Foreclosure

yes Canada has this insurance, but it's usually attached to some other type of insurance you need to buy first.

$ 920.00

Well it depends on what type of Tax lien we are talking about. But first rule of thumb, liens have priority based on Irs Tax liens are prioritized like most other liens, by date of recordation. Actually IRS liens can fall further down the list based on when perfected.....but all in all, IRS tax liens do not supercede other legal liens State Tax Liens can superced tax liens depending upon State laws but stilll are subordinate to all other previously filed legal liens. Property Tax liens take priority over all liens, regardless or recordation, perfection, etc. Think of it this way, when you buy property, property taxes are an inherent obligation that attaches as soon as the ink on the deed is dry. There's no attorney on earth that can record a mortgage lien that fast!

Currently the rate is about 1% of all homes in the US are in foreclosure. It is interesting to note that this topic has no shortage of news coverage, but very, very few articles mention this number, only the percentages that the foreclosures have increased.

Quit claiming title to a family member will not avoid foreclosure because the mortgage lien on the property has not been satisfied and the lender has a claim on the property. It will not cause the foreclosure proceedings on the property to cease and the lender will seek a judgment from the civil court.

Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.

Yes if you cannot pay for it

You can expect to have a big hit on your credit rating. This will last as long as 5-7 years unless you hire a professional to rebuild your credit. You will most likely not be able to qualify for a home loan for at least that time.

Drain the pool, acid wash it, refill, apply proper chemical levels, easy as that!

I mean, can anyone with cash basically look them up and make an offer?
There are a few ways that one can purchase a foreclosed home. Some of these would include getting preapproved for a mortgage, finding an agent that specializes in foreclosures as well as knowing that the home is sold as is.

Yes if its a 1st mtg

1. Commercial Property

2. Residential Property

You will need to check with your individual state laws. Generally, if you were only added to title via "QUIT CLAIM" they can not come after you for the mortgage liability.

If you are not on the mortgage, you are not on the loan. However the property will still be gone.

Unfortunately there is more to it that just having your name on the mortgage. I am personally aware of a couple who list the husband (because he had better credit history/score) as the sole holder of the mortgage, however when the payments fell behind and the mortgage went into default the bank came after BOTH the husband and the wife and attached the debt to her although her name was NOT on the mortgage.

The stated reason was that legally she was obligated for the debt because she occupied the property with him and it was listed as their primary residence. This may not be legal, however when they went to an attorney, he suggested that the best he could do was to request that the mortgage company remove her name as a "courtesy" and there would be no guarantee of this.

Do not be surprised if you are attached to the mortgage and are negatively effected (i.e. credit history/score) although you were not on the loan, especially it is your primary residence.

Even if you fight to be removed (this will require intervention from a lawyer) and are successful however the damage had already been done and her credit had been effected.

Your down payment was used to purchase the property and was paid directly to the seller. You don't get it back.

In 2007, the Census showed that there were around 110 million occupied "housing units" in the United States. RealtyTrac estimated that 1/416 households in the US received a foreclosure notice in August 2008. That means 264,000 households received such notices. Assuming that it takes 6 months to sell a foreclosed house, I estimate that there are around 1.6 million "housing units" in foreclosure.

Eric Fisher, Professor of Economics, California Polytechnic State University

Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.

It may be that the terminology is different than single family homes. However, barring that, here are some U.S. Census numbers for you.

In 2009, the US Census Bureau reports all housing units totalling in at 130 million 159 thousand.

Also in 2009 91,241,000 total housing units for single detached and mobile homes in the United States with 79,918,000 total occupied year round. And of these, some are renters and some are owner occupied.

The bank who forecloses becomes the owner of the real estate. They then sell the property as an "REO asset" to try and get the money back to payoff the mortgage. REO stands for "real estate owned."

There are mortgages that allow this. Ask your lender about an FHA 203K loan.

If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.

The mortgage company gets the money.

My own home is in foreclosure (I am currently in the process of getting it out) and I can tell you from my own experience what the repercussions I have seen are.

* My credit score is terrible (low 500's). It had been good (700's) before my foreclosure. * I cannot get any loans or credit. * The interest rates on some of my credit cards has jumped significantly. From the research I did, I found estimates that you would not be able to buy another home for 4 to 7 years. It stays on your credit report for at least 7 years.

The repurcussions of foreclosure individually are: 1) your credit report is dramatically lowered, and it will be very difficult to get another mortgage in the future. 2) Even after the lender has foreclosed, they often still have the ability to put a judgment against you, which can lead to garnished wages, and will keep you from being able to purchase other real estate. 3) If the bank does not go after you through a judgment, they must report to the IRS that the they "forgave" the debt (if your house was not worth as much as your mortgage debt), and the IRS considers that to be income, and will tax you on it. But, as of early 2008 (or so), the taxable income (loan forgiven) is non taxable.