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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
In a judicial foreclosure what does a Judgment and Decree of Foreclosure on Cross Claim mean?
That means that the cross claimant in the lawsuit was granted a judgment against the cross defendant(s). If the judgment is not satisfied in full immediately, the property in jeopardy will be foreclosed upon.
It usually depends on a Mortgage Bank and also on the individuals previous credit ratings.
Will the Bank accept less than the homeowner owes if it is a short sale?
It depends on the policies of the lender. You will need to have a conversation about the difference with them.
Your mortgage company does not have the right to seize anything. They do have the right to go through a legal process and sue you for the balance. They may place a lien on other property you own, choose to garnish wages or a variety of other methods to collect. They are not able to seize.
The answer lies within the question genius! The question clearly states what the boy paid for the apartment. Love and light! The Real Estate Guy!
How long to rebuy after foreclosure?
Az state credit union has a program where you can buy just 6 mo after a forclosure if you have 20% down and are current on all other bills.
If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.
Where do you get a deed of lien of foreclosure?
A deed of lien can be given to you from your lender. If you are having a hardship that is beyond your control, (ie., terminal illness, forced divorce, long term hospital stay and can't work), and it creates a circumstance so that you cannot pay your mortgage and you have to foreclose, then you can write to your lender and request that they give you a deed of lien on your foreclosure. If they accept your request and give you the deed of lien then your foreclosure won't go on your credit. It may help however for the lender to accept your request if they see that you did try to sell your home first.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
If you foreclose on your house can the bank take your other house?
it depends if you used the other house in any way to secure the loan for the second house. Please be more specific in your question so I can help you.
What happens to the direct deposit of my payroll if my house is foreclosed?
Nothing happens. You still get the money in your account. They just want the house, not your money.
How far behind on mortgage payments before foreclosure starts?
90 days This is not true. we were only 30 days late and our home was foreclosed on.
Yes, as with any loan even if your colatteral is seized and sold at auction, if it does nto bring enough value to cover the balance, you still owe them. typically though the company will write off the debt. Then you have to worry about paying taxes on that amount.
However, (recently in early 2008), the IRS makes that charged off debt non taxable up to a certain amount (somewhere between $250K and $1M). So, most people will no longer have to pay those taxes (who were foreclosed on 2008 or later approximately). Please see irs.gov for the exacts.
How are lenders paid after a first mortgage foreclosure?
Lenders are paid after the property is sold. Hopefully they will receive at least the balance of what you owed on mortgage. If not they will be looking to you eventually for any deficient balance if they are not able to clear you debt totally through the sale.
How to get foreclosure off your record?
Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month.
The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
What is a judicial foreclosure?
It depend on which state you are in. In some states the judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the "No Power of Sale Foreclosure Guidelines".
How can I get a mortgage loan after a foreclosure?
Most traditional lenders will consider financing someoneone with a prior foreclosure a few years after discharge. Each lender may have different critieria regarding this time frame. You may want to consider non-traditional sources such as Lease to own or Lease with option to buy from private individuals who may not be as stringent. The most important thing after a foreclosure is to try and keep your credit clean. Create a good rental history by timely payments to help you qualify the next time around.
After how many missded payments does a lender foreclose?
In most cases a lender will file a notace of default after 3 missed payments.
When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
How long does a deed in lieu of foreclosure take to give back the property?
With the consent of the property owner and lender, the deed is valid immediately after it is recorded in the county public records. It is a good way to avoid the foreclosure process, but, oddly, many lenders will not accept such a deed and insist on the expensive and tedious foreclosure process.
When is a foreclosure complete?
Whenever the title to the property has been quieted in the name of the purchaser at the foreclosure sale.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Can you rent out your home while home is in foreclosure?
Yes you can, but in most states you have to tell the potential tenant about this foreclosure.
What is the best way to get a loan modification?
The safest way to get a loan modification is to contact a counselor with a HUD approved counseling agency.
To find a HUD approved counselor in your area search for "HUD housing counselors". This will take you to HUD.Gov. Click on your state and go from there.
What is the difference between a HUD home and a foreclosure?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
All HUD homes are foreclosures but not all foreclosures are HUD.
