About The Author: BusiSolutions is currently an MYOB Consultant & RetailManager Professional at Busisolutions. To know more about BusiSolutions visit his websites at: http://www.busisolutions.com.au

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Can you sell your home after you have got a loan modification?

Absolutely! A home loan modification is designed to do 2 things.

1. Make the payment affordable for the homeowner.

2. Keep the bank from foreclosing on the house.

The bank loses money on every foreclosure, as they are not legally allowed to make a profit. As a result, they are more than willing to find a way to keep the collateral paid. If you sell the house after a successful modification, then they are not taking a loss on the property. Even in the event you have to short sell the property, it is more beneficial to the bank to short sell than foreclose. Modification has no refleflection or bearing on the sale of your home, and you will not be charged any extra fees if you sell a home that has a modified note.

Will you be liable for missed payments after foreclosure?

You will not be Liable for "payments". Depending on your state laws, the lender may obtain a deficiency judgment against you.

If the house is a primary residence, you will not be sent a 1099-A nor, will the IRS receive one on you, unless you have a HELOC, Line of credit, or other type of lien. (Pool) In that case they can come after your for the entire deficient balance. You will not receive a 1099 in this case, you will receive collection calls and possibly civil liens, and wage garnishment. This applies even if you live in a non-recourse state such as AZ. If the property is an investment property, you will most likely receive a 1099-A for the deficiency, and they will try and collect that debt as well, as it is not covered under non-recourse laws. The only real way out of both of these actions is to file bankruptcy or to pay the debt off.

You can go to hud.gov (the specific URL is in the related links section) and find a certified pre-foreclosure specialist. HUD counselors work with you and your lender at no cost.

If you foreclose on your first mortgage what happens to your second mortgage debt?

That depends on a lot of things. If you owe less than the house is worth, then the 2nd lienholder is paid any proceeds left after the balance of the 1st lienholder and any applicable fees and fines are paid. For unresolved balances, well that is a state by state question and answer. For example; in AZ if the second mortgage is not satisfied, then they have a legal right to persue the balance, unless it is convered by the Mortgage Protection Act of 2007. Even that can't help you if you took out a bunch of money in a refinance. That law was deisgned to protect homeowners from negative loss due to market conditions out of their control. If you took $100,000 out of your equity to build a pool and go on vacation, they don't view that as "out of your control."