Foreclosure

You probably will need to follow up with the three reporting agencies to be sure the paid notation shows up. The foreclosure notice and late payments will stay on the record for several years. Obtain a paid letter from the lender and send copies to each of the credit reporting agencies--it still will take some time, but your action will help move things in the right direction.

Non-judicial procedures are used by states that use deeds of trust as the security instrument for purchasing real property. This procedure is in contrast to states that use a judicial procedure when a mortgage is the security instrument for a loan to purchase real property. See link provided below. Additional Information Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) - the lender can start the foreclosure process very quickly. Then the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the mortgage lender then can come in and auction off the home to the highest bidder.

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 are a few general rules about what appliances and items may be taken out of a house when homeowners either sell or are foreclosed on. With the large number of homeowners facing foreclosure right now, news stories have been reporting that many former owners essentially strip their properties of anything useful or salable, including copper pipes, furnaces, kitchen sinks, ovens, and so on. But not all of these can be taken in not all circumstances, and to prevent lawsuits for damage to the property, homeowners should be aware of what they can and can not take.

The most general rule on what may be taken after a sale or foreclosure of a property involves the distinction between fixtures and personal property. In many cases, aspects of these types of items can overlap, making it somewhat difficult for homeowners to decide on if an item belongs to one or the other category. Especially for items with sentimental value that are affixed to the house, determining whether they can be moved or must remain is not a simple process.

However, if removing an item from the house would cause damage to the property or make it unlivable, then the item is most likely a fixture. Laundry machines are often just hooked up to a few vents and power outlets, making them personal items, for instance. They can safely be removed from the house. On the other hand, furnaces, ovens, air conditioners, and the like would make the house unlivable or cause damage to the property, and they are often considered as fixtures.

The size of items or the work put into them do not automatically determine whether an item is a fixture, either. Just because an item is small or natural does not mean it can always be taken. The keys to the house, for example, as always considered fixtures, and trees or bushes can not be easily removed from a property without causing damage to the ground. Both are integrally related to the functioning or current use of the property and will most often count as fixtures.

A second issue in determining what can be taken after foreclosure is the original intent of an item: was it installed to be a permanent part of the house or not? Items installed as permanently attached to the property are most often considered fixtures, such as the furnace, copper pipes, faucets, doorknobs, and so on. A house without these items would not be livable without expenditures to repair or replace these items.

Related to both of these previous issues is if an item is attached to the property in some way. Items that are attached are often considered fixtures, whereas items not attached may be considered personal property. A bookcase built into the walls of the house, for instance, will most likely be considered an attached, permanent fixture; but a bookcase the owners purchase and put together themselves that is not attached or built in can easily be moved and counts as personal property. Similarly, pipes and faucets and some appliances will also count as fixtures, since they are attached to gas lines, water pipes, or other items that make the house livable.

Items that the homeowners deem to be fixtures must be left in the house, but these items can be replaced with ones of a similar or lesser value. If antique doorknobs were installed on the outside doors, these would count as fixtures, but the owners could replace these with cheaper (although working) knobs and take the ones they previously installed. If they put in a new oven but still have the old one, they can take the new one if they reattach the original. This gives homeowners some leeway in deciding what they would like to take, especially for items with sentimental value. The heirloom fan or chandelier may be taken if the damage to the property is repaired and other items are substituted.

Simply, as soon as someone will agree to give it to you.

With todays heightened credit requirements, a recent foreclosure is a major turnoff.

That it normally occurs along with additional and continuing credit payment problems, makes it worse.

You would likely need a substantial downpayment at least, and expect to pay a high interest rate. And of course, the more verifyable and steady income you have, the better.

But how long and how much the previous foreclosure will effect you is each lenders decision. Some, will never grant you a loan again.

The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.

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Buying a foreclosure means that you can save a lot of money, but it can come with some problems too. For example, there could be vagrants living at the property, there could be some damage to the home, roof repairs could be needed--basically any number of things could need repair. You may find yourself in a bind for extensive repairs if the mortgage company will not loan on a house that does not meet HUD rules and the foreclosure agency will not allow you to touch the house until it is yours - or fix it prior to sale. These sales do take time, so you should be patient.

The rules that apply in a foreclosure are based on the state and the actually agreements signed by the borrower. A borrower can have still owe money to the lender after the foreclosure has completed if the process allows for a deficiency judgment. Pension accounts and other similar things are normally protected from claims. To really understand the fine details you would need to seek an opinion from a lawyer who is licensed to practice in the state where the property is located.

Usually there will not be a separate eviction filed after a foreclosure. Typically, the plaintiff will request that the clerk issue a writ of possession as a part of the foreclosure. The judge may direct the clerk to issue the writ of possession as a part of the foreclosure judgment or the Plaintiff may request it afterwards. Once the writ of possession has been issued, it must be delivered to the sheriff. The sheriff will post the writ on the property and you have 24 hours to vacate. In short, not very long.

There are many different properties that people label as "foreclosures". Some variants are pre-foreclosures, lis-pendens, etc.

What many people a true foreclosure, the type they can get deep discounts on, is a property that the mortgage lender has won the right to reposes. In many states this happens in the court system.

The mortgage lender is awarded a judgment and the property goes up for auction at a sheriff sale where the public can bid on it.

Most states have requirements that certain aspects of the foreclosure process are made public. Usually via public notices. You can also find listings at County Clerk's office and when a property is scheduled for auction the Sheriff will post notices in the local newspapers about the sale as well as maintain a list of properties that have been foreclosed.

There are various sites on the internet that collect this data that you can search. The majority seem to be sites you have to pay for. I'm in Northern NJ and there's a free site which I visit that lists NJ foreclosures. http://www.bergenjerseyforeclosures.com

It will vary based on two main conditions. 1. The legal process for a foreclosure. Some foreclosures are very drawn out and it can take months before the lender or the high bidder successfully win the title to the property. Before that the owner is still the owner and they can remain in the property. 2. After the auction is complete there could be redemption rights. This is where the borrower can get the title back if they pay back the winning bid plus other costs. Some states do not have a redemption period. The right to remain in the property should be clarified based on the laws of the state. True answer is you really cannot tell. The new owner (lender or otherwise) will need evict anyone in the property. The eviction process normally has a clear timeline from filing to court action. After a judge issues the eviction order then the sheriff has to be scheduled. When they do arrive they will move the personal items and the people out of the property onto the street. It past to check the state laws and to watch for notices. An owner facing eviction will many times benefit if they clear out early as they can find it easier to qualify for a rental until before the final foreclosure and eviction rather than applying to rent after those items are on their credit report.

Non-recourse states cannot pursue you for their financial losses.

Alaska

Arizona

Arkansas

California

Colorado

District of Columbia (Washington DC)

Georgia [THIS IS INCORRECT. GEORGIA IS A RECOURSE STATE]

Hawaii

Idaho

Mississippi

Missouri

Montana (if non-judicial foreclosure is used)

Nevada - (lender can get a deficiency judgment)

New Hampshire

Oregon

Tennessee

Texas (lender can get a deficiency judgment)

Virginia

Washington

West Virginia

The following states allow non-judicial foreclosure:

Georgia [Georgia allows non-judicial foreclosures]

Michigan

Minnesota

North Carolina

Rhode Island

South Dakota

Utah

Wyoming

One common misconception that homeowners can have during a foreclosure situation is that they can somehow transfer ownership of a property and that this will stop the foreclosure. Nothing could be further from the truth, and simply signing over the deed to the house to a third party will put the owners in a much more vulnerable situation than when their own names were on the title. Using a quitclaim deed or other transfer will also do nothing to make the bank end its lawsuit to take the home.

Transferring ownership of a house in foreclosure does not relieve the original borrowers of their obligation and responsibility to pay the mortgage. When they purchased the house, they promised to pay back to the bank a set amount of money at a certain interest rate. The owners may be able to transfer ownership of the house at a later date, but their original promise to pay the bank will not be altered.

There is also a danger that transferring the title into someone else's name will activate a part of the mortgage called the "Due on Sale" clause. This means that, if the homeowners transfer ownership at any time before they have paid off the mortgage in full, the entire remaining amount of the loan will be due immediately. Because most deed documents state the consideration paid for the property, banks view this as a sale of the house, even if it is only for a nominal amount like $10. It will activate the Due on Sale clause and the homeowners will still have to find a way to pay back the loan.

It is also important that homeowners be aware of the fact that many foreclosure scam artists rely on such transfers in order to steal homes from desperate families. They sell foreclosure victims on being able to stop the process just by transferring ownership of the house to a third party, into a land trust, or other "creative" entity. At that point, the homeowners typically agree to paying the scammers rent, all the while ignorant of the fact that the bank is continuing the foreclosure process. The homeowners are eventually evicted with severely damaged credit, while the bank takes the house, and the foreclosure scam steals money and gets away with no damage to their own credit.

Transferring ownership of a house while facing foreclosure is almost never a good idea unless a sale or refinance of the property is also taking place. The defaulted mortgage must be paid off in full or at an agreed price in order for the foreclosure to be ended. If the homeowners are simply executing a quitclaim deed in an effort to save the house from foreclosure, they will quickly realize that this does nothing to affect the original mortgage, and will only leave them in a potentially much worse situation.

If title is transferred out of the homeowners' names and the mortgage is not paid off, there is a good chance that the situation will go from bad to worse. They will no longer have control over the property, and the Due on Sale clause may push up the time frame in which they need to pay off the mortgage. In any event, though, homeowners need to keep their eyes open for potential scams and make sure they understand that transferring title does not stop foreclosure unless the defaulted mortgage is also paid off.

if a collection agency isn't paid, the debt can be put on a persons credit report. The collection agency can also choose to garnish a persons paycheck.

who is registered agent for federal national mortgage association

They are both bad things....and not mutually exclusive. A foreclosure that doesn't pay off the debt can mean that unpaid portion becomes a charge off, if uncollected.

However, a foreclosure is normally viewed as a more severe thing than a charge off....as foreclosures only occur with secured loans (generally homes) and a charge off can occur with just about any debt.

I suspect a mortgage would never just be charged off as they would always want to foreclose and get as much from the security as they can, so they would only have to charge off less.

If you a writing a loan default letter to a person who has not made payments, you want to outline what payments were missed and the amounts. You want to also send it certified to make sure the recipient receives it.

Sure. It may take some time but it can be done.

Limiting your credit card balances is good tip for improving your credit score. You can keep track of your spending by keeping a ledger and recording each transaction. Only when you have the money to pay off your balance should you really use a credit card.

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Yes, you just have to either deal with high interest rates or wait until the seven year period has passed. It's sad, but true. 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.

You can buy a home after foreclosure without a cosigner as soon as 6 months after a foreclosure 12 months if it's also a bankruptcy. The issue is the interest rate. Unfortunately a cosigner doesn't seem to help much in getting the interest rate better. The good news is that in the current market, you are bound to find plenty of homes for rent very cheap. Many times below what the interest rate is. If you are younger you still have many years to rebuild your credit and hopefully you can get back into your own home with a reasonable rate in 7-8 years after your foreclosure. You can buy a home after foreclosure without a cosigner as soon as 6 months after a foreclosure 12 months if it's also a bankruptcy. The issue is the interest rate. Unfortunately a cosigner doesn't seem to help much in getting the interest rate better. The good news is that in the current market, you are bound to find plenty of homes for rent very cheap. Many times below what the interest rate is. If you are younger you still have many years to rebuild your credit and hopefully you can get back into your own home with a reasonable rate in 7-8 years after your foreclosure.

A forced foreclosure indicates that the homeowners are being foreclosed on because they have not kept up one of the provisions of the mortgage contract that would allow them to stay in their home. Of course, there are relatively few actions that would initiate forced foreclosure proceedings on a property, but it is worth examining them so that borrowers do not fall into one of these traps and find that they are suddenly in foreclosure.

The most obvious way to end up in a forced foreclosure is simply for homeowners to stop making the monthly payments to the lender. In a matter of months, regardless of how much they want to save the house, the borrowers will end up being served with the lawsuit paperwork and will have to defend against the bank's attempts to have the house sold. Although the owners may not want to have their home auctioned through the foreclosure process, they may have little other option if they have not made the payments as agreed in the loan contract.

Secondly, homeowners may find that the bank has sued them for foreclosure if there is a sudden transfer of ownership. Many mortgages have a "Due on Sale" clause, which stipulates that a change in ownership or a newly recorded deed will trigger the full amount of the loan to be due. This is designed to prevent owners from adding or subtracting different interested parties on the title of the house without the bank approving. Even a quitclaim deed to a third party or simply adding another family member to the deed can trigger this clause.

In terms of properties where the mortgage payments have fallen behind, homeowners are often under the impression that they can transfer the title to some other third party or business and escape foreclosure. This is not only not true, but it could also quicken the pace of any foreclosure proceedings. Instead of obtaining a judgment for foreclosure after a lengthy pre-foreclosure stage, the bank may be able to call the entire loan due as of the date of the ownership transfer.

These two events, defaulting on the payments or triggering a Due on Sale clause, could initiate forced foreclosure proceedings on a property. Regardless of what the homeowners do, the process will continue unless the loan is paid off or reinstated. In effect, the bank is attempting to force the homeowners to uphold the mortgage contract in some way, either through paying the bank or having the house auctioned off to satisfy the debt.

A forced foreclosure may also be considered in comparison to such methods to save a house as a deed in lieu of foreclosure, a commonly used option for homeowners with few other options. Using a deed in lieu, borrowers simply transfer ownership of the house into the bank's name in exchange for not going through the full legal process of losing the home. In this case, borrowers voluntarily admit that they can no longer pay the mortgage and give title to the lender, which the bank accepts as payment in full of the mortgage.

As to the foreclosure of a property itself...(presuming they don't have rents/deposits or such received from the property), generally not involved.

From any of the other financial issues your probably dealing with, that may even be allied to the property foreclosure.....at risk.