Foreclosure

1-877-836-3040

Have the borrower request in writing to have their file released to --you -your busines name,address, phone ,cell immediately-if they are in the same city-have the borrower go get it or you go to their office After politely seeing if they just got a fax from THEM_and they will be verifying they got the faxed letter--and you will say-Good--can I come and get it ____Xtime--orNOW? and GET IT.

Corporate Advance: a charge made to a borrower's account to protect the lender's / investor's interest in a property (e.g. property inspection, comparative market analysis, attorney fees, etc.). This fee is later recouped by the lender.

England and Wales answer. The bank/building society has to give you the equity after all fees etc. The fees are HUGE, and will eat up about 10% of the sale value. Roughly the same answer for the US. See if you can sell it FAST. It'll save you a lot if you can.

If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).

Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.

no do you still have the house?

A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.

Generally, no. Foreclosure is the recovery of an asset that has been pledged to secure the mortgage loan so that it can be sold to pay off the loan. It is not a lawsuit for a judgment for the money owed. The reason is that if the property does get sold, the proceeds go to pay off the loan. If there is equity in the house and it is sold for more than the loan amount, the proceeds will be sufficient to pay the loan in full and you will not owe the lender anything. Thus, the lender does not get a money judgment and cannot execute or place a lien on your bank accounts. Sale proceeds over the amount of the loan are given to the debtor. There are two further protections for persons in foreclosure. In general when a mortgage loan is in default, mortgage lenders are precluded from suing for the money owed before they foreclose and sell the property. This ensures that the security is sold first, then if the proceeds of the sale are insufficient to pay the debt, the lender seeks what is called a deficiency judgment. Theoretically, this is the amount of the debt less the proceeds of the foreclosure sale; but it is not that simple, because of the second protection. The second protection is that generally the debtor is given what is called a fair market value credit against the amount of the debt. This means that no matter what the foreclosure sale produces in cash, the debt will be reduced by at least the fair market value of the house. This is very important, because foreclosure sales tend to bring in less than the market value of the house. It would be inequitable to the debtor if a bank or buyer were able to obtain the property on the cheap, then sell it at market value for a quick profit, leaving the debtor with a huge deficiency judgment. Speculators at foreclosure sales would rake in profits when they flip the property all at the expense of the debtor. Sometimes at foreclosure sales no one wants to buy the house no matter what the price. So the bank makes an initial bid of $100.00 and if no one else wants to bid higher, the bank takes it. The bank will not be allowed to sell the house at market value, then sue the debtor for the total debt minus $100.00. Essentially, the bank is not permitted to grab your bank accounts unti it gets a deficiency judgment. The bank cannot get a deficiency judgment until the actual amount of the debt is determined and that can't be determined until after subtracting the fair market value credit from the actual debt. By the way you're probably wondering why wouldn't someone bid $101.00, then keep bidding in small increments hoping to get a steal. This won't happen, because at the start of the sale, the bank attorney will announce to everyone that it is prepared to and will bid up to the amount of the debt. This keeps the speculators from making bids that are so high that it won't be profitable to them when they flip the house later, especially if the loan amount is close to the fair market value amount. The speculators know this is one of the unwritten rules of the foreclosure game and they abide by them. Remember though that legal questions always depend on the laws of the state in which the issue exists, so the answer may vary state to state. You must check your own state's laws to know exactly what will happen.

once you are 90 days down they can start with a foreclosure.

Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.

My house is going through foreclosure. My biggest need is money to move and finding a place to rent.

For me, it has taken 4 years. Have a sale date set in December, but bank has finally offered a trial modification. It took MUCH persistence and refaxing and resubmitting documents, updating financials and what not. I think they have it more together now, so you should get all your ducks in a row. Best of luck to you.

It is very easy to buy foreclosed property in the Philippines. The major banks advertise in the major newspapers and on their websites. The rural banks offer the better bargains because they don't have the marketing depts behind them. Better if you have a local GF to negotiate for you so do you don't pay too much. My GF got a lot for P2700/m2 in a subdivision when the market rate is P5000/m2. Great to flip.

The foreclosed market makes less sense now unless you see a strategic buy opportunity in rural areas. The banks are simply prepared to carry these properties since they go up in value, and many properties are simply not 'saleable' because they have issues like being a 80-degree vertical slope, or land conflicts, or uncertain title. There are however opportunities in rural banks because they have cashflow issues; but also some reticence to write down loss-making loans. i.e. Like the 80-degree property (slope) I saw. Nice view though. lol.

There are a lot of agents, but they are poorly trained so do your own research. Its getting to a point when foreclosed properties will make sense again, particularly as a lot of the banks are still carrying a lot of acquired assets. We are not there yet....but interest rates will eventually rise...property prices will get to bubble levels.

You can also attend public auctions conducted by some banks, others post their foreclosed properties for negotiated sale. Foreclosed properties that are for negotiated sale can give a buyer better prices because he can submit an offer that can be below the minimum bid price, subject to bank evaluation and approval of course.

Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.

You may: 1. Work with the lender and negotiate to end the foreclosure. While I recommend this method, you need to be prepared to enter into a payment plan with the lender. Be persistent--if the lender says no initially, ask to speak to a supervisor, as banks don't like foreclosures. Remember that foreclosure costs the bank money too. 2. Sue to stop the sale. You can do this, but you will likely need an attorney. And the relief is only temporary. 3. Refinance and pay off the debt in full.

Notice is required in all states.

Foreclosure takes care of your loan with the bank, so unless you owe more than your home is worth, you shouldn't have to worry about them coming after your other assets. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

There's no hard and fast answer to this. It depends on the mortgage holder and what's specified in your actual loan documents. Most of the time mortgage holders don't really want to foreclose, since it's a hassle for them, and late payments... as long as they're within a month of the due date... probably will just get penalties in the form of a late payment fee rather than trigger a foreclosure, but check your contract.

If you have to ask this question i can see why your home was forclosed, Of course it does, If you buy a brand new car and dont pay for ot and it gets repo'd dosent that effect your credit? Yes. Ok now how many cars can you buy for the price of a house 3-4. Okay so a forclosure is like 3-4 reposessions. Make sence???

A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.

Doubtful ... at best, you would have to accept a really absurdly high interest rate, which would mean more financial doom in the long run.

A foreclosure remains on your credit report for up to 15 years.

Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.